The global Neurorehabilitation Devices market size is expected to be worth around US$ 13.2 billion by 2030, according to a new report by Vision Research Reports.
The global Neurorehabilitation Devices market size was valued at US$ 1015.1 million in 2020 and is anticipated to grow at a CAGR of 25.1% during forecast period 2021 to 2030.
These neurological disorders are resulting in increased movement disabilities. The increasing prevalence of movement disability, attributed to various neurological disorders (multiple sclerosis, stroke, etc) along with need for comprehensive management is the key factors driving the market growth.
Every year around 15 million people suffer from stroke globally, of which 5 million people are affected by permanent disability. Each year Multiple sclerosis and Parkinson’s disease affect 2.5 million and 10 million patients respectively worldwide. The increasing prevalence and incidence rates of neurological disorders create a huge demand for neurorehab devices, as they ensure simplification of routine tasks for the disabled patients by reducing their dependency on others.
Furthermore, the rising awareness of neurorehab services among the care providers is contributing to the increasing adoption of these devices. In addition, consistent technological advancements are leading to introduction and commercialization of novel products in this sector. Majority of the manufacturers and distributors of neurorehab platforms are headquartered in North America region. North America dominates the market followed by Europe attributed to the rising awareness and increased adoption of novel technologies in these regions. Asia Pacific is growing at the highest CAGR among all the regions due to increasing target population and improving healthcare infrastructure.
Neurorobotics combines robotics, neurosciences and machine learning to form a connecting link between robotic devices and realistic biologic simulations of the brain. Neurorobotics systems work on the principles of central nervous system. The recent development in this field in the form of exoskeletons and prosthetics is acting as a major driver for neurorobotics. The exoskeletons provide body support to the physically disabled and traumatized patients. Bioness, Inc. Saebo, Inc. and Hocoma AG are some of the key manufacturers of exoskeletons and prosthetics. These systems are expected to generate large revenues owing to high availability coupled with increasing investments by the manufacturers to develop novel systems and platforms.
Stroke causes death of brain cells by interrupting the blood and nutrient supply. Stroke can result into different consequences including motion impairment, sensory impairment, cognitive impairment, and visual impairment. Among these, the most common deficit associated with stroke is motion impairment. In most of the cases, one side of the patient’s body is affected leading to physical disability. Stroke was the second global cause of death in 2013 across the world and the leading cause of disability. The people suffering from lifestyle diseases and ageing population are more prone to this condition. Owing to the high incidence and prevalence in conjunction with the leading cause of movement disabilities render largest market.
North America is the largest regional segment for neurorehabilitation devices. The North America market will reach 1.3 billion in 2024. The drivers for the growth of this market are increasing incidence rate of neurological diseases, increasing geriatric population and sophisticated and equipped healthcare infrastructure in comparison with the other regions. The US and Canada are the major contributors in North America neurorehab devices market. More than 130,000 people die each year in the US due to stroke and it is the leading cause of disability. Also, more than 400,000 Canadians are suffering from long term stroke disability.
Majority of the key players such as Bioness, Inc., Ekso Bionics Holdings, Inc., and Medtronic PLC (US), Bionik Laboratories, Kinova Robotics and NINET (Canada) are established in North America. The adoption rate for these treatments is expected to witness growth in North America, as the treatments are covered under medical insurance plan as well as the average out of pocket expenses are high in this region.
Asia Pacific market is likely to witness more growth opportunities. This market is estimated to grow at highest CAGR of around 16% during the forecast period. Although there are no monopolized key players at present, however, increasing patient base with neurological disorders and improving healthcare infrastructure will create a wide scope for the companies to enter this lucrative market. Furthermore, one of the major growth factor for Asian market is the rising awareness coupled with constantly improving healthcare infrastructure. Owing to the promising market potential, companies are taking up strategic initiatives to expand their operations in this region. For instance, Switzerland based Hocoma AG has entered Indian market by associating with Apollo Hospitals to provide neurorehabilitation services to the patient base in India.
Bioness, Inc. and Hocoma AG , Medtronic, and Tyromotion,Ectron Ltd
Therapy Area Outlook
Middle East and Africa
The Neurorehabilitation Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Neurorehabilitation Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Neurorehabilitation Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Neurorehabilitation Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Neurorehabilitation Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Neurorehabilitation Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Neurorehabilitation Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Neurorehabilitation Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Neurorehabilitation Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Neurorehabilitation Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Neurorehabilitation Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Neurorehabilitation Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Neurorehabilitation Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Neurorehabilitation Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Neurorehabilitation Devices market. These factors have benefited the growth of the global market for Neurorehabilitation Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Neurorehabilitation Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Neurorehabilitation Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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