Neurorehabilitation Devices Market is Expected to Reach USD 5.63 billion by 2030
As per the report published by Kings Research, the global Neurorehabilitation Devices Market was valued at USD 1.96 billion in 2022 and is projected to reach USD 5.63 billion by 2030, growing at a CAGR of 14.32% from 2023 to 2030.
The market for neurorehabilitation devices has grown significantly in recent years due to several factors, which include the prevalence of neurological diseases, increasing awareness of the effectiveness of neurorehabilitation therapy, and technological advances in medical devices. The growing focus on research and development of innovative and effective neurorehabilitation devices and increased government funding further support market growth. Additionally, outpatient rehabilitation services have grown in popularity owing to shorter hospital stays, lower healthcare costs, and improved patient comfort. This has increased the demand for ambulatory neurorehabilitation devices, such as wearable devices that can monitor patient progress and provide feedback outside of the clinical setting.
- Based on the product, the neurorobotic systems segment is the fastest growing at a CAGR of 16.45% over the forecast period
- Based on application, the stroke segment is expected to dominate over the forecast period with a CAGR of 14.53%
- Based on end-user, the hospital's segment generated the highest revenue in 2022
- On the basis of region, North America accounted for the largest market share with a CAGR of 13.79%
Lupine Limited Launched the New Neurorehabilitation Center for Market Expansion
February 2023: Lupine Limited (Lupin) launched Atharv Ability, a neurorehabilitation center located at Bandra Kurla Complex (BKC) in Mumbai, India. Atharv Ability offers a variety of rehabilitation programs for post-stroke patients, patients with traumatic brain injury, spinal cord injury, Parkinson's disease, stroke, multiple sclerosis, and pediatric neurological conditions.
Neurofenix Secured an Investment of USD 7.7 Million to Expand its Product Line and Accelerate Clinical Trials
August 2022: Neurofenix secured a USD 7.7 million equity investment to develop its product line and launch clinical trials in the US. The company aims to improve the rehabilitation of neurological patients who have suffered trauma such as strokes and brain and spinal cord injuries.
BIONIK Laboratories Corp. launched InMotion's Connect platform for Facility Expansion
June 2020: BIONIK Laboratories Corp. launched InMotion's Connect platform, a complete solution for the data communication and analysis needs of hospitals and healthcare facilities nationwide.
Rising Awareness and Benefits Associated with Robotic Neurorehabilitation Devices Provide Lucrative Opportunities in the Market
The increase in neurological disorders along with the rising number of patients and subsequent rehabilitation led to the increasing demand for neurorehabilitation devices. Manufacturers are focusing on spreading awareness among healthcare professionals and patients about the usage and benefits associated with neurorehabilitation device robots. In addition, robotic devices can provide clinicians with consistent and reliable feedback that can help assess the progress of a patient's treatment and make necessary adjustments. Moreover, as technology continues to advance, robotic neurorehabilitation devices would become more affordable and readily available. This means that more patients would benefit from these devices and the potential market for such technology would expand over the forecast period.
Growing Trend of Tele Rehabilitation Augments the Market Growth
Telerehabilitation has improved access to rehabilitation services, increase patient comfort, and support continuity of care across healthcare settings. It is a rapidly growing field that uses technology to improve the delivery of rehabilitation services. Neurorehabilitation technology has revolutionized the development of state-of-the-art treatment options for patients where doctors operate remotely and provide patient care independent of the clinical setting, eliminating the problem of distance between clinic and patient. This ability to continue rehabilitation in the patient's social and professional environment leads to better functional outcomes. The change in the global demographic structure to an aging population is leading to an increase in chronic health conditions. This highlights the need to transform the delivery of rehabilitation services by incorporating self-management strategies and technology for patients with chronic diseases that would drive market growth.
Neurorehabilitation Devices Market in North America is Growing Rapidly with a Forecasted CAGR of 13.79%
North America is the most dominating region which is proliferated by the increasing number of government initiatives that aim to increase clinical research activity which provides patients with better access to clinical trials. The government across the region is focusing on funding & investment in the health sector that supports the development of the neurorehabilitation devices market. In addition, robotic neurorehabilitation devices are becoming increasingly popular as they offer several advantages to patients with neurological disorders. These devices improve the quality of life of people suffering from neurological illnesses by offering targeted and tailored care, constant feedback, and increasing patient autonomy, causing market expansion across the region.
Europe's Neurorehabilitation Devices Market is Burgeoning with a CAGR of 14.57%
Europe is the second dominating region driven by the emerging use of neurorehabilitation devices due to their need for recovery and rehabilitation of patients suffering from neurological diseases. The manufacturers of these devices are focusing on expanding the awareness of healthcare professionals and patients about their use and benefits. In addition, organizations in the UK produce evidence-based gamified neurorehabilitation devices for home and clinic use which accelerates the need for neurorehabilitation devices. The European Federation of Neurorehabilitation Societies (EFNR) is a forum that aims to create a scientific, academic, and work environment that promotes the quality of care for neurological patients. The neurorehabilitation devices market in Europe is growing rapidly due to factors such as the prevalence of neurological disorders and the availability of improved healthcare infrastructure and reimbursement policies. Additionally, neurorehabilitation devices play a significant role in improving the availability, efficiency, and quality of care for neurological patients in Europe which drives the need for neurorehabilitation devices in the region.
Key Vendors Are Launching New Products to Expand their Geographical Reach
The global neurorehabilitation devices market growth is accelerated by several key vendors such as AIMedical International Pty Ltd, BIONIK, Ectron, Ekso Bionics, eodyne, Evolution Devices, Gloreha IDROGENET s.r.l., Helius Medical Technologies, Inc., Lupin, Medtronic, MindMaze, Neurofenix, Inc., Sumitomo Pharma Co., Ltd. The market vendors are focusing on expanding their business through collaboration and partnership strategies.