(MENAFN– Straits Research)
Introduction
Neurorehabilitation devices help patients recover from neurological disorders or injuries. They aim to improve or restore functions related to the brain, spinal cord, and nervous system. These devices support recovery from cognitive, sensory, and motor impairments, often in conjunction with other therapies.
Market Dynamics
The rise in neurological diseases, such as migraines, dementia, and epilepsy, is boosting market growth. WHO estimates about 1 billion people suffer from such conditions, leading to significant disability and mortality rates worldwide.
For instance, dementia affects around 50 million people, with 10 million new cases annually. The growing incidence of these disorders is likely to increase demand for neurorehabilitation devices.
Technological Advancements Create Opportunities
Companies are launching new technologies to meet the demand for these devices. In January 2019, Flint Rehab introduced MiGo, a wearable activity tracker for stroke survivors, offering features like movement tracking and motivational support through a smartphone app.
Regional Analysis
North America leads the neurorehabilitation device market and is expected to grow due to the high prevalence of neurological disorders and supportive government initiatives. Recent FDA approvals and funding for research and development have further stimulated this market.
Key Highlights
- The global market was valued at USD 1,084.25 million in 2022 and is projected to reach USD 3,309.38 million by 2031, growing at a CAGR of 13.2% (2023–2031).
- Neurorobotics is the leading product segment, with stroke applications dominating the market.
- Hospitals and clinics are the primary users of these devices.
- North America holds the largest market share and is set for significant growth.
Competitive Players
- Bioventus
- Ectron
- Hocoma
- Tyromotion Inc.
- Medtronic
- Bionik Laboratories Corp.
- Neuro Rehab VR
Recent Developments
- October 2023: MedRhythms launched its InTandem system for stroke patients with chronic walking impairments.
- August 2023: ReWalk Robotics announced its acquisition of AlterG, enhancing mobility solutions for neurological rehabilitation.
Segmentation
- By Product: Neurorobotics, Brain-Computer Interfaces, Wearable Devices, Non-Invasive Stimulators.
- By Applications: Stroke, Parkinson’s Disease, Multiple Sclerosis, Cerebral Palsy.
- By End-User: Rehabilitation Centers, Hospitals and Clinics, Home Care.
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