Neurorehabilitation is a medical process utilized to help in the recovery of an injury of the nervous system and to compensate or lower any functional changes caused by the injury. The devices utilized in this process are known as neurorehabilitation devices. The primary goal of these devices is to lower a patient’s long-term disability and raise their quality of life. Keeping this in mind, a number of advanced strategies for numerous neurological disorders are being made by utilizing nanotechnology, robotics, wearable technology, non-invasive medical technologies, and the Internet of Things in conjunction with neurorehabilitation devices.
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Increasing Government Funding to Boost Neurorehabilitation Devices Market
A number of players operating in the medical devices industry have recognized the increasing requirement for neurorehabilitation devices due to the increasing incidence of a number of neurological disorders globally. In addition, the increasing funding provided by both government and private organizations globally will also boost the growth prospects of the neurorehabilitation devices market. Furthermore, a number of unexploited opportunities within the region of Asia Pacific will also positively impact the development of this market. However, the absence of trained and skilful professionals for handling these devices may hamper the development of the overall market.
Neurorobotic Systems to Lead Market till 2024
On the basis of product, the neurorehabilitation devices market is categorized into neurorobotic systems, brain computer interfaces, wearable devices, and non-invasive stimulators. Amongst these, in 2015, neurorobotic systems led the market and are poised to maintain their lead in the market from 2016 to 2024. On the other hand, noninvasive brain stimulators will experience the most rapid growth in the coming years.
Parkinson’s Disease to Emerge as Top Application Segment
Neurorehabilitation devices are primarily utilized in Parkinson’s disease, traumatic brain injuries, stroke, cerebral palsy, and spinal cord injuries. Of these, the adoption of neurorehabilitation devices is predicted to be the highest in the treatment of Parkinson’s disease in the coming years due to the growing occurrence of this disease, particularly in nations such as the UK, Ireland, Iceland, and Finland.
North America Led Market with a Share of 42% in 2015
Geographically, the neurorehabilitation devices market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Amongst these, the region of North America represented a share of 42% in the market in 2015. This is owing to the growing occurrence of strokes, giving rise to a number of neurological disorders in North America. On the other hand, Europe also constituted a significant share in the market owing to the growing geriatric population in this region.
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Asia Pacific Neurorehabilitation Devices Market to Exhibit 17.0% CAGR 2016 -2024
Asia Pacific has also emerged as a lucrative market for neurorehabilitation devices. This is due to the huge occurrence rate of road accidents in Asia Pacific countries, resulting in a high number of traumatic brain injuries taking place in this region. The Asia Pacific neurorehabilitation devices market is thus predicted to grow at a remarkable 17.0% CAGR between 2016 and 2024.
The top players operating in the global neurorehabilitation devices market are Ekso Bionics Holding, Inc., St. Jude Medical, Inc., Medtronic plc, Bioness, Inc., AlterG, Inc., and Hocoma AG, among others.