Neurorehabilitation Devices Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Product (Neuro-Robotic Devices, Wearable Devices, Brain-Computer Interface, Brain stimulators); Therapy Area (Stroke, Multiple Sclerosis, Parkinson’s Disease, Cerebral Palsy, Others); End-Users (Hospitals/Clinics, Cognitive Care Centers, Others); and Region/Country
The neurorehabilitation devices market is expected to register a CAGR of approx. 13% over the period of 2022-2028. Devices used to examine the brain and central nervous system are known as neurorehabilitation devices (CNS). Neurorobotic systems, non-invasive brain stimulators, neuro prosthetics, brain-computer interfaces, and wearable devices are some of the most commonly used devices. These tools support the patient’s diagnosis and management of a disease, disorder, or injury to the nervous system. They support the best recovery from neurological conditions like Parkinson’s disease and cardiovascular strokes as well as the relearning of motor skills. The global neurorehabilitation devices can be attributed to the Increasing prevalence of neurological disorders across the globe such as Parkinson’s disease, cerebral palsy, etc. For instance, according to Parkinson.org, nearly one million people in the U.S. are living with Parkinson’s disease (PD). This number is expected to rise to 1.2 million by 2030. Parkinson’s is the second-most common neurodegenerative disease after Alzheimer’s disease. Approximately 60,000 Americans are diagnosed with PD each year. Owing to these glaring statistics due to increase in the number of geriatric population because Parkinson’s disease is a progressive neurological condition that begins in late adulthood, generally after age 65 which increases the demand for neurorehabilitation devices and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the neurorehabilitation devices market is anticipated to grow on account of the rapid technological advancements. However, some of the restraints in the market including the advent of high cost of neurorehabilitation devices are impeding the growth of this market all over the world.
Hocoma AG, Bionik Laboratories Corp., Abbott Laboratories, Ectron Ltd., Medtronic, Ekso Bionics Holdings Inc, Boston Scientific Corporation, Tyromotion GmbH, Helius Medical Technologies, Neurorehabilitation Robotics Ltd are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the neuro-robotic devices category accounted for the significant share in the market in 2020”
Based on the products, the neurorehabilitation devices market is segmented into neuro-robotic devices, wearable devices, brain-computer interface, and brain stimulators. The neuro-robotic devices segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. Neurorobotics systems are based on central nervous system principles. The recent advancements in this area, such as exoskeletons and prosthetics, are a key propellant for neurorobotics.
“Amongst therapy area, the stroke category is expected to witness considerable CAGR during the forecast period”
Based on the therapy area, the market is fragmented into stroke, multiple sclerosis, Parkinson’s disease, cerebral palsy, and others. The stroke segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Stroke kills brain cells by cutting off the blood and nutrient supply. Strokes can have a variety of effects, including movement impairment, sensory impairment, cognitive impairment, and visual impairment. Stroke was the second global cause of death across the world and the leading cause of disability.
“Amongst end-users, the hospitals/clinics category is expected to witness considerable CAGR during the forecast period”
Based on the end-users, the market is fragmented into hospitals/clinics, cognitive care centers, and others. The hospitals/clinics segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to increasing admission of patients suffering from neurological disorder, strokes, Parkinson’s disease, Alzheimer’s disease etc.
“North America to witness significant growth during the forecast period”
North America constitutes a major market for the neurorehabilitation devices industry owing to the increasing incidence rate of neurological diseases, the increasing geriatric population, and sophisticated and equipped healthcare infrastructure in comparison with the other regions.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Neurorehabilitation Devices Market|
|2.2.||Research Methodology of the Neurorehabilitation Devices Market|
|5||IMPACT OF COVID-19 ON THE NEUROREHABILITATION DEVICES MARKET|
|6||GLOBAL NEUROREHABILITATION DEVICES MARKET REVENUE, 2020-2028F|
|9.2.||Cognitive Care Centers|
|10.1||NORTH AMERICA NEUROREHABILITATION DEVICES MARKET|
|10.1.3||Rest of North America|
|10.2||EUROPE NEUROREHABILITATION DEVICES MARKET|
|10.2.6||Rest of Europe|
|10.3||ASIA PACIFIC NEUROREHABILITATION DEVICES MARKET|
|10.3.5||Rest of Asia Pacific|
|10.4||REST OF THE WORLD NEUROREHABILITATION DEVICES MARKET|
|12||NEUROREHABILITATION DEVICES MARKET OPPORTUNITIES|
|13||NEUROREHABILITATION DEVICES MARKET TRENDS & INSIGHTS|
|14.1||Demand Side Analysis|
|14.2||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1||Porter’s Five forces analysis|
|17.2.||Bionik Laboratories Corp.|
|17.6.||Ekso Bionics Holdings Inc|
|17.7.||Boston Scientific Corporation|
|17.9.||Helius Medical Technologies|
|17.10.||Neurorehabilitation Robotics Ltd|
Research Methodology for the Global Neurorehabilitation Devices Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global neurorehabilitation devices market were the three major steps undertaken to create and analyze the adoption of neurorehabilitation devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global neurorehabilitation devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the neurorehabilitation devices market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the neurorehabilitation devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the product, therapy area, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the neurorehabilitation devices market. Further, we conducted factor analysis using dependent and independent variables such as an increasing prevalence of neurological disorders across the globe such as Parkinson’s disease, cerebral palsy, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the neurorehabilitation devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global neurorehabilitation devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the neurorehabilitation devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global neurorehabilitation devices market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global neurorehabilitation devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, therapy area, and end-users in the global neurorehabilitation devices market.
The main objective of the Global Neurorehabilitation Devices Market Study
The current & future market trends of the global neurorehabilitation devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the neurorehabilitation devices market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, therapy area, and end-users.
- Define and analysis of the regulatory framework for the neurorehabilitation devices market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the neurorehabilitation devices market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the neurorehabilitation devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry