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Global Neurorehabilitation Devices Market Scope:The global neurorehabilitation devices market is growing continually. Market growth mainly attributes to the increasing prevalence of neurological disorders. Furthermore, diseases such as traumatic brain injury, multiple sclerosis, stroke, brain tumors, epilepsy, and Parkinson's disease and injuries such as neurological (central nervous system) damage, provide impetus to the market growth. Neurorehabilitation devices have evolved dramatically, witnessing phases of active-engagement to neuromodulation and now robotics.
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With each stage of development, the market size of these devices has grown, too, seeing augmented demand & uptake. According to Market Research Future (MRFR), the valuation of global neurorehabilitation devices market had reached USD 793.0 MN in 2018. The market valuation is further expected to appreciate at 16.4% CAGR during the forecast period (2019-2025). The emergence of robotics is considered as one of the key forces driving the market growth to an extent.
Additional factors substantiating market growth include; increasing government funding programs, technological advancements, etc. Some industry players are implementing robotics rehabilitation technologies to improve the scope of rehab processes, which, in turn, contributes to market growth. Substantial R&D investments transpired by industry players to develop devices with adept technology boost the market growth substantially.
On the other hand, factors such as cost associated with the neurological rehabilitation program are expected to impede the market growth. Also, technological complexities pose challenges for developers. Simultaneously, the skepticism of physicians towards the advancement and efficacies of these devices obstructs market growth.
Neurorehabilitation Devices Market – Segments
The report is segmented into four dynamics;
By Type : Neuro-Robotic Devices, Wearable Devices, Non-Invasive Stimulators, Brain-Computer Interfaces, and others.
By Application : Brain Stroke, Parkinson's Disease, Multiple Sclerosis, Spinal Cord Injury, Cerebral Palsy, Schizophrenia, and others.
By End User : Rehabilitation Centers, Hospitals & Clinics, Home Care, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Neurorehabilitation Devices Market – Geographical Analysis
North America leads the global https://www.marketresearchfuture.com/sample_request/2210">neurorehabilitation devices market. The largest market share attributes to the technological advances and increasing prevalence of neurological disorders in the region. Besides, factors such as the presence of many key industry players and well-established healthcare infrastructure impact the regional market growth positively. Moreover, growing awareness about the advantages of neurorehabilitation devices, alongside the high per capita healthcare expenses in the region influences the market growth.
Europe stands second in the global neurorehabilitation devices market. The market is majorly driven by favorable governmental support and initiatives for the development of neurorehabilitation devices. Also, the proliferating healthcare sector, alongside the resurging economy in the region, fosters the growth of the market. Germany, with its flourishing device industry and technology, leads the regional market. The European neurorehabilitation devices market is estimated to create a large revenue pocket over the assessment period.
Asia Pacific region has come up as a promising market for neurorehabilitation devices. The region, with its large population and unmet clinical needs, demonstrates vast development opportunities. Additionally, continually developing healthcare infrastructures and increasing healthcare expenses propel the growth of the market. Due to the wide uptake of these devices, India, China, and Japan hold a larger market share in the neurorehabilitation devices market in the region. The APAC neurorehabilitation devices market is expected to grow at a considerable CAGR during the assessment period.
Global Neurorehabilitation Devices Market – Competitive Analysis
Highly competitive, the neurorehabilitation devices market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch. Industry players make substantial investments to drive R&D and expansion plans.
R&D investments are used to develop a technology that is entirely on a different level compared to their competition. Key industry players develop a range of devices with advent technology and efficacies, acknowledging the need of the hour. For which they are adopting technologies like IoT, robotics, nanotechnology, wearable technology, and non-invasive medical technologies.
Global Neurorehabilitation Devices Market- Major Players:
Players leading the global neurorehabilitation devices market include Ekso Bionics Holdings, Inc. (the US), Hocoma AG (Switzerland) ReWalk Robotics Ltd (Israel), Neuro Rehab VR (US), Eodyne (Spain), Neofect (US), Bionik Laboratories Corp. (Canada), Bioness Inc. (US), Reha Technology AG (Switzerland), and Rex Bionics Ltd (New Zealand), among others.
Industry/Innovation/Related News:
June 04, 2020 ---- ReWalk Robotics, Ltd. (Israel), a manufacturer of robotic medical devices, announced signing two separate US distribution agreements for two additional neuro rehabilitation product lines. As per these agreements, the company would pose as the exclusive distributor of the MediTouch Tutor movement biofeedback systems in the United States.
Also, the company would have distribution rights for the MYOLYN MyoCycle Functional Electrical Stimulation (FES) cycles to rehabilitation clinics and personal sales through the US Department of Veterans Affairs hospitals. These additional lines expand company's portfolio and include telehealth capable stroke rehabilitation devices as well as clinic and home use devices for persons with spinal cord injury.
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