Global Neurorehabilitation Devices Market - 2022-22029

Global Neurorehabilitation Devices Market - 2022-22029

Market Overview

The global neurorehabilitation devices market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

The equipment used to examine the brain and central nervous system is called neurorehabilitation devices (CNS). Neurorobotic systems, non-invasive brain stimulators, neuroprosthetics, brain-computer interfaces, and wearable devices are the most often utilized gadgets. These gadgets aid in diagnosing and treating a patient's nervous system disease, condition, or damage. They aid in relearning motor skills and the best possible recovery from neurological illnesses such as Parkinson's disease and stroke. As a result, neurorehabilitation devices are used in a wide range of clinics, cognitive care and research institutes, and healthcare facilities

Market Dynamics

Increased government funding and support for research and the healthcare industry are factors that could help the neurorehabilitation devices market growth.

The Increasing prevalence of neurological disease will drive the market growth

The market for neurorehabilitation equipment is anticipated to develop as the incidence of neurological illnesses such as Parkinson's disease, stroke, and others continues to rise. According to the World Health Organization (WHO), the number of people suffering from neurological illnesses would increase from 95 million in 2015 to 103 million by 2030. These worrying statistics highlight the importance of reducing the frequency of these diseases, which will increase the demand for neurorehabilitation devices in the future. The increased use of neurorehabilitation equipment for diagnosing and treating neurological diseases has resulted from the rising prevalence of neurological diseases. Furthermore, the World Health Organization (WHO) estimates that around 6 million people die each year due to a stroke. Furthermore, according to the World Health Organization, epilepsy is a widespread neurological illness that affects roughly 50 million people worldwide (as of 2016), and 2.4 million individuals are diagnosed with epilepsy each year. Parkinson's disease is estimated to affect 8.7 million people worldwide by 2030.

The introduction of wearable technologies and robots and increased healthcare infrastructure spending are a few growth possibilities for the worldwide neurorehabilitation devices market. Consumers prefer a single small device that can handle all their computing and monitoring needs. This desire opens the door to creating multi-function and hybrid wearable gadgets that provide consumers with convenience while also combining the capabilities of multiple devices into a single small device. Furthermore, the number of such devices is projected to rise in the next years. This element will likely provide a favorable environment for companies to introduce wearable technology products. Another key growth-inducing aspect is the integration of voice-recognition algorithms to improve the functionality and versatility of the devices. Furthermore, the main manufacturers are concentrating on combining the Internet of Things (IoT) with rehabilitation robotics to help healthcare practitioners deliver patient assessments and therapy through the internet. Rising physician awareness of these devices, the increasing prevalence of neurological diseases, and the growing geriatric population drive the global neurorehabilitation devices market. According to the Administration for Community Living, people aged 65 and up are expected to reach more than 80 million by 2050, which is more than double what was predicted in 2012. As a result of this expansion, the prevalence of neurological diseases is increasing. For example, the Centers for Disease Control and Prevention estimates that nearly 1,30,000 Americans die from stroke each year, implying that one person dies from stroke every four minutes in the United States. Other factors, such as expanding public health expenditure capacities and substantial research and development (R&D) activities, are expected to propel the market even more.

Lack of skilled professionals is likely to hamper the market growth

However, a crucial factor impeding market expansion is a scarcity of trained technical professionals with a thorough understanding of neurorehabilitation devices' functions and control systems. According to the McKinsey Global Institute 2020 report, the EU-28 public sector faces a skills shortfall of about 8.6 million individuals across three categories: technology skills (1.7 million), digital citizenship skills (3.2 million), and traditional skills (3.2 million) (3.7 million). Furthermore, developing economies cannot make significant improvements to their healthcare systems.

COVID-19 Impact Analysis

The COVID-19 pandemic has wreaked havoc on healthcare workflows all around the world. Various industries, including several sub-domains of health care, have been forced to close their doors because of the disease temporarily. Neurorehabilitation centers in various countries have had to limit bed numbers to allow doctors and nurses to work in intensive care units or dedicated wards to isolate and care for COVID-19-infected patients. For the safety of both patients and caregivers, home and outpatient rehabilitation services are limited to specific conditions. Similarly, in-patient neurorehabilitation has been limited to patients with severe post-acute disability. In contrast, those with chronic degenerative diseases like movement disorders or multiple sclerosis have had their treatment put off for a long time. Despite a small decrease in the number of strokes and other acquired brain injuries treated in emergency rooms and acute care hospitals, which can be attributed to the fear of contracting the virus while in the hospital, the prevalence of these neurological diseases has not changed significantly over time. However, the prevalence of these neurological illnesses has increased, as has the demand for neurorehabilitation therapy. As a result, specialized neurorehabilitation units must alter their facilities and resources to treat SARS-CoV-2 infected and non-infected patients effectively. These tools, which include telemedicine for consultations and follow-up (teleconsultations), outpatient rehabilitation therapy, and the use of specific software (telerehabilitation), also allow for adequate communication with hospitalized patients' families while maintaining safety and avoiding unnecessary visits.

Segment Analysis

The neurorobotic systems segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Neuro-robotic devices combined with neuroscience and rehabilitation are a new method in treating neurological disorders, offering various treatment options based on the specific function to be restored. End-effector devices and exoskeletons are two major categories of robotic devices for neurorehabilitation. According to the World Health Organization (WHO), neurological disorders affect hundreds of millions of people worldwide, with more than 50 million people suffering from epilepsy and around 47 million suffering from dementia.

The neuro-robotic devices segment holds a significant market share in cranial fixation and stabilization systems. It is expected to show a similar trend over the forecast period due to technological advancements in robotics and its combination with neuroscience, resulting in the emergence of next-generation rehabilitation techniques.

The increasing prevalence of neurological disorders, the growing geriatric population, and technological advancements are the primary driving factors in the neuro-robotic devices segment.

Geographical Analysis

North America region holds the largest market share of the global neurorehabilitation devices market

North America is expected to have a significant market share in the global neurorehabilitation devices market due to rising Alzheimer's and Parkinson's disease incidences, a growing geriatric population, and technological advancements in neurorehabilitation devices in this region. According to the Centers for Disease Control and Prevention (CDC), approximately 5 million Americans were diagnosed with Alzheimer's disease in 2014, with the number expected to rise to 14 million by 2060. Furthermore, rising awareness of the benefits of neurorehabilitation devices and the presence of well-established healthcare infrastructure are fueling the overall regional market's growth to a large extent.

In addition, organic and inorganic strategies such as mergers and acquisitions and partnerships within key market players will strengthen their product portfolio in the studied market which will drive the market. Also, several product launches in the market will lead to lucrative growth of the market. For instance, in March 2021, DIH, the world's leading robotics and virtual reality (VR) technology provider, announced a strategic partnership agreement with Reha Technology. DIH will take over the distribution of Reha Technology's robotics products and will begin promoting and distributing Reha Technology's end-effector-based gait therapy devices in key markets such as Switzerland, Germany, and the United States immediately. Furthermore, advancements in various neurorehabilitation devices from established key players, in the United States, are likely to drive the market growth in North America.

Competitive Landscape

The neurorehabilitation devices market is highly consolidated, with only a few major players. In terms of market share, the market is currently dominated by a few major players. Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Hocoma AG, Biometrics Ltd, Boston Scientific Corporation, Ekso Bionics, Kinestica, Saebo Inc, ReWalk Robotics, Tyromotion GmbH among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the neurorehabilitation devices market globally. For instance, In March 2021, Bioventus Inc., a global leader in active healing innovations, has acquired Bioness, Inc., a global leader in neuromodulation and rehabilitation medical devices with innovative peripheral nerve stimulation (PNS) therapy and premium rehabilitation solutions.

Kinestica

Overview:

Kinestica develops, manufactures, and distributes cutting-edge medical equipment around the world. Sensor-based and virtual reality-assisted treatment devices for neurorehabilitation are among the company's offerings.Bimeo is the company's flagship product. It all started in 2009 with the successful testing of the prototype on a hemiparetic patient. A positive international patent search report for the invention of the Bimeo system was issued in late 2010. Then, at the University Rehabilitation Institute - Soca, two further Bimeo prototypes are constructed and evaluated in a preclinical investigation. Several case studies have been done in collaboration with the UL Faculty of Health Sciences.

Product Portfolio:

Bimeo PRO: Bimeo PRO is a sensor-based rehabilitation device for people who have had a stroke or other neurological conditions. The patient is immersed in an engaging virtual reality experience. Bimeo is intended to make therapy more effective and motivating for patients while making therapists' lives easier. Bimeo therapy goes above and beyond what is currently available in the field of rehabilitative medicine. The patient is instructed to use the more affected arm while the less affected arm moves. Through automatic therapeutic task adaption, the support is supervised and optimized. Therapy is supplemented with activities of daily living and cognitive tasks, with particular tasks designed to test objective motor function.

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