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Neurorehabilitation devices are medical devices and equipment used for treating physical disabilities and improving motor skills by enhancing neural plasticity and rewiring the brain after injuries to nervous system like strokes, spinal cord injuries etc. They help in improving balance, dexterity and mobility by repetitive, task specific exercises and stimuli.
The global Neurorehabilitation Devices Market is estimated to be valued at US$ 1.48 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digital and advanced neurorehabilitation devices have accelerated market growth over the past decade. Integration of robotics, augmented reality, virtual reality, sensors and big data has made neurorehabilitation more effective and engaging for patients. Devices like exoskeletons, brain-computer interface systems, neuromuscular electrical stimulation systems provide intensive, interactive and task oriented training to the nerves and muscles. Feedback from embedded sensors help assess efficacy of the exercises in real time and aid in customizing treatment plans. Virtual environments simulate real world activities to improve motor functions. Collecting and analyzing biometric data also helps clinicians objectively evaluate patient progress. These digital technologies are revolutionizing neurorehabilitation by enhancing treatment outcomes and quality of life for patients with nerve injuries.
SWOT Analysis
Strength: Neurorehabilitation devices help patients regain motor skills and movement ability lost due to injuries or medical conditions. They provide effective therapy and rehabilitation treatment through robotic exoskeletons and VR systems.
Weakness: High costs of advanced neurorehabilitation devices limit their adoption. Lack of skilled professionals needed to operate sophisticated robotic systems.
Opportunity: Growing geriatric population and rising incidence of neurological disorders create demand. Development of low-cost portable home-based devices expands access.
Threats: Reimbursement issues and lack of insurance coverage hamper market growth. Alternate non-device therapies pose competition.
Key Takeaways
The global neurorehabilitation devices market is expected to witness high growth. The global Neurorehabilitation Devices Market is estimated to be valued at US$ 1.48 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
North America currently dominates the market owing to presence of major players, favorable reimbursement policies, and higher healthcare spending. Asia Pacific is anticipated to grow at fastest pace due to increasing healthcare expenditures, growing elderly population, and rising awareness.
Key players operating in the neurorehabilitation devices are Neofect, Boston Scientific Corporation, AlterG Inc., Eodyne, Medtronic plc, Biometrics Ltd., Bioness Inc., Kinestica, Hocoma AG, BIONIK Laboratories Corp., Ekso Bionics Holdings Inc., Abbott Laboratories. These players are focusing on new product launches and geographical expansion to strengthen their market presence. For instance, Bionik Laboratories Corp launched InMotion ARM interactive robotic system to assist stroke patients.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
