Market Research Report
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 463 Pages
Delivery time: 1-2 business days
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Global Neurorehabilitation Devices Market to Reach US$2.1 Billion by the Year 2026
Neurorehabilitation devices are intended to improve function and wellbeing as well as alleviate symptoms of various nervous system disorders and trauma. Neurorehabilitation devices are used to examine the brain or central nervous system as well as deploy specific electric signals to fibers of spinal cord to recover limb movements. These devices encompass non-invasive brain stimulators, wearable devices, brain-computer interfaces and neuro-robotic systems. Intended to mitigate symptoms and improve neurological function, these devices are commonly used in physiotherapy and improve quality of life of patients. Growth in the global market is set to be fueled by high incidence of neurological conditions, rising geriatric population and technological advances. The market is anticipated to gain from increasing influx of new companies with innovative devices and better access to healthcare services. Neurorehabilitation devices are witnessing extensive use in clinical settings, cognitive care, healthcare centers and research institutes. The combination of rapidly advancing robotics technology and neuroscience is leading to the development and availability of next-generation rehabilitation techniques. The market expansion is also favored by consistent focus of companies on technological advances to come up with innovative devices capable of offering better therapeutic options for neurological conditions and improving patient outcomes.
Amid the COVID-19 crisis, the global market for Neurorehabilitation Devices estimated at US$932.7 Million in the year 2020, is projected to reach a revised size of US$2.1 Billion by 2026, growing at a CAGR of 14.8% over the analysis period. Neurorobotic Systems, one of the segments analyzed in the report, is projected to grow at a 17.1% CAGR to reach US$1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Brain Computer Interface segment is readjusted to a revised 11.1% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Neurorehabilitation Devices market. Neurorobotic devices refer to a new method that combines neuroscience, rehabilitation and robotics to treat neurological disorders, and the method used for treatment often depends on the specific function that needs to be restored. Currently, robotic intervention is gaining popularity with expanding applications of mobility restoration in patients with spine and neurological disorders, brain trauma, spinal injuries, cerebral palsy, and several other conditions. Neural interfaces or brain-machine interfaces represent a relatively new system for neurorehabilitation that is finding increased use in clinical applications. These systems facilitate communication between a patient`s brain and an external device.
The U.S. Market is Estimated at $383 Million in 2021, While China is Forecast to Reach $270.3 Million by 2026
The Neurorehabilitation Devices market in the U.S. is estimated at US$383 Million in the year 2021. The country currently accounts for a 38.5% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$270.3 Million in the year 2026 trailing a CAGR of 21.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.7% and 14.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.4% CAGR while Rest of European market (as defined in the study) will reach US$331.3 Million by the end of the analysis period. North America retains dominant position on account of rising cases of neurological disorders, increasing aging population and technological advancements. The market growth is facilitated by rising awareness about advantages of neurorehabilitation devices coupled with presence of a robust healthcare infrastructure. Europe is another key market and growth is attributable to rising cases of neurological disorders and availability of numerous approved devices. Growth in Asia-Pacific region is being driven by increasing incident of neurological disorders, rising geriatric population and strong demand for advanced neurorehabilitation devices.
Wearable Devices Segment to Reach $454.6 Million by 2026
The neurorehabilitation wearable devices segment is poised to maintain its positive trajectory due to availability of innovative options offering better alternatives to traditional neurorehabilitation approaches. Increasing cases of stroke in the US and other countries are poised to push uptake of wearable neurorehabilitation devices through all phases of the treatment process. In the global Wearable Devices segment, USA, Canada, Japan, China and Europe will drive the 15.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$166.6 Million in the year 2020 will reach a projected size of US$455.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$28.6 Million by the year 2026, while Latin America will expand at a 17.9% CAGR through the analysis period.
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