Market Overview:
Neurorehabilitation devices assist in the recovery of motor and cognitive functions that have been impaired due to injuries or disorders impacting the nervous system. These devices employ interactive robotics, virtual reality, brain-computer interfaces, and sensors to provide engaging, task-oriented therapy to patients. They help strengthen damaged neural pathways by engaging multi-sensory and cognitive processes. Neurorehabilitation devices offer clinicians precise evaluation and treatment capabilities to maximize patient outcomes.
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:
The growing incidences of neurological disorders like stroke, Parkinson’s disease, spinal cord injury, and traumatic brain injury are driving the demand for neurorehabilitation solutions globally. Moreover, advancements in brain-computer interface technology that allow direct communication between the brain and external devices without muscle movements or neuroplasticity-based rehabilitation approaches are expected to open new avenues for recovery. Neurorehabilitation devices integrated with virtual reality, robotics, and analytics are also gaining popularity as they make therapy more interactive to achieve better compliance and results.
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Porter’s Analysis
Threat of new entrants: The threat of new entrants entering the neurorehabilitation devices market is moderate as it requires significant investment in RD to develop innovative technologies and the existing players are well established.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many players offering neurorehabilitation devices at competitive prices. However, the switching cost for buyers is very high.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of numerous component suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives for neurorehabilitation devices available.
Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share through new product launches and strategic partnerships.
Key Takeaways
The global neurorehabilitation devices market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing incidence of neurological disorders such as stroke, spinal cord injury, Parkinson’s disease, and multiple sclerosis.
The North America region dominates the neurorehabilitation devices market owing to the growing geriatric population and favorable reimbursement scenario in the region. With a large number of key players based in the US and growing healthcare spending, North America is expected to retain its leading position over the forecast period.
Key players operating in the neurorehabilitation devices market 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 partnerships to strengthen their market presence.
