Numerous Studies on Neural Interfaces, Increasing Approvals of Neurorehabilitation Devices by International Regulatory Bodies, And Multimodal Rehabilitative Approaches Are Anticipated To Open Up New Revenue Opportunities for Market Players

Seoul, South Korea, Aug. 10, 2022 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, sales of neurorehabilitation devices are anticipated to surge at a stellar CAGR of 15% from 2022 to 2026.

Increased rates of neurological illnesses, rising patient awareness, and an increase in the target patient population, who are primarily elderly people across the globe, are the main drivers for industry expansion.

Traumatic brain, spinal cord, or peripheral nerve injuries, as well as neuromuscular illnesses, can significantly impact a patient's life. Neurorehabilitation devices play a crucial part in the treatment of patients with chronic diseases by improving the understanding of the design formulation, measurement quantification, and regulation of the control systems of biomedical equipment.

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Through the use of neurorehabilitation devices, immediate feedback, passive full body monitoring, and subsequent movement analysis, kinetic and kinematic parameters of human movements are determined and measured. There are more neurological stroke cases, which is leading to a rise in the demand for robotic rehabilitation equipment that can cure stroke-related problems.

To control pain, regain range of motion, and treat musculoskeletal problems, physiotherapists employ a variety of methods, including electrotherapy. Physiotherapists use specialized equipment to give individualized doses of electrical stimulation to the nerves, muscles, or tendons of the body to cure injuries, speed up recovery, and provide pain relief.
The market is expanding as a result of several factors, including the growing ageing population, increased use of wearable technology and rehabilitation robotics, occurrence of more recent neurological illnesses, and technological innovation for the development of neurorehabilitation devices.

What Restraints are Impeding Neurorehabilitation Devices Market Expansion?

“Lack of Skilled Professionals & High Price of Neurorehabilitation Devices Hampering Market Growth”

The high price of new neurorehabilitation devices highlights the question of affordability, which restrains the market growth. Moreover, the market for neurorehabilitation devices is impacted by a lack of funding for product innovation.

In the past ten years, patients, therapists, and doctors have all started using these devices for neuro-rehab care. To assure physician competency and patient safety, accreditation norms and uniformity in product training are still absent.

As a result of product failure, neurorehabilitation equipment failure has been noted in clinical practice. These factors are hampering the neurorehabilitation market growth.

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Key Segments Covered in the Neurorehabilitation Devices Industry Survey

• By Product :
  
  
  • Neurorobotic Systems
    
  • Brain Computer Interface
  • Wearable Devices
  • Brain Stimulators

• By Application :
  
  
  • Stroke
    
  • Parkinson’s Disease
  • Brain & Spinal Cord Injury
  • Cerebral Palsy
  • Multiple Sclerosis
  • Others

• By End User :
  
  
  • Rehabilitation Centers
    
  • Hospitals & Clinics
  • Home Care
  • Others

• By Region :
  
  
  • North America
    
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

Competitive Landscape

Neurorehabilitation device manufacturers are working to raise knowledge about the use and advantages of neurorehabilitation robots among patients and healthcare professionals.

Collaborations for the creation of new products and the enhancement of distribution networks are some of the strategic activities that major businesses are engaging in.

For instance,

• In 2022, SpineX started recruiting participants for a clinical trial of the SCONE Device, which was designed to assess the device's effectiveness and safety in treating neurogenic bladder.
  

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Key players in the Neurorehabilitation Devices Market

• Neofect
• AlterG, Inc.
• Eodyne
• Kinestica
• Hocoma AG
• Abbott Laboratories
• Medtronic plc
• Biometrics Ltd.
• Bioness Inc.
  

Key Takeaways from Neurorehabilitation Devices Market Study

• The global neurorehabilitation devices market is currently valued at US$ 1.3 billion.
• The market in Japan is anticipated to increase at a CAGR of 10.5% over the forecast period.
• The market in Canada is projected to surge ahead at 14.5% CAGR through 2026.
• The brain computer interface segment, under products, is expected to rise at a CAGR of 11% from 2022 to 2026.

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