Neurorehabilitation Devices Market
Neurorehabilitation Devices Market (Product: Neurorobotic Systems, Wearable Devices, Brain-computer Interface, and Brain Stimulators [Non-invasive Stimulators and Invasive Stimulators]; and Application: Stroke, Parkinson’s Disease, Multiple Sclerosis, Cerebral Palsy, Brain & Spinal Cord Injury, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Gamification in Rehabilitation through VR Promises Early Treatment in Stroke Patients
With growing prominence of the startup culture, neuroscientists are exploring opportunities in virtual reality (VR) to speed up recovery in stroke patients. For instance, MindMaze - a startup neurotechnology company won several accolades for gamification in rehabilitation catering to stroke survivors with the help of VR and neuroscience. This is evident since stroke application segment accounted for ~47% of the neurorehabilitation devices market in 2018. Thus, companies in the neurorehabilitation devices market should collaborate with neuroscientists to deliver inspiring results in stroke rehabilitation.
Healthcare companies are harnessing the advantages of VR, since there is only a short window when the brain can bounce back in early stages of treatment. Hence, VR and neuroscience have helped to maximize the potential for full recovery. Companies are increasing efforts to increase the availability of VR devices in hospitals.
To know the scope of our report Get a Sample on Neurorehabilitation Devices Market?
New Multi-electrode Stimulation Proves Efficacious in Treatment of Spinal Cord Injuries
New technologies in electrostimulation are engulfing the neurorehabilitation devices market. Researchers are increasing R&D to develop a new multi-electrode to stimulate the spinal cord in different points to improve patient quality of life. For instance, the international team of Sissa (International School for Advanced Studies), Italy, collaborated with the researchers at the University of California, Los Angeles and the University of Leeds to develop a new multi-electrode for spinal cord stimulation. Thus, companies in the market for neurorehabilitation devices should collaborate with researchers to advance in spinal cord stimulation.
The new electrode is capable of deploying diversified electric message to different fibers of the cord in a targeted and independent manner. This innovation has aided in fast recovery of voluntary limb movements. Hence, companies in the neurorehabilitation devices market are increasing their research efforts in the field of electrical stimulation to enhance recovery of motor functions.
Get a glimpse of the in-depth analysis through our Report Brochure
The novel approach of electric stimulation of the spinal cord has been receiving attention in recent years. This is evident since the brain & spinal cord injury application segment is predicted for exponential growth in the market for neurorehabilitation devices. The global neurorehabilitation devices market is estimated to reach a revenue of ~US$ 3.2 Bn by the end of 2027.
Companies Combine Robotic Neurorehabilitation Devices with Non-invasive Brain Machine Interfaces
Robotic neurorehabilitation is acquiring prominence in the neurorehabilitation devices market. With the introduction of novel technologies, companies are able to enhance capabilities of robots to offer cost-effective solutions in clinical practice. However, lack of effective training modalities in these robotic devices poses as a restraint for healthcare companies in the neurorehabilitation devices market. Hence, companies are increasing their efficacy to design robotic devices with predefined training modalities depending on the appropriate control strategies.
Companies in the neurorehabilitation devices market are developing robots with passive and active training modalities where the robot is capable of imposing and modulating trajectories with respect to the patient’s intention to move. Companies in the neurorehabilitation devices market combining robot-aided neurorehabilitation with non-invasive brain machine interfaces. Robot-aided neurorehabilitation in combination with proper training regimen is also found to improve patient recovery. Companies are increasing the production of assistive controllers to aid movement in impaired limbs. Various strategies such as assist-as-needed are being widely employed to reduce patient reliance on robots to accomplish the rehabilitative task.
VR and FES Hold Promising Future in Wearable Devices
Since wearable technology is gaining prominence in every day-life applications, companies in the neurorehabilitation devices market are innovating in wristbands that have the potential to rehabilitate patients who have suffered from stroke. As such, wearable devices product segment of the neurorehabilitation devices market is projected for aggressive growth and the global neurorehabilitation devices market is projected to expand at a staggering CAGR of 12.5% during the forecast period.
Likewise, Facebook agreed to acquire brain-computing startup CTRL-labs that specializes in the neural interface technology and develops wristbands that delivers machine-interpretable commands. With the help of these novel wristbands, companies in the market for neurorehabilitation devices are tapping opportunities to improve recovery in patients suffering from multiple sclerosis, Parkinson’s disease, and other neurodegenerative diseases. Companies in the market for neurorehabilitation devices are also experimenting with VR systems and functional electrical stimulation (FES) to innovate in wearable technology.
Expanding operations in future? To get the perfect launch ask for a custom report
Gamifying rehabilitation for stroke survivors with the help of VR has set the benchmark for innovation in the neurorehabilitation devices market. Neurorobotic systems and non-invasive brain stimulation have helped to enhance the quality and intensity of neurorehabilitation. Non-invasive brain stimulation is being combined with advanced technologies, such as functional MRI and near infrared spectroscopy, to treat neurological disorders.
Electric stimulation is acquiring popularity to restore lost functionality due to spinal cord injuries. However, physiological stimulus is lost after injury, which poses as a hurdle for healthcare companies. Hence, companies should innovate in the new multi-electrode stimulation technology to make the injured spinal cord more responsive to weak incoming messages coming from the brain.
Neurorehabilitation Devices Market: Overview
- According to Transparency Market Research’s latest report on the neurorehabilitation devices market for the historical period 2017–2018 and forecast period 2019–2027, rise in prevalence of neurological disorders, aging population, technological advancements, entry of new players, and increase in access to healthcare are anticipated to drive the global neurorehabilitation devices market
- According to the report, the global neurorehabilitation devices market was valued at US$ 1.12 Bn in 2018 and is projected to expand at a CAGR of 12.5% from 2019 to 2027
Rise in Prevalence of Neurological Disorders and Surge in Awareness about Usage and Benefits of Robotic Neurorehabilitation: A Key Driver
- Rise in prevalence of neurological diseases has increased the patient pool undergoing interventional procedures followed by rehabilitation therapies globally, resulting in high demand for neurorehabilitation devices. Stroke is the leading cause of long-term disability in the U.S. Rise in prevalence of stroke across the world has increased the need of rehabilitation robotics technologies. According to the Internet Stroke Center, around 795,000 people suffer from stroke in the U.S. every year. Moreover, rise in prevalence of neuromotor disorders such as cerebral palsy, brain injury, and spinal cord injury globally drives demand for neurorobotic technologies, thereby fueling the growth of the neurorehabilitation devices market.
- Manufacturers are making efforts to increase awareness among healthcare professionals and patients about the usage and benefits of neurorehabilitation robots. Neurorehabilitation robot manufacturers in developed countries such as the U.S. have begun to reach local communities by offering Continual Medical Education (CME) classes. This leads to increase in awareness among physicians and surgeons about the availability and usage of neurorehabilitation robots, thereby fueling the growth of the neurorehabilitation devices market.
Focus on Geographic Expansion
- Companies in the global neurorehabilitation devices market are increasingly turning to in-licensing and collaboration agreements to launch new products in North America and Europe. Rise in demand for technology-driven solutions, economic growth, and increase in awareness about neurological disorders present significant opportunities for players operating in the global neurorehabilitation devices market.
- According to industry experts, high cost of neurorehabilitation devices could hamper the market growth. This is particularly true for various underdeveloped and developing countries. Prevalence of neurological disorders is high in developing regions such as Asia, Africa, Latin America, and the Middle East. Hence, growth of neurorehabilitation devices is expected to be faster in these regions. However, high cost of neurorobotic systems and wearable devices would be a deterrent for exploiting the full potential of these regions.
Long Implantation Procedure, High Cost, and Lack of Skilled Professionals to Hamper Market
- The global neurorehabilitation devices market is technology driven. Introduction of new technologies in the market increases the demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the neurorehabilitation devices market, especially in the developing countries. Moreover, lack of reimbursement affects demand for neurorehabilitation devices.
- Neurorehabilitation devices have been adopted by patients, therapists, and doctors in the last decade. However, standardization in training for product and accreditation guidelines to ensure physician competence and patience safety is still lacking. Hence, failure of neurorehabilitation devices has been observed during clinical practice, which results from product failure.
Neurorehabilitation Devices Market: Competition Landscape
- This report profiles major players in the global neurorehabilitation devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The neurorehabilitation devices market is less fragmented with the presence of a few international as well as regional players
- Leading players operating in the global neurorehabilitation devices market are
- Bionik Laboratories Corp.
- Ekso Bionics
- ReWalk Robotics
- Tyromotion GmbH
- Boston Scientific Corporation
- Medtronic plc
- which account for more than 70% share of the market
Neurorehabilitation Devices Market: Key Developments
- Key players in the global neurorehabilitation devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies of key players are likely to fuel the growth of the neurorehabilitation devices market. A few expansion strategies adopted by players operating in the neurorehabilitation devices market are:
- In July 2019, Ekso Bionics expanded its medical exoskeleton portfolio by including an upper extremity rehabilitation device called EksoUE. In January 2019, Ekso Bionics entered into an agreement with Zhejiang Youchuang Venture Capital Investment Co., Ltd (ZYVC) to establish joint ventures for the development of a global exoskeleton manufacturing center and capture the potential exoskeleton market in China and other markets in Asia.
- In December 2018, Bionik Laboratories Corp. entered into a multi-year agreement with Kindred Hospital Rehabilitation Services (‘Kindred’) for multiple units of the company's InMotion Arm robotic system
- In June 2018, Bionik Laboratories Corp. entered into rental contract agreement with the Transitional Learning Center for InMotion Arm Robotic Systems. In May 2018, the company entered into rental agreement with Tallahassee Memorial HealthCare in Tallahassee, Florida, the U.S., for InMotion Arm robotic system.
- The report on the neurorehabilitation devices market discussed individual strategies, followed by company profiles of manufacturers of neurorehabilitation devices. The ‘competition landscape’ section has been included in the neurorehabilitation devices market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global neurorehabilitation devices market.
Growing Prevalence of Neurological Disorders to Serve as a Vital Growth Booster for the Neurorehabilitation Devices Market
The incidence of neurological diseases is increasing at a rapid pace across the globe. The increase in neurological disorders such as Parkinson’s disease, stroke, and others will bring intensive growth opportunities for the neurorehabilitation devices market across the assessment period of 2019-2027.
- According to the World Health Organization (WHO), the number of patients affected with neurological diseases will rise from 95 mn in 2015 to 103 mn in 2030. These alarming statistics point out the need for controlling the prevalence of these devices, eventually increasing the demand for neurorehabilitation devices.
- The process of neurorehabilitation helps in reducing the disabilities and assists in improving the quality of life across patients. Neurorehabilitation devices assist in reducing the symptoms and improve the well-being of people having diseases such as trauma or disorder of the nervous system. The functionality attracts considerable opportunities for the neurorehabilitation devices market.
- Technological advancements have brought great growth opportunities for the neurorehabilitation devices market. The focus of the players in the neurorehabilitation devices market on research and development activities is helping them to improve the products and provide more convenience to the end-users. These activities help in boosting the growth prospects across the neurorehabilitation devices market. Strategic collaborations are frequent. The frequent collaborations strengthen the foothold of the players, eventually leading to an increase in the growth rate.
- The novel coronavirus pandemic has impacted the growth trajectory of various sectors and businesses. The neurorehabilitation devices market is no exception. The surging cases of COVID-19 around the world forced many countries to go into strict lockdowns. The lockdown measures resulted in the complete shutdown of various manufacturing units and production facilities.
- Supply chain and logistics disruptions were also reported due to the border restrictions. All these aspects harmed the growth of the neurorehabilitation devices market. However, the relaxations in lockdown restrictions will help in diluting the negative effect.
Neurorehabilitation Devices Market - Scope of Report
TMR’s report on the global neurorehabilitation devices market studies past as well as current growth trends and opportunities to gain valuable insights of the same indicators for the market during the forecast period from 2019 to 2027. The report provides revenue of the global neurorehabilitation devices market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global neurorehabilitation devices market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global neurorehabilitation devices market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global neurorehabilitation devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global neurorehabilitation devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global neurorehabilitation devices market.
The report delves into the competitive landscape of the global neurorehabilitation devices market. Key players operating in the global neurorehabilitation devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global neurorehabilitation devices market that have been profiled in this report.
Key Questions Answered in Neurorehabilitation Devices Market Report
- What is the scope of growth of product companies in the neurorehabilitation devices market?
- What will be the Y-o-Y growth of the neurorehabilitation devices market between 2019 and 2027?
- What is the influence of changing trends in technologies on the neurorehabilitation devices market?
- Will North America continue to remain the most profitable regional market for neurorehabilitation devices providers?
- Which factors are anticipated to impede the growth of the neurorehabilitation devices market during the forecast period?
- Which are the leading companies in the neurorehabilitation devices market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global neurorehabilitation devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the neurorehabilitation devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the neurorehabilitation devices market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the neurorehabilitation devices market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global neurorehabilitation devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global neurorehabilitation devices market more reliably and accurately.
Neurorehabilitation Devices Market – Segmentation
Brain & Spinal Cord Injury
Middle East & Africa