The global neurorehabilitation devices market is anticipated to grow at a CAGR of 15.3% for the forecast period of 2016-2022 and is expected to reach $2421 million market by 2022. Neurorehabilitation is a multipart medical process which is used to assist the recovery from a nervous system injury and to reduce or compensate for any functional alterations resulting from it.
The global neurorehabilitation devices market is segmented on the basis of product and applications. In the product segment, in 2015, neurorobotic systems held the largest share in the neurorehabilitation devices market. However, non-invasive brain stimulators, has been estimated to witness the highest growth rate from 2016 to 2022. Treatment and therapies of Parkinson’s diseases is the fastest growing application area for this market owing to increasing prevalence of the diseases in the markets of the U.S., U.K., Iceland, Finland, and Ireland. Due to increasing awareness among the physicians with respect to these devices, rising incidences of neurological diseases and growing aging population, the global market for neurorehabilitation devices is growing rapidly. According to the Centers for Disease Control and Prevention, it has been estimated that almost 130,000 Americans die from stroke each year, i.e. an average of one person in America dies from stroke every 4 minutes. The major reason for this is the alarmingly high road traffic fatality rates. Globally, Asia accounts for the highest percentage of traumatic brain injury due to road traffic accidents, unintentional injuries, and falls. This wide-spread prevalence of stroke and traumatic brain injury, resulting in various neurological disorders, is estimated to boost the demand for neurorehabilitation devices globally. However, few restraints such as, lack of skilled and trained professionals, various legislations and government regulations and high cost of treatment are hampering the market growth to a certain extent. Nevertheless, increasing patient base in emerging economies of India, China etc. with rising healthcare infrastructure spending, emergence of wearable technology and robotics are few growth opportunities for the global neurorehabilitation devices market.
Globally, in 2015, North America is the largest market of neurorehabilitation devices and accounts for 42% of market share owing to increasing aging population, rising prevalence of neurological diseases and highly developed healthcare infrastructure in the region in comparison to any other. Europe holds the second largest market share followed by Asia Pacific. However, Asia Pacific is growing at a high CAGR due to large patient base, improving healthcare infrastructure and increasing government initiatives. APAC market will grow at a CAGR of around 18% for the forecast period of 2016- 2022. The leading players in the global neurorehabilitation device market have patent filling, mergers & acquisition and collaborations for new product development as the most preferred strategies adopted to expand their respective market presence. In January 2016, Ectron’s RTMS (Repetitive Transcranial Magnetic Stimulation) received approval from the National Institute for Health and Care Excellence (NICE). This method will be used for treating depression for patients in the UK. In July, 2015, Hocoma launched ArmeoPower, the world’s first robotic exoskeleton for hand rehabilitation after stroke.