Neurorehabilitation Devices Market Forecast Indicates Strong Demand in Healthcare Sector
The global neurorehabilitation devices market size is anticipated to reach USD 4.98 billion by 2030, registering a CAGR of 13.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing emphasis on R&D for novel product launches, production of innovative technology & devices to enhance patient outcomes, advancements in medical technology, such as manufacturing of neuroprosthetic devices, including brain-computer interfaces (BCIs) and neurostimulation devices, and the increasing adoption of telemedicine & remote rehabilitation solutions drive the industry growth. The development of cutting-edge tools and technologies to improve patient outcomes also drives market growth. Greater financial resources are available to purchase cutting-edge neurorehabilitation equipment when healthcare costs rise.
Funds might be set aside for R&D in the neurorehabilitation sector by business players with sizable healthcare budgets. The development of novel and improved tools for neurological rehabilitation may result from this. For instance, in March 2023, SiYi Intelligence, a Chinese company that offers intelligent rehabilitation solutions, recently revealed that it had raised USD 15 billion in a Series A investment round, with participation from Tao Capital and Chengdu Bio-town Equity Investment Fund. The business intended to use the funds to advance the R&D of neurorehabilitation solution integration and create a new digital rehabilitation service platform. Major industry participants, such as manufacturers of medical devices, academic institutions, and healthcare providers are involved in the strategic collaborations and partnerships for product development.
Gather more insights about the market drivers, restrains and growth of the Global Neurorehabilitation Devices Market
R&D resources can be combined through collaborative efforts, promoting quicker inventions and the development of more efficient products. The technologies like virtual reality (VR) and AR are being used in neurorehabilitation. They can design therapeutic settings that are engaging, allowing patients to take part in stimulating activities that support the restoration of motor and cognitive abilities. Therapists can receive real-time feedback through VR and AR. For instance, in April 2023, the Office of Healthcare Innovation and Learning of the VHA (Veterans Health Administration) and Penumbra, Inc., a global healthcare company specializing in cutting-edge therapies, announced their collaboration to work together to test, co-develop, and implement VR-based rehabilitative healthcare solutions.
Neurorehabilitation Devices Market Report Highlights
- In 2023, the neurorobotics segment dominated the market with a share of 36.0% due to the ongoing advancements in robotics and neurotechnology, which led to the development of more sophisticated and effective neurorobotic devices
- The stroke therapy area segment held the largest revenue share of 44.3% in 2023. The use of home-based neurorehabilitation techniques is becoming more popular
- The availability of rehabilitation services is increased via remote monitoring and telerehabilitation programs that enable stroke patients to continue their recovery in the convenience of their homes
- North America dominated the global market with a share of 39.08% in 2023. The regional market is competitive due to the presence of a few established as well as emerging players
- These companies strive to capture higher industry shares through product innovations, mergers, acquisitions, and partnerships
List of Key Players in Neurorehabilitation Devices Market
- Bioventus
- Ectron
- Hocoma
- Medtronic
- Tyromotion Inc.
- Biometrics Ltd.
- Bionik Laboratories Corp. (BNKL)
- BioXtreme Ltd.
- Ekso Bionics
- Kinestica
- Kinova Inc.
- Saebo, Inc.
- Abbott
Order a free sample PDF of the Neurorehabilitation Devices Market Intelligence Study, published by Grand View Research.
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