Rockville, July 20, 2023 (GLOBE NEWSWIRE) -- As per a new research report by Fact.MR, a provider of market research and competitive intelligence, the Neurorehabilitation Devices Market is projected to attain a revenue valuation of US$ 5.4 billion, powering through at an astronomical CAGR of 13.8% from 2023 to 2033.
Demand for neurorehabilitation devices in the North American region is forecasted to maintain a dominant stance throughout the forecast period and could lose some minimal market share to the Asia Pacific regional market. Rapidly increasing geriatric population and growing prevalence of rare neurological disorders around the world are projected to be prime catalysts for neurorehabilitation device sales over the next ten years.
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Advancements in robotics and neurostimulation technologies are also projected to offer new opportunities for neurorehabilitation device suppliers in the future. Lack of funding for product innovation, the dearth of skilled professionals, and the increasing incidence of neurorehabilitation equipment failure are key constraints troubling neurorehabilitation system providers going forward.
More insights regarding current and future market growth trends have been mentioned and discussed extensively in this elaborate neurorehabilitation devices market research study by Fact.MR, a market research and competitive intelligence provider.
Key Takeaways from Market Study
- In 2023, the neurorehabilitation devices market stands at a valuation of US$ 1.48 billion.
- Worldwide shipments of neurorehabilitation devices are projected to rise at a CAGR of 13.8% from 2023 to 2033.
- The global market is anticipated to reach a size of US$ 5.4 billion by 2033.
- Rising incidence of neurological disorders, growing geriatric population, increasing awareness regarding rehabilitation therapies, and high investments in medical R&D are key factors propelling neurorehabilitation device demand.
- High cost of neurorehabilitation equipment and the low availability of skilled professionals to operate them are estimated to be major restraints for market expansion.
- Asian countries such as India, China, and Japan are estimated to emerge as highly opportune spaces for neurorehabilitation device suppliers in the future.
- Sales of neurorobotic systems in 2023 account for more than 45% of the global market revenue.
“Capital raise is projected to be an essential part of business for new as well as established neurorehabilitation device manufacturers,” says a Fact.MR analyst
Competitive Landscape
Leading neurorehabilitation device manufacturers are also opting for acquisitions, collaborations, and mergers to hasten product launches and bolster their presence in the global industry landscape.
- In September 2022, Sumitomo Pharma Co. Ltd. and MELTIN MMI announced that they have agreed to the launch and marketing of the MELTz® Hand Rehabilitation System. The product has been jointly developed by the aforementioned companies but MELTIN obtained the device certification as a distributor and manufacturer.
- In 2022, to enhance the creation of technologically advanced brain-computer interface solutions, Blackrock Neurotech acquired MindX. By combining its hardware DNA with MindX's software DNA, Blackrock aimed to improve its neural data analysis and offer flexibility and modification for numerous BCI applications.
Key Companies Profiled
- 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
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Winning Strategy
Leading neurorehabilitation device manufacturers are focusing on obtaining new financing to fund product innovation as this has been a major obstacle in accessing the full growth scope of the neurorehabilitation marketplace for a long time. Neurorehabilitation device companies are also focusing on the gamification of rehabilitation therapy through the integration of advanced digital technologies such as virtual reality (VR), augmented reality (AR), etc.
During the forecast period and beyond, emerging neurorehabilitation device suppliers are prioritizing the acquisition of new funding to support business expansion and research and development endeavors, with a strong emphasis on incorporating virtual reality (VR) and other digital technologies into rehabilitation programs, which is expected to be a significant focus for most start-ups.
- In March 2023, SiYi Intelligence, an intelligent rehabilitation solution provider based in China, announced that it had raised US$ 15 billion in a Series A funding round led by Chengdu Bio-town Equity Investment Fund and participation from Tao Capital. The company had plans to utilize the capital to accelerate the R&D of integration of solutions for neurorehabilitation and build a new digital rehabilitation service platform.
- In August 2022, Neurofenix, a health technology start-up based in the United Kingdom, announced that it had raised US$ 7.81 billion to start its clinical trials in the United States and build its product line. The start-up provides at-home therapy to improve rehabilitation care for neurological patients.
- In October 2021, MindMaze, a global leader in brain technology, announced that it had raised US$ 125 billion to develop a video-game platform for neurorehabilitation. The company had plans to expand its business and offerings to new markets around the world as most of its offerings were widely available in the United States and European countries at the time.
- In August 2020, Neuromersiv, a medical technology company focusing on the use of virtual reality for neurorehabilitation, announced that it had raised US$ 1 billion through a grant offered by Biomedtech Horizons Fund (BMTH). The company had plans of combining VR with its proprietary hand and arm wearable technology to use a novel approach to rehabilitation.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global neurorehabilitation devices market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (neurorobotic systems, brain computer interface, wearable devices, brain stimulators), application (stroke, Parkinson’s disease, brain & spinal cord injury, cerebral palsy, multiple sclerosis, others), and end user (hospitals & clinics, rehabilitation centers, home care, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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