A recent study by Triton Market Research titled ‘Global Neurorehabilitation Device Market’ covers the Global Analysis and Forecasts by Product (Brain-Computer Interface, Neuro-Robotic System, Non-Invasive Stimulator, Wearable Device, Other Products), by Application (Cerebral Palsy, Stroke, Multiple Sclerosis, Parkinson’s Disease, Other Applications), by End-user (Cognitive Care Center, Research Institute, Hospital/Clinic, Other End-user), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
Recent years have seen an increase in the prevalence of neurological diseases like Parkinson’s disease, meningitis, Alzheimer’s disease & other dementias, stroke, epilepsy, etc. this has led to an increase in the demand for neurorehabilitation devices for patients suffering from these conditions.
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The report by Triton estimates the global neurorehabilitation device market to register 14.52% of CAGR over the forthcoming period between 2019 and 2028, thereby generating a revenue of $5000.3 million by 2028.
Neurological diseases are highly prevalent in the geriatric populace, as they preferentially affect the central nervous system. A rise in their population increases the demand for neurorehabilitation devices, which is expected to contribute to the growth of the global neurorehabilitation device market over the forthcoming period.
However, the shortage of skilled and trained professionals to treat and manage these diseases is likely to hamper the market growth in this period.
The market for neurorehabilitation device is trifurcated into product, application, and end-user. By Product, it consists of brain-computer interface, neuro-robotic system, non-invasive stimulator, wearable device, and other products. And by application, the market comprises cerebral palsy, stroke, multiple sclerosis, Parkinson’s disease, and other applications. Whereas, based on end-user, it includes cognitive care center, research institute, hospital/clinic, and other end-user.
The North America region held the largest share in the global neurorehabilitation device market in 2019, and is expected to continue its reign till the year 2028. This market is driven mainly due to the rising aged population, which is at a high risk of developing neurological diseases like Parkinson’s and Alzheimer’s disease. Moreover, efforts taken for preventing & diagnosing neurodegenerative diseases, along with the funding by the federal governments and the initiatives taken by the Senate of Canada, are helping this market to grow further.
Bionik Laboratories Corp, Kinestica, Helius Medical Technologies, Kinova, Neurostyle Pte Ltd, Saebo, Tyromotion GmbH, Reha Technology AG, Ectron Limited, Bioxtreme, Hokoma AG, Biometrics Ltd, Ekso Bionics Holdings Inc, Medtronic Inc, and Abbott Laboratories are some of the established names in this market.
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Question & Answer: Neurorehabilitation Device Market
Question 1: What factor is expected to contribute to the growth of the global neurorehabilitation device market?
Answer: Neurological diseases are highly prevalent in the geriatric populace, as they preferentially affect the central nervous system. A rise in their population increases the demand for neurorehabilitation devices, which is expected to contribute to the growth of the global neurorehabilitation device market over the forthcoming period.
Question 2: What factor is likely to hamper the neurorehabilitation device market growth?
Answer: the shortage of skilled and trained professionals to treat and manage these diseases is likely to hamper the market growth in this period.
Question 3: How is the market in North America influencing the hampering the growth of the neurorehabilitation device market?
Answer: The North America region held the largest share in the global neurorehabilitation device market in 2019, and is expected to continue its reign till the year 2028. This market is driven mainly due to the rising aged population, which is at a high risk of developing neurological diseases like Parkinson’s and Alzheimer’s disease. Moreover, efforts taken for preventing & diagnosing neurodegenerative diseases, along with the funding by the federal governments and the initiatives taken by the Senate of Canada, are helping this market to grow further.
Question 4: Which are some of the established names in the neurorehabilitation device market?
Answer: Bionik Laboratories Corp, Kinestica, Helius Medical Technologies, Kinova, Neurostyle Pte Ltd, Saebo, Tyromotion GmbH, Reha Technology AG, Ectron Limited, Bioxtreme, Hokoma AG, Biometrics Ltd, Ekso Bionics Holdings Inc, Medtronic Inc, and Abbott Laboratories are some of the established names in this market.
Related Report:
Global Alzheimer’s Disease Therapeutics and Diagnostics Market
The global Alzheimer’s disease therapeutics and diagnostics market is estimated to show growth by generating a revenue of $16928 million by 2027. It is expected to evolve at 7.78% of CAGR in the forecasting period 2019-2027.
The increased prevalence of Alzheimer’s disease around the world acts as a key driving factor for the growth of this market. It emphasizes the need to develop an effective treatment for this disease. For instance, according to Alzheimer’s Association, around 5.4 million people in the United States across every age group were reported to be suffering from AD in 2016. It further estimates this number to triple by the year 2050, affecting approximately 13.8 million people in the country.
In addition, Alzheimer’s disease is the primary cause of dementia in the aged population, which is considered to be a normal part of the general aging process. Thus, the increasing geriatric population globally is another factor driving the global Alzheimer’s disease therapeutics and diagnostics market growth.
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