Neurorehabilitation devices help patients regain or improve motor skills and mobility by using technology to support intense and repetitive therapy movements. These devices include robotic walkers, exoskeletons, virtual reality equipment and other tools that facilitate physical and cognitive rehabilitation. The growing prevalence of strokes and traumatic brain injuries has increased the demand for neurorehabilitation to help patients recover motor functions and cognitive abilities.

The global Neurorehabilitation Devices Market is estimated to be valued at US$ 1.48 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity to treat strokes and traumatic brain injuries presents a significant growth opportunity for the neurorehabilitation devices market. Strokes are a leading cause of long-term disability worldwide. Neurorehabilitation devices help stroke patients regain mobility and cognitive functions through repetitive, task-specific therapy. Similarly, traumatic brain injuries from accidents often require intensive rehabilitation to recover lost motor skills and functions. Neurorehabilitation devices effectively support both physical and cognitive rehabilitation programs for stroke and brain injury patients, presenting a continuing opportunity for manufacturers as demand for effective treatment solutions rises.

Porter's Analysis

Threat of new entrants: The global neurorehabilitation devices market requires huge investment for R&D activities making it difficult for new players to enter.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several established vendors offering neurorehabilitation devices.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there exist several component suppliers.

Threat of new substitutes: Substitutes have low threat currently however virtual reality based systems can be a future substitute.

Competitive rivalry: The market is fairly competitive due to presence of large as well as emerging players. Companies focus on innovation and customized solutions to gain competitive advantage.

SWOT Analysis

Strengths: Growing geriatric population, increasing incidence of neurological disorders, and advancement in technology.

Weaknesses: High cost of neurorehabilitation treatment and devices, and lack of insurance coverage and reimbursement.

Opportunities: Untapped emerging markets, increasing healthcare expenditure, and growing demand for robotic rehabilitation devices.

Threats: Stringent regulations, long product approval time, and threat from substitute treatments.

Key Takeaways

The global neurorehabilitation devices market is expected to witness high growth during the forecast period owing to increasing incidence of neurological disorders, road accidents, and favourable reimbursement policies. The global Neurorehabilitation Devices Market is estimated to be valued at US$ 1.48 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

North America dominated the neurorehabilitation devices market in 2020 and is expected to grow at a high rate over the forecast period due to presence of major players, growing awareness about neurorehabilitation, and availability of advanced healthcare infrastructure. Europe also held a significant share in 2020 due to increasing healthcare expenditure, large base of neurological disease patients, and government support for neuroscience research.

Key players operating in the neurorehabilitation devices market are Neofect, Boston Scientific Corporation, AlterG Inc., Eodyne, Medtronic plc, Biometrics Ltd., Bioness Inc., Kinestica, Hocoma AG, BIONIK Laboratories Corp., Ekso Bionics Holdings Inc., and Abbott Laboratories.

The major players focus on new product launches, geographical expansion, and mergers & acquisitions to sustain their presence in the highly competitive market. For instance, in August 2022, NeuroMetrix launched Quell Relief device for pain relief in chronic pain patients.