Global Neurorehabilitation Device Market Forecast 2019-2028
The global neurorehabilitation device market is set to record growth, projecting a CAGR of 15.16% during the forecast period, 2019-2028. The increasing geriatric population, rising neurological diseases, technological advancements, and the increasing neurorehabilitation device wearables and robotics, are the factors impacting the growth of the market in a positive manner.
The growing prevalence of neurological disorders is leading to increased adoption of neurorehabilitation devices, which is a major boost to the growth of the market. At the same time, the wearable and robotics for neurorehabilitation are witnessing steady growth. These aid the patients, professionals, and researchers, by keeping an accurate track of the movement. The robotics entail developing personalized devices for assisting and assessing several sensorimotor functions. Rehabilitation using robotics is considered to be effective in therapy for individuals with motor impairments caused by stroke. The thriving wearables and robotics have resulted in many companies prioritizing the manufacture of wearables and robotics. Such aspects are expected to stimulate market growth. The restraining factors of market growth evaluated are the lack of skilled specialists and stringent regulations.
The geographical segregation of the global neurorehabilitation device market includes the evaluation of Europe, North America, Asia Pacific, and the rest of the world. North garnered the largest revenue share in the global market, as of 2019. The factors attributed to the contribution aspects of the market are the increasing aging population and the growing funding by the federal governments in the region.
With the presence of key players in the market, the competitive rivalry is projected to be high during the forecast period. Also, there is a rising focus on new product developments. Some of the leading players in the market are Abbott Laboratories, Bionik Laboratories Corp, Biometrics Ltd, Ectron Limited, Bioxtreme, etc.
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