Neurorehabilitation Market Expected to Reach $2,451.2 Million by 2030

According to a new report published by Allied Market Research, titled, “Neurorehabilitation Market, by Type, by Application, and by End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global neurorehabilitation market size was valued at $1,097.7 million in 2020 and is projected to reach $2,451.2 million by 2030 registering a CAGR of 8.3% from 2021 to 2030.

Neurorehabilitation devices refer to the equipment used for regaining the locomotion ability that is lost due to a neurological disease such as stroke, Parkinson’s disease, traumatic brain injury, cerebral palsy, and others. Some of the commonly used devices include neuro-robotic systems, non-invasive brain stimulators, neuroprosthetics, and brain-computer interfaces. These devices assist in diagnosis and treatment of a diseases, disorders, or injuries in the nervous system of a patient. They facilitate in re-learning motor skills and optimal recovery from neurological disorders, such as Parkinson’s disease and cardiovascular stroke. As a result, neurorehabilitation devices find extensive applications across various clinics, cognitive care, and research institutes & healthcare centers.

Increase in prevalence of neurological diseases such as brain stroke, Parkinson's disease, multiple sclerosis, cerebral palsy, traumatic brain injury, spinal cord injury and increase in awareness about neurorehabilitation devices among population are principle driving factors that boost growth of the neurorehabilitation market. In addition, growth in funding for R&D and rise in product approvals of neurorehabilitation devices by regulatory authorities further fuel growth of the market. However, high cost of neurorehabilitation devices and lack of skilled professionals are some key challenges that hinder growth of the market. On the contrary, rise in demand for telerehabilitation creates an opportunity for manufacturers to tap and capitalize on the market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has negatively impacted the industry as neurorehabilitation units have had to reduce their bed numbers in order to allow doctors and nurses to work in intensive care units or in dedicated wards to isolate and care of patients with COVID-19 infection. Thus, the outbreak of COVID-19 has negatively impacted the neurorehabilitation market.

The neurorehabilitation market is segmented on the basis of type, application, end user, and region. By type, it is segmented into neuro-robotic devices, non-invasive stimulators, and brain-computer interfaces. The non-invasive stimulators was the major shareholder in 2020, owing to factors such as increasing technological advancements in non-invasive stimulators and rising demand of the non-invasive methods for neurorehabilitation.

By application, the neurorehabilitation market is segmented into brain stroke, Parkinson's disease, multiple sclerosis, spinal cord injury, traumatic brain injury, cerebral palsy, and others. The brain stroke segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period owing to the rising prevalence of stroke globally.

Based on end user, it is categorized into rehabilitation centers, hospitals, and clinics. The hospitals segment acquired the largest share in 2020, and is expected to remain dominant throughout the forecast period due to increasing demand of neurorehabilitation in hospitals.

By region, the neurorehabilitation market is analyzed across North America, Europe, Asia-Pacific and LAMEA. North America is expected to collect the largest share in the market owing to the huge number of patient population in the U.S. Further, Asia-Pacific is anticipated to exhibit fastest growing segment owing to the rise in awareness among population about neurorehabilitation coupled with constantly improving healthcare infrastructure.

Key Findings Of The Study

• Based on type, the non-invasive stimulators held largest share in the global market in 2020.
• Based on application, the brain stroke held largest neurorehabilitation market share in 2020 and is expected to remain dominant throughout the forecast period.
• By end user, the hospitals dominate the global neurorehabilitation market in 2020 and is anticipated to continue this trend during the forecast period.
• Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 8.3% during the forecast period.