According to a new report published by UnivDatos Markets Insights, the Virtual Neurorehabilitation Devices market was valued at USD 197.62 million in 2021 & is expected to grow at a CAGR of 16.9% from 2022-2028. The analysis has been segmented into Applications (Brain Stroke, Parkinson’s Disease, Multiple Sclerosis, Spinal Cord Injury, And Cerebral Palsy) and End-Users (Hospitals & Clinics, Rehabilitation Centers, Home Care Settings); Region/Country.
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The virtual neurorehabilitation devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the virtual neurorehabilitation devices market. The virtual neurorehabilitation devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the virtual neurorehabilitation devices market at the global and regional levels.
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Key Market Dynamics
The demand for effective virtual neurorehabilitation devices rising due to neurological disorders such as stroke, Parkinson's disease, multiple sclerosis, traumatic brain injury, and spinal cord injury are becoming increasingly prevalent worldwide. For instance, the report published by the 2022 Lancet Neurology Commission, documents traumatic brain injury (TBI) as a global public health problem, which afflicts 55 million people worldwide, costs over USD 400 billion per year, and is a leading cause of injury-related death and disability. Further, the use of virtual reality technology in neurorehabilitation has been gaining popularity due to its ability to provide a safe and immersive environment for patients to perform rehabilitative exercises.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the healthcare industry, including the virtual neurorehabilitation devices market. Neurorehabilitation is a crucial aspect of post-acute care for patients who have suffered from strokes, traumatic brain injuries, spinal cord injuries, or other neurological disorders. However, the pandemic has made it difficult for patients to receive in-person rehabilitation services due to social distancing measures and lockdowns. As a result, virtual neurorehabilitation devices have become increasingly popular as they allow patients to receive therapy from the comfort of their own homes. These devices use virtual reality, augmented reality, and other technologies to create immersive rehabilitation experiences that can be tailored to the individual needs of each patient. This has led to an increase in demand for virtual neurorehabilitation devices, and many companies have responded by developing and launching new products
The global virtual neurorehabilitation devices market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is categorized into brain stroke, Parkinson’s disease, multiple sclerosis, spinal cord injury, and cerebral palsy . Brain stroke segment held dominating share in 2021.
· Based on the end-users, the market is categorized into hospitals & clinics, rehabilitation centers, and home care settings. Home care settings held a prominent share of the market in 2021.
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Virtual Neurorehabilitation Devices Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
North America dominated the virtual neurorehabilitation devices market in 2021. North America is home to a large geriatric population and consists of a significant portion of American society. As per the administration for community living, the number of older Americans has increased by 14.4 million (or 36%) since 2009 in 2019. With the rising age, the risk of neurological disorders also increases which becomes an important factor for the growth of the virtual reality neurorehabilitation market to deal with the increasing cases. Furthermore, the presence of advanced technology in the region and the major economies such as the U.S. is also a responsible factor for the large market share of virtual reality in neurorehabilitation devices in North America. Adding to this, neurological diseases are very prevalent among Americans and the incidence of these diseases is increasing in the region. For instance, as per the Canadian Minister of Health, In Canada, more than 90,000 individuals, age 40 and older, live with Parkinson, which includes Parkinson’s disease and conditions with similar symptoms.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the virtual neurorehabilitation devices market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In 2020, ReWalk announced that it has formed a strategic investment agreement with Timwell Corporation Limited, a Hong Kong corporation. ReWalk received USD 20 million in exchange for an aggregate of 16,000,000 ReWalk ordinary shares, at a price per share of USD 1.25, as part of a broad strategic agreement to fund the company’s overall development worldwide and to establish its presence in the Chinese market.
· In 2022, DIH announced the completion of the sale of its Dutch local Physical Therapy Software business, Monitored Rehab Systems (MRS).
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the virtual neurorehabilitation devices market?
• Which factors are influencing the virtual neurorehabilitation devices market over the forecast period?
• What are the global challenges, threats, and risks in the virtual neurorehabilitation devices market?
• Which factors are propelling and restraining the virtual neurorehabilitation devices market?
• What are the demanding global regions of the virtual neurorehabilitation devices market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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