The neurorehabilitation devices market size in Europe is predicted to be worth USD 1140 million by 2028 from USD 601 million in 2023, growing at a CAGR of 13.66% from 2023 to 2028.
The growing prevalence of neurological diseases and the rising aging population across Europe primarily drive the growth of the Europe neurorehabilitation devices market. The number of people suffering from neurological diseases is on the rise. People who are aged are more susceptible to experiencing neurological conditions that can affect the brain, nerves, and spine. There are currently nearly 600 distinct types of neurological disorders that individuals are experiencing including common ailments such as migraine, multiple sclerosis (MS) and epilepsy. Recent surveys indicate that nearly one in six individuals in the UK has been diagnosed with a neurological condition, highlighting the growing demand for the market. Furthermore, the neurophysiological changes associated with these conditions significantly impact patients' quality of life, further underscoring the regional market growth.
The burgeoning deployment of sophisticated technologies in the production of neurorehabilitation devices further fuels the growth rate of the European neurorehabilitation devices market. Researchers and manufacturers alike are actively pursuing the development of cutting-edge devices leveraging artificial intelligence and robotics to enhance individuals' quality of life. Moreover, regional manufacturers are investing resources in awareness campaigns aimed at promoting the use and advantages of neurorehabilitation devices, utilizing video-based advertisements across hospital networks, television platforms, and social media channels to reach a wide audience. Heightened investments in research and development, an increase in product approvals, and improved reimbursement policies are also contributing to the growth of the European neurorehabilitation devices market.
However, the high costs associated with these devices are one of the primary factors hampering the market growth. In addition, lack of awareness about these devices, lack of proper investments, lack of availability in a few areas, and a long time to approve the novel devices in some European countries inhibit the growth rate of the European market.
This research report on the Europe neurorehabilitation devices market has been segmented and sub-segmented into the following categories.
By Product:
Based on product, the neurorobotic systems segment had the major share of the European market in 2022 and is anticipated to grow at a healthy CAGR during the forecast period.
By Brain Stimulators:
The non-invasive stimulators segment had the leading share of the European market in 2022.
By Application:
The stroke segment led the market in 2022 and is estimated to hold the leading share of the European market during the forecast period.
By Country:
The European region accounted for the second largest share of the global neurorehabilitation devices market in 2022 and is anticipated to grow at a noteworthy CAGR during the forecast period owing to a surge in the adoption of advanced technologies and an increase in healthcare expenditure by the population. The growing number of product launches in Europe is another key factor contributing to the regional market growth. MindMaze launched a neurorehabilitation device for neurological conditions in Europe, which is designed to improve neurologic conditions and is specifically targeted toward patients with conditions such as Alzheimer's disease, traumatic brain injury, Parkinson's disease, and stroke.
The German neurorehabilitation devices market accounted for a substantial share of the European market in 2022 and is anticipated to grow promisingly during the forecast period. The growth of the German market is majorly driven by the increasing number of rehabilitation centers across the country. These centers cater to patients with various nervous system-related diseases and offer a personalized treatment approach that focuses on the individual's needs. Equipped with specialized nurses, healthcare providers, and state-of-the-art medical devices for neurological rehabilitation, these centers provide cost-effective treatments to the population, aided by increasing investments from key players in the German market. Furthermore, an upsurge in clinical trials aimed at delivering optimal treatment outcomes to the population using these devices has contributed to the rising demand in the German market.
The UK is anticipated to account for a considerable share of the European market during the forecast period owing to the rapid adoption of neurorehabilitation devices by hospitals, and an increasing number of manufacturing centers.
KEY MARKET PLAYERS:
Medtronic Plc, Abbott Laboratories, Bioness Inc., Ekso Bionics and MindMaze are some of the notable companies in the European neurorehabilitation devices market.
Frequently Asked Questions
The Europe neurorehabilitation devices market size is predicted to be valued at USD 601 Mn in 2023.
The key drivers of growth in the Europe neurorehabilitation devices market include increasing demand for advanced medical devices, an aging population, rising healthcare expenditure, and the introduction of innovative technologies in the field.
Some of the major players in the Europe neurorehabilitation devices market include Medtronic Plc, Abbott Laboratories, Bioness Inc., Ekso Bionics, and MindMaze.
The COVID-19 pandemic has had a mixed impact on the Europe neurorehabilitation devices market. While the pandemic has resulted in a decrease in elective surgeries and non-urgent medical procedures, it has also led to an increase in demand for remote healthcare solutions.
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