At 11.5% CAGR, Europe Neurorehabilitation Devices Market is Projected to be Worth US$ 1,509.96 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe neurorehabilitation devices market was valued at US$ 631.51 million in 2023 and is expected to reach US$ 1,509.96 million by 2031, registering a CAGR of 11.5% from 2023 to 2031. Strategic initiatives by market players and increasing prevalence of neurological diseases are among the critical factors attributed to drive the Europe neurorehabilitation devices market growth.

Strategic initiatives taken by market players, such as mergers, acquisitions, partnerships, and collaborations, are likely to accelerate innovation, develop expertise, and expand market reach. In April 2022, Blackrock Neurotech partnered with Phantom Neuro, a neurotech startup, to carry out R&D for Phantom Neuro's patent-pending Phantom X system, which offers patients highly accurate, almost real-time control of current and next-generation assistive devices, such as prosthetics and exoskeletons. This R&D partnership allows Phantom to use Blackrock's decades of experience in neurotechnology and develop biocompatible implantable sensors to complement and bolster the Phantom X platform. In December 2022, Ekso Bionics-a leader in exoskeleton technology for medical use-announced the acquisition of the Human Motion and Control ("HMC") Business Unit from Parker Hannifin Corporation. This acquisition will enhance Ekso's product portfolio and improve its strategic relationships with commercial and research partners such as Vanderbilt University. The partnership with Vanderbilt is expected to enhance its research capabilities and product development. Thus, the strategic initiatives taken by the market players are likely to create lucrative opportunities for the neurorehabilitation market in the near future.

On the flip side, high costs associated with neurorehabilitation devices hamper the growth of Europe neurorehabilitation devices market.

By product type, the Europe neurorehabilitation devices market is segmented into neurorobotic system, brain computer interface, non-invasive stimulators, and wearable devices. The brain computer interface segment held 51.1% share of Europe neurorehabilitation devices market share in 2023, amassing US$ 322.92 million. It is projected to garner US$ 818.67 million by 2031 to register 12.3% CAGR during 2023-2031.

In terms of application, the Europe neurorehabilitation devices market is segmented into stroke, traumatic brain injury, spinal cord injury, Parkinson's disease, cerebral palsy, and others. The stroke segment held 47.5% share of Europe neurorehabilitation devices market share in 2023, amassing US$ 300.15 million. It is projected to garner US$ 760.44 million by 2031 to register 12.3% CAGR during 2023-2031.

By end user, the Europe neurorehabilitation devices market is segmented into contract rehabilitation centers, hospitals & clinics, and home care. The hospitals & clinics segment held 58.0% share of Europe neurorehabilitation devices market share in 2023, amassing US$ 366.19 million. It is projected to garner US$ 975.32 million by 2031 to register 13.0% CAGR during 2023-2031.

Based on country, the Europe neurorehabilitation devices market is categorized into the UK, Germany, France, Spain, Italy, and the Rest of Europe. Our regional analysis states that Germany captured 27.1% share of Europe neurorehabilitation devices market in 2023. It was assessed at US$ 171.44 million in 2023 and is likely to hit US$ 421.51 million by 2031, registering a CAGR of 11.9% during 2023-2031.

Key players operating in the Europe neurorehabilitation devices market are Abbott Laboratories; BIONIK; BioXtreme Ltd; Blackrock Microsystems Inc; Ekso Bionics Holdings Inc; EMOTIV; Hocoma AG; Medtronic Plc; Renishaw Plc; and Tyromotion GmbH, among others.

April 2024, Cryptocurrency company Tether invested $200 million into Blackrock Neurotech to take a majority stake in the Brain Computer Interface (BCI) company.


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