At 9.9% CAGR, South & Central America Neurorehabilitation Devices Market is Projected to be Worth US$ 221.17 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America neurorehabilitation devices market was valued at US$ 104.24 million in 2023 and is expected to reach US$ 221.17 million by 2031, registering a CAGR of 9.9% from 2023 to 2031. Technological advancements and increasing prevalence of neurological diseases are among the critical factors attributed to drive the South & Central America neurorehabilitation devices market growth.

Technological advancements in neurorehabilitation devices are improving patient outcomes, safety, and the overall efficiency of neurological disease management. Neurolutions Inc., a Washington University startup company, developed a device called the IpsiHand Upper Extremity Rehabilitation System, which helps people disabled by stroke regain control over their arm and hand function by using their minds. In April 2021, the company received market authorization from the Food and Drug Administration (FDA) for its IpsiHand Upper Extremity Rehabilitation System, which leverages brain-computer interface (BCI) technology licensed by the university. In April 2024, India-based K Physio and Rehab Clinic announced the launch of the ground-breaking Advanced Exoskeletal Neuro Device, revolutionizing neurorehabilitation. The device provides faster recovery for fully and partially paralyzed patients. In February 2023, MindMaze announced the US and EU launch of Izar, a "first-of-its-kind" US FDA-listed and CE-marked smart device for patients with impairment in hand motor function. The device is one of the most effective hand dexterity and strength treatments used in a wide range of neurological conditions. Such technological developments are likely to bring new trends in the market during the forecast period.

On the contrary, high costs associated with neurorehabilitation devices hamper the growth of South & Central America neurorehabilitation devices market.

By product type, the South & Central America neurorehabilitation devices market is segmented into neurorobotic system, brain computer interface, non-invasive stimulators, and wearable devices. The brain computer interface segment held 52.8% share of South & Central America neurorehabilitation devices market share in 2023, amassing US$ 55.02 million. It is projected to garner US$ 125.07 million by 2031 to register 10.8% CAGR during 2023-2031.

In terms of application, the South & Central America neurorehabilitation devices market is segmented into stroke, traumatic brain injury, spinal cord injury, parkinson's disease, cerebral palsy, and others. The stroke segment held 48.2% share of South & Central America neurorehabilitation devices market share in 2023, amassing US$ 50.26 million. It is projected to garner US$ 112.11 million by 2031 to register 10.5% CAGR during 2023-2031.

By end user, the South & Central America neurorehabilitation devices market is segmented into contract rehabilitation centers, hospitals & clinics, and home care. The hospitals & clinics segment held 56.4% share of South & Central America neurorehabilitation devices market share in 2023, amassing US$ 58.75 million. It is projected to garner US$ 135.14 million by 2031 to register 11.0% CAGR during 2023-2031.

Based on country, the South & Central America neurorehabilitation devices market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 59.9% share of South & Central America neurorehabilitation devices market in 2023. It was assessed at US$ 62.42 million in 2023 and is likely to hit US$ 136.34 million by 2031, registering a CAGR of 10.3% during 2023-2031.

Key players operating in the South & Central America 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.

• Apr-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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