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Neurorehabilitation Devices Market

Neurorehabilitation Devices Market Size by Product Type (Neuro-Robotic Devices, Brain-Computer Interface, Non-Invasive Stimulators, and Wearable Devices), Application (Brain Stroke, Multiple Sclerosis, Traumatic Brain Injury, Parkinson’s Disease, Spinal Cord Injury, Cerebral Palsy, and Others), End-User (Hospitals, Clinics and Rehabilitation Centres), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13702
  • Published Date: Sep, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global neurorehabilitation devices market was valued at USD 2 billion in 2022 and grew at a CAGR of 11% from 2023 to 2032. The market is expected to reach USD 5.67 billion by 2032. The increasing incidence of neurological disorders will drive the growth of the global neurorehabilitation devices market.

Market Introduction:

For people with diseases, injuries, or difficulties of the nervous system, a programme called neurological rehabilitation (rehab) is developed under the supervision of a medical professional. Neurological therapy typically helps patients feel better overall, work better, and suffer fewer symptoms. Neurorehabilitation is a sophisticated medical process designed to lessen and compensate for any functional changes caused by a nervous system injury. These include treatments including physical therapy, occupational therapy, rehabilitation psychology, speech and swallowing therapy, visual therapy, and language therapy that are targeted at enhancing everyday function and reintegrating patients into society. Strength and mobility gains receive special consideration because they are crucial to an individual's independence. Devices used in neurorehabilitation are medical tools that support or facilitate the therapies mentioned earlier and procedures. Modern methods include virtual reality, functional electrostimulation, robotic-assisted training, and non-invasive brain stimulation are among them. Each person's neurological disorders present differently. Each treatment will emphasize being unique and tailored.

Neurorehabilitation Devices Market Size

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Recent Development
  • The Ford Motor Company in Mexico aims to support canines requiring mobility aid. They created and released the P-Raptor neurorehabilitation devices for canines that have problems with their hind legs. The design is flexible enough to accommodate dogs of various sizes and issues. The tyres of it have an electric motor. The tyres themselves are bigger to assist your friend in navigating rocky terrain. Because dogs also like to appear fashionable, a grill with illumination is provided.

Market Dynamics:

Drivers

The increasing incidence of neurological disorders - the growing geriatric population is contributing to the rise of several neurological disorders like Parkinson’s disease, dementia, stroke etc. This also increases the number of babies born with congenital neurological diseases. The increasing incidence of traumas and accidents also contributes to the rising pool of patients with neurological disorders. Furthermore, wars, mental health problems due to migration, hardships, poverty, and others are causing severe brain damage. Other lifestyle and environmental factors like substance abuse and rising pollution levels are increasing the incidence of neurological disorders in otherwise healthy individuals. Therefore, the increasing number of individuals suffering from neurological disorders will drive the global neurorehabilitation devices market’s growth. 

Restraints:

The high cost of neurorehabilitation devices - neurorehabilitation devices use the most sophisticated equipment, technology, software and systems. They use novel technologies like robotics and neural networks to facilitate effective neurorehabilitation. The research, development and manufacturing of these devices are expensive. The lack of insurance coverage or public funding in most parts of the world makes these devices unaffordable and inaccessible to a significant population. Therefore, the high costs of neurorehabilitation devices will hamper the market's growth.

Opportunities:

The increasing research and development - with increasing research in understanding the nervous system, especially the workings of the brain, significant scientific breakthroughs have contributed to the development of new devices with increased effectiveness to assist in rehabilitation processes. The increasing funding for such research by private players as well as the government will bode well for the market. Therefore, developing novel technologies to improve the neurorehabilitation process will drive the market's growth in the forecast period.

  • MIT, the Indian Institute of Technology The interactive arm training rehabilitation device "Arm Able" was introduced by Hyderabad's Centre for Healthcare Entrepreneurship (CfHE)-Incubated Startup BeAble Health as a solution for arm rehabilitation. The device is intended for stroke victims who need neuro-therapy as well as those who need motor rehabilitation for upper limb motor deficiency brought on by conditions like Cerebral Palsy, Multiple Sclerosis, Traumatic Brain Injury, Fracture, and Frozen.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global neurorehabilitation devices market, with a 38% market revenue share in 2022.

The presence of significant market players drives research, development and innovation of new products which cater to the rising demand for neurorehabilitation devices, given the increasing incidence of Parkinson's disease and brain and spinal cord injuries. Access to advanced technology and state-of-the-art biotechnology and pharmaceutical infrastructure also contribute to the market's growth. The increasing government expenditure for improving the healthcare sector will also augment the market's growth. The presence of rehabilitation centres offering neurorehabilitation therapies and programs across the region will bode well for the market.

North America Region Neurorehabilitation Devices Market Share in 2022 - 38%

 

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  • November 2022 - A non-invasive device that offers spinal neuromodulation during neurorehabilitation therapy has been created by California-based medtech business SpineX. The objective is to enhance the clinical results for kids receiving treatment for cerebral palsy. The gadget has now been utilized to treat a group of CP kids by a research team led by Susan Hastings and V Reggie Edgerton, who also published the findings in Nature Communications. The SCiP (spinal cord innovation in paediatrics) gadget uses two non-invasive electrodes attached to the patient's back to deliver simultaneous electrical stimulation. Since the late 1960s, this type of stimulation has been utilized to treat chronic back and lower limb pain as it is known to impact spinal cord electrical activity.
Product type Segment Analysis

The product type segment is divided into neuro-robotic devices, brain-computer interfaces, non-invasive stimulators, and wearable devices. The non-invasive stimulation segment dominated the market, with a market share of around 38% in 2022. Non-invasive stimulation is the term for a collection of techniques and tools that influence or alter brain or motor function from the outside of the body. The impact of issues with speaking, swallowing, moving, thinking, and other physiological functions are lessened, and quality of life is improved. Stimulators are more acceptable since they are non-invasive, and patients feel more at ease in the environment.

  • May 2023 - Through the use of a completely non-invasive brain-machine interface that does not require the use of any invasive spinal cord surgical procedure, two patients with paraplegia were able to regain the ability to walk with only minimal assistance, marking another major clinical advance for the Walk Again Project, a non-profit international consortium dedicated to developing new neuro-rehabilitation protocols, technologies, and therapies for spinal cord injury. To control the non-invasive delivery of electrical pulses to 16 muscles (eight in each leg), the two paraplegic patients (AIS C) used their brain activity. This allowed them to produce a more physiologic walk than previously reported, necessitating only a standard walker and a body weight support system as assistive devices.
Application Segment Analysis

The application segment is divided into brain stroke, multiple sclerosis, traumatic brain injury, Parkinson’s disease, spinal cord injury, cerebral palsy, and others. The brain stroke segment dominated the market, with a market share of around 39% in 2022. A blood supply disruption causes damage to the brain. Blood supply disruption leads to a reduced oxygen supply, which can be referred to as ischemic stroke, the most common cause of brain stroke. Paralysis or numbness of the face, arm, or leg, as well as difficulties with walking, speaking, and understanding, are some symptoms of a brain stroke. Brain damage can be minimized with neurorehabilitation therapies with the help of medical devices. Neurorehabilitation aids stroke survivors in regaining independence and function in their activities. Brain strokes are very common worldwide, which is the primary driving factor for the segment's growth.

  • August 2023 - A group of researchers from New Jersey examined the evidence about the effect of robotic exoskeleton devices on individuals recovering from ambulation after traumatic brain injury. They also laid up a systematic framework for the evaluation of such devices, which is required for thorough research studies. The evaluation concentrated on 57 published research that used wearable robotic exoskeletons for overground training. The publication offers a thorough analysis of clinical and pre-clinical studies on how different devices can be used therapeutically.
End-user Segment Analysis

The end-user segment is divided into hospitals, clinics and rehabilitation centres. The rehabilitation centres segment dominated the market, with a market share of around 43% in 2022. A recognized institution that provides various medical services, from occupational therapy to physiotherapy, is referred to as a rehabilitation centre. The purpose of admission to such facilities is to aid those who have lost brain function due to an accident, trauma, or handicap in regaining lost abilities or minimizing brain damage. They make it possible for people to become independent and earn back their freedom. Neurorehabilitation devices play a crucial role in this process, and as a result, this category is driving market expansion.

Some of the Key Market Players:
  • Abbott Laboratories
  • Bionik Laboratories Corp.
  • BioScience Managers Ltd
  • Bioventus
  • Ectron Ltd.
  • Ekso Bionics Holdings, Inc.
  • Hocoma AG
  • Neofect
  • Reha Technology AG
  • REHABTRONICS INC

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 2 Billion
Market size value in 2032 USD 5.67 Billion
CAGR (2023 to 2032) 11%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Application and End-User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global neurorehabilitation devices market was valued at USD 2 billion in 2022 to USD 5.67 billion by 2032.

Global neurorehabilitation devices market is growing at a CAGR of 11% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing incidence of neurological disorders.

The high cost of neurorehabilitation devices could hamper the market growth.

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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by End-User
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing incidence of neurological disorders
    5.3. Restraints
          5.3.1. The high cost of Neurorehabilitation Devices
    5.4. Opportunities
          5.4.1. The increasing research and development
    5.5. Challenges
          5.5.1. The lack of skilled professionals

6. Global Neurorehabilitation Devices Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Neuro-Robotic Devices
    6.3. Brain-Computer Interface
    6.4. Non-Invasive Stimulators
    6.5. Wearable Devices

7. Global Neurorehabilitation Devices Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Brain Stroke
    7.3. Multiple Sclerosis
    7.4. Traumatic Brain Injury
    7.5. Parkinson’s Disease
    7.6. Spinal Cord Injury
    7.7. Cerebral Palsy
    7.8. Others

8. Global Neurorehabilitation Devices Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Hospitals
    8.3. Clinics
    8.4. Rehabilitation Centres

9. Global Neurorehabilitation Devices Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Neurorehabilitation Devices Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Neurorehabilitation Devices Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Abbott Laboratories
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Bionik Laboratories Corp.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. BioScience Managers Ltd
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Bioventus
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Ectron Ltd.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Ekso Bionics Holdings, Inc.
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Hocoma AG
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Neofect
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Reha Technology AG
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. REHABTRONICS INC
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Neuro-Robotic Devices Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

3. Global Brain-Computer Interface Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

4. Global Non-Invasive Stimulators Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

5. Global Wearable Devices Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

6. Global Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

7. Global Brain Stroke Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

8. Global Multiple Sclerosis Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

9. Global Traumatic Brain Injury Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

10. Global Parkinson’s Disease Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

11. Global Spinal Cord Injury Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

12. Global Cerebral Palsy Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

13. Global Others Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

14. Global Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

15. Global Hospitals Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

16. Global Clinics Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

17. Global Rehabilitation Centres Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

18. Global Neurorehabilitation Devices Market, By Region, 2019-2032 (USD Billion) 

19. North America Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

20. North America Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

21. North America Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

22. U.S. Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

23. U.S. Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

24. U.S. Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

25. Canada Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

26. Canada Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

27. Canada Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

28. Mexico Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

29. Mexico Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

30. Mexico Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

31. Europe Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

32. Europe Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

33. Europe Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

34. Germany Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

35. Germany Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

36. Germany Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

37. France Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

38. France Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

39. France Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

40. U.K. Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

41. U.K. Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

42. U.K. Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

43. Italy Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

44. Italy Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

45. Italy Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

46. Spain Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

47. Spain Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

48. Spain Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

49. Asia Pacific Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

50. Asia Pacific Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

51. Asia Pacific Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

52. Japan Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

53. Japan Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

54. Japan Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

55. China Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

56. China Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

57. China Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

58. India Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

59. India Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

60. India Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

61. South America Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

62. South America Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion)

63. South America Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion)

64. Brazil Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

65. Brazil Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

66. Brazil Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion)

67. Middle East and Africa Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

68. Middle East and Africa Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

69. Middle East and Africa Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion)

70. UAE Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

71. UAE Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

72. UAE Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion)

73. South Africa Neurorehabilitation Devices Market, By Product Type, 2019-2032 (USD Billion) 

74. South Africa Neurorehabilitation Devices Market, By Application, 2019-2032 (USD Billion) 

75. South Africa Neurorehabilitation Devices Market, By End-User, 2019-2032 (USD Billion) 

List of Figures 

1. Global Neurorehabilitation Devices Market Segmentation

2. Neurorehabilitation Devices Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Neurorehabilitation Devices Market Attractiveness Analysis by Product Type

9. Global Neurorehabilitation Devices Market Attractiveness Analysis by Application

10. Global Neurorehabilitation Devices Market Attractiveness Analysis by End-User

11. Global Neurorehabilitation Devices Market Attractiveness Analysis by Region

12. Global Neurorehabilitation Devices Market: Dynamics

13. Global Neurorehabilitation Devices Market Share by Product Type (2022 & 2032)

14. Global Neurorehabilitation Devices Market Share by Application (2022 & 2032)

15. Global Neurorehabilitation Devices Market Share by End-User (2022 & 2032)

16. Global Neurorehabilitation Devices Market Share by Regions (2022 & 2032)

17. Global Neurorehabilitation Devices Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global neurorehabilitation devices market based on below mentioned segments:

Global Neurorehabilitation Devices Market by Product Type:

  • Neuro-Robotic Devices
  • Brain-Computer Interface
  • Non-Invasive Stimulators
  • Wearable Devices

Global Neurorehabilitation Devices Market by Application:

  • Brain Stroke
  • Multiple Sclerosis
  • Traumatic Brain Injury
  • Parkinson’s Disease
  • Spinal Cord Injury
  • Cerebral Palsy
  • Others

Global Neurorehabilitation Devices Market by End-User:

  • Hospitals
  • Clinics
  • Rehabilitation Centres

Global Neurorehabilitation Devices Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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