Future Prospects of the Neurology Market: Trends and Growth Analysis

08 Sep 2024

Table of Content

1. Neurology Market Revenue and Trends 2. Market Overview 3. Neurology Market Trends 4. Neurology Apps Market Highlights 5. Neurology Market Top Companies 6. Regional Insights 7. Market Potential and Growth Opportunity 8. Neurology Market News

Neurology Market Revenue and Trends

The global neurology market revenue was valued at USD 3.34 billion in 2023 and is poised to grow from USD 3.60 billion in 2024 to USD 7.08 billion by 2033, at a CAGR of 7.60% during the forecast period 2024 - 2033. The increasing aging population in emerging countries is expected to drive the growth of the neurology market.

Market Overview

The neurology market deals with the branch of medicine dedicated to the treatment and study of diseases affecting the nervous system, such as nerves, spinal cord, and the brain. It meets a wide range of diseases, ranging from common illnesses such as neuropathies and headaches to more severe and complex diseases such as Alzheimer’s, Parkinson’s, and various sclerosis. Neurological diseases can actively affect a person’s quality of life, often contributing to sensory, motor, and cognitive impairments. The growing awareness of neurological conditions, expanding therapeutic options, increasing healthcare spending, growing advancements in genetic and neuroimaging research, and rising prevalence of neurological disorders are contributed to propel the market growth. In addition, growing initiatives to increase research funding and enhance healthcare standards are further expected to drive the growth of the neurology market.

Neurology Market Trends

• The increasing continuous research in neuroscience drives ongoing innovation in diagnostic tools and treatments to fuel market growth.
• The increasing collaboration among neurosurgeons, neurologists, and other various specialists is expected to drive the growth of neurology.
• The increasing awareness of neurological health leads to early intervention and diagnosis, which is further estimated to drive market growth.

The increasing emergence of new entrants and the adoption of unique medical devices are fueling the market growth.

The global market is ready to create an opportunity outlook leading to ongoing improvements in the healthcare industry. Governments ' increasing healthcare expenditures also help in the development of expensive medical devices and drugs. The use of modern medical devices across primary healthcare units, ambulatory surgical centers, and hospitals is anticipated to rise with rapid innovations across the globe. In addition, the rising prevalence of mental health diseases and depression in established countries would lead to major opportunities for leading manufacturers. The market is also contributing to the entry of various start-up companies that are likely to offer cost-effective treatment options. These are some driving factors anticipated to accelerate the growth of the neurology market over the forecast period.

However, regulatory difficulties, approval delays, and limited knowledge of neurology may restrain the growth of the market. The regulatory approval processes for services associated with neurology can be rigorous and protracted, which causes delays in commercialization and entry into the market. Tight regulations, especially for medical equipment and new treatments, can create challenges for businesses to launch new medicine, which restrain the expansion of the neurology sector. In addition, except for various progress, a great deal about neurological illness and brain function is still unknown. This lack of knowledge avoids the creation of diagnostic instruments and efficient therapies, which limits market expansion and prevents ground-breaking inventions. These are the major restraining factors expected to hinder the growth of the neurology market.

Neurology Apps Market Highlights

Neurology Market Top Companies

• Penumbra, Inc.
• Elekta AB
• Hitachi Medical Corporation
• Nihon Kohden Corporation
• Toshiba Medical Systems Corporation
• Carl Zeiss Meditec AG
• B. Braun Melsungen AG
• Boston Scientific Corporation
• Abbott Scientific Corporation
• Stryker Corporation
• Johnson & Johnson
• Philips Healthcare
• Medtronic plc
• GE Healthcare
• Seimens Heakthineers AG

Recent Innovation in the Neurology Market by Philips Healthcare

• In February 2024, a global leader in health technology, Royal Philips, launched the new Azurion neuro biplane system to improve and speed up minimally invasive treatment and diagnosis of neurovascular patients. The major enhancements to its Image Guided Therapy System. The aim behind this launch was to enhance productivity and help teams make the right decisions faster, achieve better outcomes, and treat more patients. This new international system featured improved X-ray detector positioning flexibility and 2D and 3D imaging.

Recent Innovation in the Neurology Market by Seimens Heakthineers AG

• In January 2024, a medical technology company, Siemens Healthineers AG, launched the Computational Data Sciences Collaborative Laboratory for AI to revolutionize neurology in Precision Medicine at IISC Bangalore in collaboration with the Indian Institute of Science (IISc).

Regional Insights

North America dominated the neurology market in 2023. The increasing collaborations between research institutions and industry players, increasing patient-centric approaches, rising innovative treatment modalities, growing technological advancements in therapeutics and diagnostics, and growing significant investments in neurology research are contributed to propelling the market growth. In addition, rising well-established healthcare infrastructure, growing cutting-edge technologies, and increasing robust research and development activities are further expected to drive the growth of the neurology market in North America. The U.S. and Canada are the major countries in the region. U.S. has the best neurology hospitals and ranks based on care of degenerative nervous system diagnoses such as seizures, care for stroke and MS, spinal injuries and disorders, and care for central nervous systems. These are the major factors affecting the growth of the neurology market in North America.

Asia Pacific is expected to grow fastest during the forecast period. The increasing government initiatives to address neurological diseases, rising healthcare expenditure, rapidly improving healthcare access, increasing awareness of neurological disorders, growing aging population, and increasing adoption of advanced technologies in this region contributed to driving the growth of the neurology market. China, India, Japan, and South Korea are the major countries in this region.

In China, due to rapid economic success, the successful field of neurology has contributed significantly to the transformation. The problems of cognition and aging have grown, with an increase in life expectancy in China. Neurorehabilitation and child neurology are the fast-developing subdisciplines. With the progress and growth of neurology complications and its improving quality control, it is expected to anticipate that neurologists contribute significantly to resolving pathogenic factors by providing new therapeutic solutions and are further expected to drive the growth of the market in Asia Pacific.

Market Potential and Growth Opportunity

Artificial Intelligence (AI) in neurology and advancements in neuroimaging

The integration of machine learning and artificial intelligence technologies is transforming clinical practices and neurology research. AI-generated tools can analyze the largest amounts of medical data by assisting in treatment decision-making, predicting disease progression, and identifying patterns. AI holds immense potential to transform the field of neurology from automated diagnosis to personalized treatment recommendations. In addition, increasing technological advancements in neuroimaging techniques, such as positron emission tomography (PET), computed technology (CT), and magnetic resonance imaging (MRI), are allowing neurologists to analyze the brain with unprecedented clarity. Neuroimaging plays an important role in the monitoring, treatment planning, and diagnosis of neurological conditions, from detecting early signs of neurodegenerative diseases to mapping brain connectivity. These advanced opportunities are expected to boost the growth of the neurology market in the coming years.

Neurology Market News

• In March 2024, A rehabilitation and physiotherapy clinic launched an exoskeletal neuro device. The aim behind this launch was to help partially and fully paralyzed patients such as those who had suffered stroke and spinal cord injury in the recovery process.
• In April 2024, the Dana Center Initiative for Neuroscience and Society was launched by the Data Foundation. This new initiative brought together leading academic institutions and neuroscientists, and they cater to co-creating the future of neuroscience.
• In February 2024, Neurologists painted bleak Leqembi launched pictures as Alzheimer’s drug tips up on a host of complications with the name Biogen and Eisai.
• In April 2024, a biopharmaceutical company, Neurosterix, launched a 63 million series for neurological disorders with name A financing led by Perceptive Xontogeny Venture Fund II with participation from Acorn Bioventures and Perceptive Life Sciences.

Market Segmentation

By Type

• Neurodegenerative Diseases
• Neurovascular Diseases
• Neuro-infectious Diseases
• Others

By Procedure

• Multiple Sclerosis
• Epilepsy
• Parkinson's Disease
• Alzheimer's Disease
• Stroke
• Others

By End User

• Adult
• Pediatric

By Application

• Hospitals
• Clinics
• Diagnostic Centers
• Research Institutes
• Others

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