Digital Health In The Neurology Market Size is valued at USD 36.28 Bn in 2023 and is predicted to reach USD 167.58 Bn by the year 2031 at a 21.3% CAGR during the forecast period for 2024-2031.
Digital health technologies are transforming the field of neurology by enhancing the accuracy of diagnoses, improving patient engagement in their care, and enabling personalized treatment strategies. The continuous development of these technologies holds the potential to substantially enhance outcomes for individuals afflicted with neurological disorders. However, challenges such as data privacy, interoperability, and ensuring equitable access to these technologies remain critical areas to address.
Several factors contribute to the market growth in the coming years, such as increasing healthcare costs, more smartphone usage, better access to the internet, higher demand for distant monitoring of patient services, and simpler access to virtual medical attention. Government initiatives to digitize healthcare systems globally are another factor driving this market's growth. In addition to increased awareness and education among healthcare providers and consumers, the growing use of digital health solutions in neurology drives market expansion.
However, digital health solutions in neurology can be difficult for physicians and patients due to their high cost, difficulty in development and deployment, and potential problems with reimbursement from insurance companies. In addition, technical advancements, strong collaborations with government agencies, and a rise in the elderly population and healthcare expenditure will propel the industry's growth during the forecast period.
Competitive Landscape
Some Major Key Players In The Digital Health In The Neurology Market:
- Neofect
- Teladoc
- Proteus Digital Health
- Akili Labs
- AppliedVR
- Aural Analytics
- BehaVR
- BetterHelp
- Big Health
- Omada Health
- Blackrock Neurotech
- AdvancedMD
- Linus Health
- Medibio
- The Echo Group
- Spring Care Inc.
- Qualifacts Systems, Inc.
- Other Prominent Players
Market Segmentation:
The digital health in neurology market is segmented based on component and end-user. The components segment comprises software, hardware, and services. By end-user, the market is segmented into patients, providers, payers, and others.
Based On Component, The Software Segment Is Accounted As A Major Contributor In The Digital Health In The Neurology Market.
The software category will lead with a major share of the global digital health in neurology market 2023. This is because the scalability and flexibility of software solutions enable healthcare professionals to cater to a huge number of patients efficiently. Both consumers and healthcare practitioners can update and personalize them to match their developing needs. Because software solutions can use preexisting devices like smartphones and tablets and have lower initial expenses, they are often more economical than hardware solutions. Because of this, more people can afford digital health solutions in neurology, driving market expansion.
The Patients Segment Witnessed Growth At A Rapid Rate.
The patient segment is projected to grow rapidly in the global digital health neurology market due to the increasing necessity for digital health solutions among patients and the tools provided by digital health technologies for remote monitoring, symptom tracking, and contact with healthcare providers. Improved technology and a focus on the individual patient have led to the expansion of this market's segment in the future.
In The Region, The North American Digital Health In Neurology Market Holds A Significant Revenue Share.
The North American digital health in neurology market is expected to record a large market share in revenue in the near future. The regions propelled by growing partnerships between industry participants, academic institutions, and healthcare technology advancements drive the market demand for them. In addition, the Asia Pacific region's market is anticipated to experience expansion in the global market for digital health in neurology due to the region's rising healthcare spending and the growing popularity of eHealth platforms. In addition, the Asia Pacific region is likely to experience industrial expansion driven by technical advancements in the sector, expanding demand for surveillance of patients remotely, and the increasing burden of neurological illnesses, all of which are a result of greater government expenditures on medical, which drives the market growth in this area.
Recent Developments:
- In Aug 2023, Government funding was awarded to Neofect for the development of an AI-powered digital rehabilitation device. Neofect and the Korea Medical Device Development Foundation (KMDF) had entered into a research and development (R&D) agreement for the creation of digital smart boards for patient rehabilitation utilizing artificial intelligence (AI) technologies.
- In February 2024, AppliedVR and Kernel announced a cooperative study to measure the brain impact of virtual reality pain management. AppliedVR is a medical device pioneer creating a revolutionary approach to medicine based on virtual reality. A single-masked sham-controlled strategy was employed in the study to examine physiological measurements and brain activity patterns in individuals with persistent low back pain before, during, and after virtual reality encounters.
Digital Health In The Neurology Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 36.28 Bn |
|
Revenue Forecast In 2031 |
USD 167.58 Bn |
|
Growth Rate CAGR |
CAGR of 21.3% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component and End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Neofect, Teladoc, Proteus Digital Health, Akili Labs, AppliedVR, Aural Analytics, BehaVR, BetterHelp, Big Health, Omada Health, Blackrock Neurotech, and AdvancedMD and Other Prominent Players |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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