JERSEY CITY, N.J., March 19, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Health in the Neurology Market - By Component (Hardware, Software, Services), By End-use (Patients, Providers, Payers, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Digital Health in the Neurology Market is valued at US$36.28 Bn in 2023, and it is expected to reach US$ 167.58 Bn by 2031, with a CAGR of 21.3% during the forecast period of 2024-2031.
Digital Health In 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$ Bn 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 |
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 |
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Digital health in neurology refers to using eHealth and other digital tools to improve neurological disorders' diagnosis, prognosis, and treatment. Digital health technologies are on the rise in neurology due to several factors: better internet connectivity, more widespread use of smartphones, more expensive healthcare, a greater need for remote patient monitoring services, and easier access to virtual care.
Moreover, the expansion of this market is being propelled in large part by government programs that aim to digitalize healthcare systems worldwide. However, the high costs associated with developing and implementing digital health solutions, as well as potential issues with insurance companies' willingness to cover these costs, make it difficult for neurology providers and patients to have access to these technologies, which could limit the growth of the digital health in neurology market. Digital health in the neurology market is an expansion market that can be facilitated by government initiatives that promote digital health and by regulatory settings that are favorable to this industry, propelling digital health in the neurology industry.
List of Important Players In The Digital Health In Neurology Market:
- Neofect
- Teladoc
- Proteus Digital Health
- Akili Labs
- AppliedVR
- Aural Analytics
- BehaVR
- BetterHelp
- Big Health
- Biogen
- Omada Health
- Blackrock Neurotech
- AdvancedMD
- Linus Health
- Medibio
- The Echo Group
- Spring Care Inc.
- Qualifacts Systems, Inc.
- Other Prominent Players
Market Dynamics:
Drivers-
A growth in the digital health in neurology market is being propelled by the increasing need for improved healthcare solutions due to the rising global prevalence of neurological disorders like Parkinson's, seizures, and multiple sclerosis. The market is being propelled even further by government initiatives and supportive regulatory frameworks encouraging developing and implementing digital health solutions.
Market expansion is also pushed by the rising adoption and utilization of digital health in neurology solutions, which are being educated and widely known to healthcare providers and patients. As a result, the global market for digital health in neurology continues to expand.
Challenges:
Strict regulations, high costs, and limited technology in developing regions are predicted to be challenges that will reduce the market's growth. There are strict regulatory frameworks in place in several locations that affect the digital health sector of neurology. While these rules are essential for protecting patients' health, they can hinder the development and rollout of innovative digital health solutions in neurology.
Due to a lack of readily available technology in developing economies, the cost of using digital health to treat neurological diseases is currently expensive. Neurological illness treatment is costly, and cutting-edge technologies can drive up the price tag even further. These limitations are expected to limit the expansion of the digital health market in neurology during the next few years.
Regional Trends:
The North American digital health in neurology market is expected to register a large market share in the revenue. It is projected to grow at a high CAGR in the near future. The growing need for digital health in neurology due to several reasons, such as increased spending on healthcare IT, better internet connectivity, new technologies, new businesses, beneficial initiatives by the government, rising smartphone penetration, greater resources and expenditures, and the availability of sufficient digital infrastructure, which is expected to grow the region's digital health in neurology market.
Besides, Asia Pacific has a prominent share of the digital health in the neurology market. They are in high demand due to the strong expansion of the economy, which in turn boosts consumer expenditure on health. Factors contributing to the industry's expansion include improvements in coverage networks, the rising use of smartphones, a growing elderly population, and an alarming increase in neurological disorders, contributing to the region's digital health in neurology. Moreover, the regional market's growth is boosted by the increasing frequency of neurological illnesses, with market participants' growing number of technology developments and business activities driving this growth.
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Recent Developments:
- In March 2024, Linus Health disclosed the acquisition of Aural Analytics, which provides clinical-grade speech analytics. This agreement includes Aural Analytics' assets, such as advanced technology and intellectual property, within Linus Health's multimodal cognitive evaluation platform. Linus Health expects the acquisition to improve its ability to identify cognitive impairment and develop into the life sciences business.
- In February 2024, Aptar has signed a multi-year enterprise partnership with Biogen to provide digital health solutions to improve care for patients with neurological and rare disorders. The partnership will use Aptar's skills to help create and operate new and existing digital health solutions around the world. According to the agreement, Biogen will transfer ownership of some solutions to Aptar, which will provide a broad range of services.
- 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.
- 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.
Segmentation of Digital Health in Neurology Market-
By Component-
- Software
- Hardware
- Services
By End-Use-
- Patients
- Providers
- Payers
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for global Digital Health in Neurology market
- To receive industry overview and future trends of global Digital Health in Neurology market
- To analyze the Digital Health in Neurology market drivers and challenges
- To get information on the Digital Health in Neurology market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisition in global Digital Health in Neurology market industry
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