Digital Health in Neurology Market – By Component (Software, Hardware, Services), By Indication (Alzheimers Disease, Parkinsons Disease, Epilepsy, Multiple Sclerosis), By End-use (Patients, Providers, Payers) & Forecast (2024 – 2032)

Digital Health in Neurology Market – By Component (Software, Hardware, Services), By Indication (Alzheimers Disease, Parkinsons Disease, Epilepsy, Multiple Sclerosis), By End-use (Patients, Providers, Payers) & Forecast (2024 – 2032)

Digital Health in Neurology Market Size

Digital Health in Neurology Market was valued at around USD 34.3 billion in 2023 and is anticipated to register a CAGR of over 19% between 2024 and 2032. Digital health in neurology refers to the application of digital technologies such as telemedicine, mobile health apps, wearable medical devices, and data analytics to enhance the diagnosis, treatment, and management of neurological disorders. It encompasses a wide range of software, hardware, and online platforms designed to improve access to neurological care, monitor patient health remotely, support clinical decision-making, and empower patients to actively participate in their treatment. The increasing prevalence of neurological disorders has emerged as a significant driver for the market growth.

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For instance, according to the World Federation of Neurology, in 2023, neurological disorders ranked as the second leading cause of death and the primary cause of disability globally. Moreover, as per estimates over 40% of the world's population currently experiences some form of neurological condition. This burden is anticipated to nearly double by the year 2050. Therefore, there is a growing market demand for innovative solutions and advancements in neurology to meet the increasing prevalence and complexity of neurological disorders.

Furthermore, the expanding integration of digital technology in neurological care, the rising inclination towards leveraging artificial intelligence in healthcare (AI), the internet of things (IoT), and big data, and the increasing uptake of mobile health applications and technologies among other contributing factors are expected to propel the growth of the market in the forthcoming years.
 

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Digital Health in Neurology Market Trends

The incorporation of digital technology into the realm of neurology care has ushered in a transformative era in healthcare. This paradigm shift is marked by the adoption of innovative digital tools and platforms that are revolutionizing the way neurological services are delivered and experienced. Through the seamless integration of digital solutions such as telemedicine (estimated to reach 244.21 billion by 2032),  wearable devices, and artificial intelligence the field of neurology is witnessing a profound evolution towards more patient-centric and data-driven approaches to care.

• Digital health solutions enable continuous monitoring of neurological parameters, facilitating early detection of changes in health status and timely intervention by healthcare providers to prevent disease progression or complications.
• Including AI and data analytics enables the analysis of large datasets to identify patterns and trends in neurological conditions. This information can be used to develop personalized treatment plans tailored to individual patient needs, optimizing therapeutic outcomes, and improving patient satisfaction.
• Further, digital health platforms optimize neurology care by centralizing data, enabling communication among healthcare providers, and automating tasks, enhancing efficiency, and improving patient outcomes.
• Thus, such aforementioned factors are projected to boost the growth of the market.

Digital Health in Neurology Market Analysis

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Based on component, the market is segmented into software, hardware, and services. The software segment is estimated to surpass USD 63.3 billion by 2032.

• Software facilitates the efficient organization and management of extensive patient data, encompassing electronic health records, test results, and imaging studies. This capability enhances decision-making and optimizes workflows by providing streamlined access to critical information.
• Further, it allows for the remote monitoring of patients' neurological parameters, facilitating timely intervention and personalized care plans based on real-time data, ultimately improving patient outcomes.
• Moreover, software provides clinicians with access to evidence-based guidelines, diagnostic tools, and treatment recommendations, enhancing diagnostic accuracy and treatment efficacy in neurology care, thereby propelling the growth of the market.

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Based on indication, the market is segmented into Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, epilepsy, and other indications. The Alzheimer’s disease segment accounted for USD 11.1 billion in 2023.

• Digital health tools such as cognitive assessment apps and online screening tools enables early detection of cognitive decline and facilitate timely diagnosis of Alzheimer’s disease.
• Further, remote monitoring devices and telemedicine platforms allow for continuous monitoring of patients' cognitive function, physical activity, and medication adherence from their homes, providing valuable insights into disease progression and enabling proactive intervention by healthcare providers.
• Moreover, digital health applications offer personalized cognitive training exercises and rehabilitation programs designed to improve cognitive function and delay disease progression, enhancing the quality of life for individuals with Alzheimer’s disease, thereby augmenting the segmental growth of the market.

Based on end-use, the market is segmented into patients, providers, payers, and other end-users. The patients segment is estimated to account for USD 58.1 billion revenue size by 2032.

• Digital health technologies such as telemedicine platforms enable patients to access neurological care from the comfort of their homes, reducing the need for travel, and overcoming geographical barriers to access.
• Further, patients have access to online resources, support groups, and educational materials related to their neurological conditions, enabling them to better understand their diagnosis, treatment options, and prognosis.
• Additionally, digital health applications empower patients to actively participate in managing their neurological conditions through access to educational resources, self-management tools, and personalized treatment plans, promoting autonomy and self-efficacy, thereby escalating the growth of the market.

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In 2023, North America held a significant market size of 13.9 billion in 2023 and is predicted to witness substantial market growth over the analysis timeline.

• North America's robust technological infrastructure and dynamic healthcare ecosystem drive widespread adoption and innovation in digital health solutions for neurology, facilitated by high-speed internet connectivity and collaboration among academic, research, healthcare, and technology sectors.
• The region has well-established regulatory frameworks such as the Food and Drug Administration (FDA) in the U.S. and Health Canada, that provide guidelines and oversight for the development, approval, and adoption of digital health solutions in neurology, ensuring safety, efficacy, and quality standards are met.
• Further, North America attracts significant investment and funding for digital health initiatives, including neurology-focused projects, from venture capital firms, government agencies, and private investors, fueling innovation and accelerating the development and commercialization of novel technologies, thereby propelling the growth of the market.

Digital Health in Neurology Market Share

The digital health in neurology industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products and services based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market. Collaboration between healthcare providers, technology developers, and researchers fosters continuous advancement, promising improved outcomes, and quality of life for patients.

Digital Health in Neurology Market Companies

Some of the eminent market participants operating in the digital health in neurology industry include

• AdvancedMD, Inc.              
• Akili, Inc.      
• AppliedVR, Inc.                  
• BigHealth                
• Blackrock Neurotech.          
• Cognivive, Inc.                   
• Neofect Co, Ltd                  
• Omada Health Inc.             
• Proteus Digital Health, Inc.            
• Teladoc Health, Inc. 

Digital Health in Neurology Industry News

• In February 2024, AdvancedMD announced over 30 updates to its EHR, practice management, and patient engagement tools. The release focused on enhancing operational agility and improving billing capabilities to optimize practice efficiency, ensure financial stability, and drive success and sustainability in healthcare practices.
• In November 2022, Blackrock Neurotech introduced Neuralace, a cutting-edge neural interface with ultra-high channel count and flexibility. This marked the start of their journey towards whole-brain data capture, aiming to transform neurological disorder treatments. This development benefited the company by enhancing its reputation as a leader in neurotechnology and positioning it for future growth and innovation in the field.

The digital health in neurology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments

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Market, By Component

• Software
• Hardware
• Services

Market, By Indication

• Alzheimer’s disease
• Parkinson’s disease
• Multiple sclerosis
• Epilepsy
• Other indications

Market, By End-use

• Patients
• Providers
• Payers
• Other end-users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa