As per Future Market Insights’ latest industry analysis, valuation of the Global Neurology Services Market was around US$ 2,446.2 Bn in 2021 and it is projected to exhibit a CAGR of about 5.4% over the forecast period. It is set to reach an estimated valuation of US$ 4,317.8 Bn in 2032.
The global market is showcasing an upward curve due to the rising prevalence of various mental health issues, as well as surging awareness about the importance of mental health. In addition, certain policies framed by the governments of the U.S. and Europe that support neurosurgery patients would aid the market. These policies, such as reimbursements, help patients to undergo treatment without having to pay extra costs.
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For instance, Medicare provides the initial comprehensive neurosurgical consultation free of charge. Besides, if a neurosurgical operation becomes appropriate for patient care, Medicare covers the costs of hospitalization. The Centers for Medicare and Medicaid Services (CMS) has also created a new Diagnosis Related Group (DRG 528) for endovascular and neurovascular diagnosis and procedures.
There are specific codes provided for the reimbursement of supervision and interpretation, as well as for follow-up angiography visits under 36221-36228. Other CPT codes for various neurological services are 95812, 95813, 95819, 97110, 90867, and 90868. Thus, the availability of favorable reimbursements in developed regions will increase the number of neurosurgical procedures, and consequently boost growth in the neurology services market.
On the contrary, skilled specialists such as physiatrists, neurologists, physical & occupational therapists, speech & language pathologists, psychologists, social workers, and recreational therapists are required for the treatment of neurological ailments. Non-availability or limited availability of such well-trained specialists can create an adverse impact on the treatment of patients with depression and lower growth of organizations that are involved in treatment.
According to a report by the American Association of Neurological Surgeons, in 2020, neurosurgical workforce in the U.S. faced shortage of medical devices and inadequacy to meet health care needs. As per the report, there are less than 3,700 neurosurgeons in over 5,700 hospitals in the U.S. Hence, the absence of trained neurosurgeons can potentially hamper the number of embolization surgeries taking place, which may act as a restraint to the expansion of the market.
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Key Takeaways from Market Study
- By service, the therapeutic service segment held approximately 48.7% of market share in 2021.
- Based on indication, the mental health segment generated a market share of around 27.4% in 2021.
- By service provider, hospitals are leading the global neurology services market and held a share of 51.6% in 2021.
- East Asia is considered to be the most lucrative region in the market and it exhibited a CAGR of 6.6% in 2021.
- Germany is set to exhibit a CAGR of nearly 4.6% in the Europe neurology services market during the forecast period.
“Rising number of awareness campaigns to educate people about the availability of treatment options for neurological conditions, as well as rapid shift towards advanced and refined treatment protocols would aid growth. Besides, ongoing improvements in healthcare infrastructure in various parts of the globe are set to propel demand for neurology services,” says an analyst of Future Market Insights.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the neurology services market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032. The global neurology services market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on the service – (diagnostic service, monitoring service, therapeutics service, and surgical service), by indication (attention-deficit/hyperactivity disorder (ADHD), mental health, stroke, concussion, dementia, multiple sclerosis, psychotic disorder, and other neurological diseases), and by the service provider (neurofeedback clinics, neurology clinics, hospitals, neurorehabilitation centers), across seven key regions of the world.
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