Recent market research has unveiled promising projections for the global neurology services market, indicating substantial growth potential over the next decade. The market is expected to reach a valuation of USD 2,693.2 million by the end of 2023, with further expansion forecasted at a Compound Annual Growth Rate (CAGR) of 5.3% from 2023 to 2033. By 2033, the market is anticipated to soar to a staggering USD 4,524.3 million.
The rise in valuation reflects the increasing demand for neurology services worldwide. Neurological disorders, when left untreated, can have profound consequences for individuals and society at large. Not only do they impact the quality of life for affected individuals, but they also pose significant financial burdens. Brain disorders have emerged as one of the leading causes of disability globally, often stemming from underlying cardiovascular diseases.
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The growing prevalence of neurological disorders underscores the urgent need for accessible and comprehensive neurology services. As the global population ages and lifestyles evolve, the demand for diagnostics, treatment, and management of neurological conditions continues to escalate. The projected growth of the neurology services market signifies a pivotal opportunity for stakeholders to address this pressing healthcare challenge.
Key factors driving the expansion of the neurology services market include advancements in medical technology, increasing awareness about neurological conditions, and initiatives aimed at improving access to healthcare services. Additionally, the integration of telemedicine and digital health solutions has facilitated remote consultations and enhanced patient care, contributing to the market’s growth trajectory.
To capitalize on the burgeoning opportunities within the neurology services sector, stakeholders must prioritize innovation, collaboration, and patient-centric approaches. By leveraging emerging technologies, fostering partnerships, and advocating for policy reforms, the industry can enhance the delivery of neurology services and improve outcomes for individuals affected by neurological disorders.
As the global neurology services market continues its upward trajectory, it is imperative for healthcare organizations, policymakers, and industry leaders to align efforts in addressing the complex challenges associated with neurological disorders. By working together, we can pave the way for a future where individuals receive timely and effective neurology services, enabling them to lead healthier and more fulfilling lives.
Top Highlights from the FMI’s Analysis of the Neurology Services Market:
- The North American market is projected to acquire more than 23.2% of the market in 2023, whereas the Europe market is anticipated to grab above 22.1% in the same year.
- The United States market is expected to obtain more than 20.7% market share in 2023, thus demonstrating its dominance on the global scale. Well-established and maintained infrastructure for neurology services is projected to attract more manufacturers to the country.
- Germany’s market is expected to grab more than 4.2% market share in 2023. Due to its prominence in the Europe region, the market is observing more investments in neurology services.
- The Japan industry is projected to attain more than 5.9% of the market in 2023. Manufacturers are expected to enter Japan due to the many growth opportunities in the country.
- The China neurology services industry is anticipated to expand at a prominent CAGR of 6.9% over the forecast period.
- The Indian neurology services industry is projected to assume a CAGR of 5.2% from 2023 to 2033.
- The United Kingdom market is forecast to expand at 5% CAGR over the estimated period.
- The Australian market is expected to register a CAGR of 4% over the assessment period.
- Under the service category, the surgical services segment is expected to attain more than 39.6% in 2023.
- On the basis of service providers, the hospital segment is anticipated to obtain above 51.6% over the forecast period.
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News Segment: Key Developments Shaping the Market’s Future
- In July 2022, the National Institute of Mental Health and Neuro Sciences (NIMHANS), in alliance with the State Government, introduced the first Brain Health Clinic (BHC) in Karnataka. The launch took place at Jayanagar General Hospital on World Brain Day.
- In May 2019, Neural Analytics received more than USD 22 million in Series C financing shares to augment its Lucid Robotic System to assess brain health. The company is projected to reveal its robot-assisted ultrasound system in medical settings with the aid of this financing.
- Integra Lifesciences finalized the acquisition of Rebound Therapeutics in September 2019. With this acquisition, the firm created a minimally invasive platform and new products for neurosurgery.
Key Players:
- Competition Deep Dive
- Johns Hopkins Medicine
- Cleveland Clinic
- Massachusetts General Hospital (MGH)
- Stanford Health Care
- UCSF Medical Center
- NYU Langone Health
- Los Angeles (UCLA) Health
- Duke University Health System
- Houston Methodist Hospital
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Neurology Services Market Outlook by Category:
By Service:
- Diagnostic Service
- Monitoring Service
- Therapeutics Service
- Surgical Service
By Indication:
- Attention-deficit/Hyperactivity Disorder (ADHD)
- Mental Health
- Stroke
- Concussion
- Dementia
- Multiple Sclerosis
- Psychotic Disorder
- Other Neurological Disease
By Service Provider:
- Neurofeedback Clinics
- Clinics
- Hospitals
- Neurorehabilitation Centers
- Academic and Research Institutes
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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