San Francisco, 27 February 2024: The Report Digital Health In Neurology Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By End-use (Patients, Providers, Payers, Others), By Region, And Segment Forecasts, 2024 - 2030

The global digital health in neurology market size is expected to reach USD 131.3 billion by 2030 and is expected to expand at a CAGR of 22.5% over the forecast period, according to a new report by Grand View Research, Inc. The advancements in internet connectivity, increasing mobile penetration, evolving IT infrastructure, growing healthcare IT expenditure, increasing burden of neurological disorders, rising demand for remote patient monitoring services, and growing accessibility of virtual care services are bolstering the growth.

Furthermore, the market is driven by increasing collaborations between the market players and government organizations to accelerate digital health applications in the neurology sector. For instance, in January 2024, the National Institutes of Health (NIH) selected Actuated Medical, Inc. as a Contract Research Organization (CRO) for the NIH Blueprint MedTech (BPMT) initiative to develop neurology technological solutions. The company was granted a fund of around USD 35 million for approximately five years for solution development.

Furthermore, the market players are promoting the application of digital technology in neurological research and launching digital technological solutions to enhance neurology treatments. For instance, in February 2024, the National Institute of Neurological Disorders and Stroke (NINDS) used high-resolution magnetic resonance imaging (MRI) and discovered new direct links between the brain and its surrounding matter. Furthermore, in September 2023, PathMaker Neurosystems Inc. announced the initiation of the first-in-human clinical trial to evaluate its MyoRegulator device to treat amyotrophic lateral sclerosis (ALS).

In addition, the increasing burden of neurological disorders and the growing geriatric population prone to neurological diseases are contributing to the need for advanced technological solutions for neurology treatment. According to the Alzheimer's Association, in 2023, in the U.S., approximately 6.7 million people aged over 65 years were diagnosed with Alzheimer's. Furthermore, according to the Global Cancer Observatory, in 2022, the brain and central nervous system (CNS) cancer had a prevalence of 1.20 billion cases during 2018 - 2022.

Increasing smartphone penetration, advancing healthcare IT infrastructure, improved internet connectivity, increasing prevalence of chronic diseases, rising healthcare expenditure, growing demand for remote patient monitoring services, and increasing accessibility of virtual care are driving the adoption of digital health technologies in neurology.

Request sample report of Digital Health In Neurology Market@ https://www.grandviewresearch.com/industry-analysis/digital-health-neurology-market-report/request/rs1

The global healthcare sector has faced numerous challenges during the pandemic. However, this circumstance drove the advancement of digital health technologies, particularly in disease management, formulating new technologies, and delivering frontline care services. Many nations have adopted remote monitoring platforms, telemedicine, and telehealth services to facilitate interactions between physicians and the patient population. Hence, the digital health industry experienced a significant boost in terms of revenue and is expected to grow lucratively in upcoming years, thereby maintaining exponential growth during the forecast period.

Digital Health In Neurology Market Report Highlights

• The market is anticipated to be valued at USD 131.3 billion by 2030, owing to the increasing burden of neurological diseases, growing remote patient monitoring services, and integration of digital technology with healthcare solutions
• By component, the services segment dominated the global market with the largest revenue share in 2023, owing to the growing demand for pre-installation and post-installation services, project planning, maintenance, and training
• Based on the end use, the patient segment held the largest market share in 2023 and is expected to witness the fastest growth over the forecast period. The growth is attributable to the growing transition towards patient-centered care and the empowerment of individuals in managing their health
• North America dominated the market in 2023, owing to the rapidly developing healthcare IT infrastructure, increased initiatives by the market players, favorable government initiatives, and improved technological literacy

Government initiatives promoting global digitalization in the healthcare sector are significantly driving the market’s growth. For instance, in January 2024, the European Commission granted an EU-funded collaborative research infrastructure (RI) to EBRAINS, with approximately USD 41.0 million until 2026. The grant will help EBRAIN develop tools and services, such as digital twin approaches to serve communities in brain medicine, neuroscience, and brain-inspired technologies.

The Internet of Things (IoT) has been a commonly adopted digital healthcare platform. With advanced wearable devices, strong mobile connectivity, and efficient data backup through integrated analytics, IoT has evolved and reached a point where it is altering the healthcare industry by facilitating various activities, such as efficient tracking of patients, staff, & inventories, addressing chronic conditions, optimizing drug prescription, and ensuring availability of necessary medical equipment. For instance, in November 2023, Phantom Neuro, a neurotechnology company, introduced a solution that integrated their communication-based medical technologies with IoT WiFi.

Furthermore, smartphones have evolved from entertainment & communication devices to fitness and health-tracking devices. Health-related mobile smartphone applications have led to easy management of daily activities by making it convenient to track overall health. Some companies are developing applications to track sleep patterns. For instance, in March 2023, Apollo Neuroscience launched Apollo Labs, an AI-powered responsive wearable device to respond to stress and sleep, helping the user maintain mental and physical health.

Digital Health In Neurology Market Report Scope

The burden of neurological conditions is rising globally, with neurological disorders representing one of the recurring causes of disability worldwide. According to Alzheimer’s Association annual report, published in 2023, the prevalence of Alzheimer’s and other dementias in the U.S. is 6.7 million (in population aged 65 years and above). In addition, the prevalence of Alzheimer’s increases with increase in age:

• Total: 6.7 million
• Age Group (65-74 years): 1.79 million (26.7%)
• Age Group (75-84 years): 2.54 million (37.9%)
• Age Group (85+ years): 2.37 million (35.4%)

Similarly, according to World Health Organization estimates, there are approximately 55 million individuals across the globe suffering from dementia. The consequences are many individuals suffering from the conditions and substantial healthcare costs. According to an article by the World Federation of Neurology published in October 2023, approximately 40% of the global population is affected by some neurological disorder and is anticipated to double by 2050. Hence, several companies and research institutes are investing in clinical trials, including the application of digital technologies in the neurology domain.

List Of Key Players in the Digital Health In Neurology Market

• Neofect
• Teladoc
• Proteus Digital Health
• Akili Labs
• AppliedVR
• Aural Analytics
• BehaVR
• BetterHelp
• Big Health
• Omada Health
• Blackrock Neurotech
• AdvancedMD