The global neurology services market is poised to witness substantial growth, with a projected valuation of US$ 2,693.2 million by the end of 2023, according to recent market research. Forecasted to further expand at a Compound Annual Growth Rate (CAGR) of 5.3% from 2023 to 2033, the market is anticipated to soar to a valuation of US$ 4,524.3 million by 2033.
When the brain goes amiss, it can pose significant consequences for individuals and society financially. Brain disorders have become one of the leading causes of disability across the globe. These disorders are secondary to cardiovascular diseases.
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As per the Global Burden of Disease, there are 12 mental health disorders in total that impact 970 million people on a global scale. That is 1/8th of the planet’s people. The pervasiveness of these disorders has escalated by over 48% after 1990 as the population has increased. Thus, creating a heightened demand for neurology services to serve plenty of neurological disorders.
Surging cases of neurological diseases, escalating road accidents caused by traumatic brain injuries, and the introduction of technologically advanced products in the industry are fueling the demand for neurology services.
FMI helps businesses form investment decisions in the market as new opportunity hotbeds emerge. New treatments are expected to surface to beat the limitations of extant therapies and soothe the millions of patients suffering globally.
As new technologies emerge, investor interest and confidence in novel therapeutic approaches are ignited.
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 US$ 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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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