The global neurology services market is on a trajectory of impressive growth, with recent research underscoring a promising future over the next decade. According to the latest projections, the market is expected to achieve a valuation of USD 2,693.2 million by the end of 2023, with a robust Compound Annual Growth Rate (CAGR) of 5.3% anticipated from 2023 to 2033. This growth trajectory will propel the market to an estimated USD 4,524.3 million by 2033.
This substantial growth is driven by the escalating demand for neurology services worldwide. Neurological disorders, if left untreated, have severe consequences not only for individuals but also for society at large. These conditions significantly impact the quality of life and impose considerable financial burdens on healthcare systems and economies. With brain disorders emerging as a leading cause of global disability, often linked to underlying cardiovascular diseases, the need for advanced and accessible neurology services is more critical than ever.
The increasing prevalence of neurological disorders highlights 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 is set to rise. The projected growth of the neurology services market presents a pivotal opportunity for stakeholders to address this pressing healthcare challenge.
Key factors contributing to the expansion of the neurology services market include advancements in medical technology, heightened awareness of neurological conditions, and initiatives aimed at improving healthcare access. The integration of telemedicine and digital health solutions has further facilitated remote consultations and enhanced patient care, fueling the market’s growth.
To capitalize on the burgeoning opportunities within the neurology services sector, stakeholders must focus on innovation, collaboration, and patient-centric approaches. Leveraging emerging technologies, fostering partnerships, and advocating for policy reforms will be crucial in enhancing the delivery of neurology services and improving outcomes for individuals affected by neurological disorders.
As the global neurology services market continues its upward trajectory, it is essential for healthcare organizations, policymakers, and industry leaders to unite 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, leading 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
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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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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