Neurology Market Expected to Witness Sustained Growth

The global neurology market size was estimated at USD 3.32 billion in 2023 and is projected to hit around USD 6.42 billion by 2032, registering at a CAGR of 7.60% from 2023 to 2032. The aging population, rising prevalence of neurological disorders, advancements in neuroimaging and genetic research, increasing healthcare expenditure, expanding therapeutic options, and growing awareness about neurological conditions are contributing the market growth and innovation in neurology.

Market overview

Neurology encompasses the branch of medicine dedicated to the study and treatment of disorders affecting the nervous system, including the brain, spinal cord, and nerves. It addresses a wide spectrum of conditions, ranging from common ailments like headaches and neuropathies to more complex and severe diseases such as Parkinson’s, Alzheimer’s, and multiple sclerosis. Neurological disorders can significantly impact an individual’s quality of life, often leading to cognitive, motor, and sensory impairments.

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In the healthcare landscape, neurology plays a pivotal role in diagnosing, managing, and treating neurological conditions through various interventions, including medications, surgical procedures, rehabilitation therapies, and lifestyle modifications. Moreover, advancements in neuroimaging techniques, genetic research, and pharmaceutical developments have led to improved diagnostic accuracy and therapeutic efficacy in neurology. The market for neurology-related products and services continues to expand, driven by the rising prevalence of neurological disorders, increasing aging population, growing awareness, and technological innovations. As demand for better treatment options and personalized care rises, the neurology market is expected to witness sustained growth, with significant opportunities for innovation and investment in the years to come.

Key insights

• North America has generated revenue share of around 41% in 2022.
• Asia Pacific is expected to grow at fastest CAGR between 2023 and 2032.
• By type, the neurodegenerative diseases segment has captured market share of around 59% in 2022.
• By type, the neurovascular diseases segment is expanding at a CAGR of 9.1% between 2023 and 2032.
• By procedure, the multiple sclerosis segment has accounted market share of around 36% in 2022.
• By end-user, the adult segment has held market share of around 69% in 2022.
• By application, the diagnostic centers segment has accounted market share of around 48% in 2022.

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Regional instances

In North America, particularly the United States, the neurology market dominates due to several factors including advanced healthcare infrastructure, high healthcare expenditure, robust research and development initiatives, and a large patient population. The U.S. is home to several leading pharmaceutical and biotechnology companies specializing in neurological disorders, driving innovation and market growth.

Additionally, the presence of top-tier academic and research institutions fosters collaboration and facilitates the development of cutting-edge therapies and diagnostic tools. Furthermore, favorable reimbursement policies and increasing awareness about neurological conditions contribute to the expansion of the neurology market in North America.

Asia-Pacific is witnessing rapid growth and emerging as a significant market for neurology. Countries such as China, Japan, India, and South Korea are experiencing a surge in neurological disorders due to aging populations, changing lifestyles, and increased prevalence of chronic diseases. Rising healthcare investments, improving healthcare infrastructure, and expanding access to medical services are fueling demand for neurology products and services in the region.

Government initiatives to enhance healthcare standards and increase research funding are further driving market growth. As a result, multinational pharmaceutical companies are increasingly focusing on expanding their presence in Asia-Pacific markets, capitalizing on the growing demand for neurology treatments and therapies. With continued economic development and increasing healthcare spending, the Asia-Pacific neurology market is poised for significant expansion and presents lucrative opportunities for industry players.

• Neurological disorders affect millions globally, with over 6 million annual stroke-related deaths, mainly in low- to middle-income countries. Epilepsy impacts over 50 million people worldwide, while dementia afflicts 47.5 million, with Alzheimer’s disease accounting for the majority. Migraine prevalence exceeds 10% globally, underscoring the significant burden of neurological conditions on public health.
• Neurological conditions affect more than one in three individuals globally, making them the foremost cause of illness and disability worldwide.

Reports highlights

By type

The neurodegenerative diseases segment that includes diseases such as Alzheimer’s, Parkinson’s, and Huntington’s, dominate the neurology market due to their widespread prevalence and significant impact on patient health and quality of life. These conditions are characterized by progressive degeneration of nerve cells in the brain and spinal cord, leading to debilitating symptoms such as cognitive decline, movement disorders, and loss of motor function.

With aging populations worldwide and increasing life expectancy, the prevalence of neurodegenerative diseases is on the rise, driving demand for innovative treatments and therapeutic interventions. Consequently, pharmaceutical companies and research institutions heavily invest in developing novel therapies targeting neurodegenerative mechanisms, making this disease category the focal point of neurology market advancements.

• In March 2024, Researchers utilize the International Space Station (ISS) National Laboratory to investigate neurodegenerative diseases like Parkinson’s and multiple sclerosis. By studying brain cell interactions in microgravity, they aim to uncover underlying mechanisms, potentially leading to enhanced diagnostics and new therapeutics. This groundbreaking research offers hope for millions worldwide.

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By Procedure

In the neurology market, the multiple sclerosis (MS) segment, in 2023, dominated by procedure due to the complex nature of the disease and the diverse range of treatment options available. MS requires a multidisciplinary approach for diagnosis, management, and treatment, including various procedures such as magnetic resonance imaging (MRI) scans, lumbar punctures, and electromyography (EMG) tests.

Additionally, advancements in disease-modifying therapies (DMTs), such as monoclonal antibodies and immunomodulators, have expanded the treatment landscape for MS patients, driving procedure volumes. With ongoing research efforts aimed at improving diagnostic techniques and developing more effective therapies, the MS segment continues to lead in procedure-driven neurology markets.

• In February 2024, Roche Pharma India expanded its neurology portfolio with the launched of Ocrevus (Ocrelizumab), a breakthrough drug for Multiple Sclerosis (MS) treatment. Ocrevus is the first approved therapy for both Relapsing Remitting Multiple Sclerosis (RRMS) and Primary Progressive Multiple Sclerosis (PPMS), addressing significant unmet needs in MS patient care.

By end user

In the neurology market, the adult segment dominates as the largest end-user group due to the prevalence of neurological disorders among adults, especially in aging populations. Conditions such as Alzheimer’s disease, Parkinson’s disease, and stroke are more commonly diagnosed in adults, driving demand for diagnostic services, treatment options, and supportive care tailored to this demographic.

As adults age, they are more susceptible to neurological conditions associated with age-related degenerative processes and lifestyle factors. As a result, healthcare providers, pharmaceutical companies, and medical device manufacturers primarily focus on developing and delivering neurology products and services targeted at addressing the needs of adult patients.

Market dynamics

Driver

Advancements in neuroimaging technologies

One significant driver propelling the neurology market forward is the continuous advancements in neuroimaging technologies. These cutting-edge imaging techniques, such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), and functional MRI (fMRI), offer unprecedented insights into the structure and function of the brain and nervous system.

These technologies enable healthcare professionals to accurately diagnose and monitor neurological disorders, leading to earlier detection and intervention. Additionally, the development of more sophisticated imaging modalities with higher resolution and improved sensitivity enhances diagnostic accuracy, aiding in personalized treatment approaches. Furthermore, neuroimaging plays a crucial role in research and drug development by facilitating the evaluation of therapeutic efficacy and disease progression in clinical trials.

Restraint

Regulatory challenges in a restraint for the neurology market

Regulatory hurdles pose a significant restraint for the neurology market, impeding the development, approval, and commercialization of innovative treatments and therapies. Stringent regulatory requirements, particularly in key markets such as the United States and European Union, necessitate extensive clinical trials and rigorous safety and efficacy assessments, leading to prolonged development timelines and high costs for neurology products. Additionally, the complex nature of neurological disorders presents unique challenges in trial design and endpoint selection, further complicating the regulatory approval process.

Evolving regulatory landscapes and changing guidelines add uncertainty and complexity for industry stakeholders, requiring continuous adaptation and compliance efforts. Delays in regulatory approvals not only prolong patient access to much-needed treatments but also hamper industry innovation and investment in neurology research and development. To address this restraint, collaboration between regulatory agencies, industry partners, and advocacy groups is crucial to streamline processes, enhance transparency, and facilitate timely access to innovative neurology therapies for patients in need.

Opportunity

Expanding therapeutic landscape

The neurology market is poised for significant growth driven by expanding therapeutic opportunities. With advancements in research and technology, there’s a growing understanding of neurological disorders, paving the way for novel treatment modalities. One notable opportunity lies in addressing unmet needs within existing therapeutic areas, such as Alzheimer’s disease, Parkinson’s disease, and epilepsy, by developing more effective and targeted therapies. Additionally, emerging indications, including rare neurological disorders and neurodevelopmental conditions, present untapped markets for innovative treatments.

The integration of precision medicine and personalized therapies holds promise for optimizing treatment outcomes and minimizing adverse effects. Leveraging advancements in neuroimaging, biomarker identification, and genetic testing, tailored interventions can be developed to address individual patient variability and disease heterogeneity. As pharmaceutical companies and healthcare providers collaborate to explore these opportunities, the neurology market is positioned for growth, driven by a robust pipeline of therapeutic candidates and the potential to transform patient care in neurology.

Recent advancements

• In March 2024, Visakha Institute of Medical Sciences (VIMS) unveiled a new stroke unit and hosts a free neuro medical camp. Directed by K. Rambabu, the initiative aims to enhance stroke care services and provide accessible neuro medical assistance to the community. This endeavor underscores VIMS’s commitment to advancing healthcare and addressing neurological needs in Visakhapatnam.
• In January 2024, Siemens Healthineers and the Indian Institute of Science (IISc) launched the Siemens Healthineers-Computational Data Sciences (CDS) Collaborative Laboratory for AI in Precision Medicine. Led by Peter Schardt, the lab aims to pioneer breakthroughs in neurology research by developing open-source AI tools for precise neuroimaging data analysis and disease diagnosis.

Top market players

• Siemens Healthineers AG
• GE Healthcare
• Medtronic plc
• Philips Healthcare
• Johnson & Johnson
• Stryker Corporation
• Abbott Laboratories
• Boston Scientific Corporation
• B. Braun Melsungen AG
• Carl Zeiss Meditec AG
• Toshiba Medical Systems Corporation
• Nihon Kohden Corporation
• Hitachi Medical Corporation
• Elekta AB
• Penumbra, Inc.

Segments Covered in the Report

By Type

• Neurodegenerative Diseases
• Neurovascular Diseases
• Neuro-infectious Diseases
• Others

By Procedure

• Multiple Sclerosis
• Epilepsy
• Parkinson’s Disease
• Alzheimer’s Disease
• Stroke
• Others

By End User

By Application

• Hospitals
• Clinics
• Diagnostic Centers
• Research Institutes
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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