Neurology Digital Therapeutics Market Size, Share, Trends, Growth 2032

Neurology Digital Therapeutics Industry Prospective:

The global neurology digital therapeutics market size was worth around USD 212.5 Million in 2022 and is predicted to grow to around USD 1250 Million by 2030 with a compound annual growth rate (CAGR) of roughly 25% between 2023 and 2030.

The report analyzes the global neurology digital therapeutics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the neurology digital therapeutics market.

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Neurology Digital Therapeutics Market: Overview

Neurology is a medicine brand that deals with the prevention, diagnosis, cure, and treatment of medical conditions associated with the nervous system which is a highly complex and critical part of a living organism responsible for coordinating sensory and action-oriented information with the help of signals that are transmitted across the body. The brand of medicine is responsible for investigating issues that arise in the brain, the spinal cord, and the peripheral nerves. Neuroscience forms the building block of neurology.

The medical professional that specializes in neurology is a neurologist, and they treat various critical conditions like seizures, stroke, disorders related to body movement like Parkinson's disease, and multiple sclerosis, to name a few. They may also be involved in various research, and clinical trials related to the field to support further development. Digital therapeutics is a part of advancing digital healthcare which involves using advanced technology to administer data-based medical care. It comprises technology-driven prevention, management, or treatment of diseases or conditions.

They may either be used independently or along with other medical devices depending on the requirement of the patient's treatment plan but the intention is always to optimize the medical care provided. As per experts and studies, digital therapeutics is expected to aid greatly in treating chronic disabling diseases. Digital therapeutics comes with its own set of advantages since it allows patients to improve their medical adherence capabilities by employing personalized and customized alerts or pushing factors that encourage changes in the long-term behavior toward self-care amongst patients.

This becomes extremely important in the case of diseases like diabetes, blood pressure issues, and others where the time of the dose and interval between doses, amongst other factors, are extremely critical for the overall well-being of the person under medical care.

Key Insights

• As per the analysis shared by our research analyst, the global neurology digital therapeutics market is estimated to grow annually at a CAGR of around 25% over the forecast period (2023-2030).
•  In terms of revenue, the global neurology digital therapeutics market size was valued at around USD 212.5 million in 2022 and is projected to reach USD 1250 million, by 2030.
• The neurology digital therapeutics industry is projected to grow owing to the rising trend of adapting advanced technology in the healthcare segment across regions.
• Based on indication segmentation, diabetes was predicted to show maximum market share in the year 2022
• Based on end-user segmentation, hospitals were the leading revenue-generating users in 2022.
• On the basis of region, North America was the leading revenue generator in 2022

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Covid-19 Impact

The global neurology digital therapeutics market cap received a positive nudge during Covid-19 since many new healthcare facilities either opted for deploying digital therapeutics for medical conditions or at least showed interest in the technology. The global market managed to get the attention of the healthcare community during this time which in turn is projected to convert into real users in the long run

Neurology Digital Therapeutics Market: Growth Drivers

Growing advancements in the medical field to propel market growth

The global neurology digital therapeutics market is projected to grow owing to the rising trend of adapting advanced technology in the healthcare segment across regions. With the growing number of diseases that are extremely new to the medical community along with mutations in the already existing medical conditions with no cure as of current times has propelled healthcare and pharmaceutical players to opt for the advancing technology in the medical sector to enhance the medical care provided to the patients.

As a consequence, every medicinal sub-units is investing in technologies that can help reach the goal and so is the neurology segment, which deals with some of the long-existing concerns with no concrete treatment plan. Generally, patients suffering from neurological conditions require external help for proper medicinal adherence and digital therapeutics have proven to help establish the necessary routine. As per a Mckinsey report published in 2020, the US healthcare sector had increased its spending on digital therapeutics by 40% from the last seven years, as of 2018 with a total value reaching up to USD 1 billion.

One of the major reasons for the same is the well-established positive outcomes recorded by the use of digital therapeutics thus raising the confidence of the healthcare providers and that of the patients in using the technology to its true potential. Diseases that are complex and need more than human intervention can only be treated by employing both human knowledge and technological capabilities in the future and it is projected to help the global market expansion during the projection period

Neurology Digital Therapeutics Market: Restraints

High cost of technology to restrict the market growth

The key deliverable of an effective healthcare program is the accessibility to the treatment and its effectiveness. The cost of employing digital therapeutics in treating neurological conditions is high in current times which is caused by the limited availability of the technology in the growing economies. The devices can only be adopted by people in the higher income group or medical facilities with large funds allowing them the facility to be equipped with the devices. Treatment of neurological conditions in itself is expensive and deploying advanced technology can result in increased overall costs. These factors are projected to restrict the neurology digital therapeutics industry growth.

Neurology Digital Therapeutics Market: Opportunities

Growing research & development to provide market growth opportunities

Since the use of digital therapeutics in neurology is showing promising signs, the global market is witnessing huge support from the government and private agencies in terms of robust R&D to establish more information on the use of devices as well as ways of making the technology more accessible by improving healthcare funds or generating awareness about the use of the technology. These factors are expected to help the global neurology digital therapeutics market gather more growth opportunities.

Neurology Digital Therapeutics Market: Challenges

Issues related to improving the efficacy of the devices to pose challenges in the market

Initially, the global market suffered challenges like patient acceptance, regulatory concerns, and payer adoption. However, studies have shown the current challenge with digital therapeutics is majorly concentrated on manufacturers' fronts who are struggling with improving the efficacy of the device owing to enhanced consumer expectations and requirements which can only be improved with more R&D in the field.

Neurology Digital Therapeutics Market: Segmentation

The global neurology digital therapeutics market is segmented by indication, product type, end-user, and region

Based on indication, the global market is segmented into cardiovascular diseases (CVDs), diabetes, obesity, respiratory diseases, and central nervous systems (CNS). The global market is currently led by the diabetes segment owing to the advantages of digital therapeutics in medication adherence in diabetic patients. The rising number of people with sugar-level concerns is expected to help segmental growth in the coming years. As per the Centers for Disease Control & Prevention, there are 415 million affected by the disease as of 2022 and the number is projected to reach more than half of a billion by 2040.

Based on product type, the neurology digital therapeutics industry is divided into devices and software. Currently, the highest generating segment is the software section as more companies are developing applications to help control medical conditions. As of 2017, the US Food & Drugs Administration had approved around 40 digital therapeutics.

Based on end-user, the global market segments are clinics, hospitals, and others. The fastest growing segment is hospitals since more patients rely on hospital facilities for treatment and they also have the necessary funds to adopt better technologies in the medical care process. In the 2022-2023 budget of the Australian government, they announced that around AUD 107.2 million will be spent on modernizing the healthcare system of the country.

Recent Developments:

• In August 2022, Better Therapeutics launched a new and more debate-focused digital therapeutic which will improve A1c. The recently launched product is influenced by techniques applied in therapies related to cognitive behavior. It will be prediction based and is expected to help diabetic patients to change their behavior and eating habits to bring A1c levels under control.
• In September 2021, Neuroglee, a digital therapeutics startup raised USD 10 million from Openspace ventures & EDBI. The company is expected to use the raised fund to launch digital neurology clinics along with helping Neuroglee enter the Boston market.

Neurology Digital Therapeutics Market Report Scope:

Neurology Digital Therapeutics Market: Regional Analysis

North America to lead market growth during the projection period

The global neurology digital therapeutics market is anticipated to be dominated by North America in the coming years driven by the advanced healthcare infrastructure and robust R & D for incorporating technology in the medical sector. The regional expansion trend is aided by the initiatives undertaken by the governments to help public and private healthcare providers in navigation through the technological changes the sector is witnessing.

The USA is projected to generate the highest revenue because of the presence and constant increase in the number of players who are investing in developing new methods of aligning digital therapeutics and healthcare, especially the neurology segment. In North America, healthcare giants are now trying to modify the behavior of patients since it is one of the major factors that influence a person’s health.

As per a statement by the head of Sanofi in a Mckinsey report, more than USD 3.4 trillion is spent on diseases that can be controlled by modifying the patient's behaviors. This realization has helped the players to develop technologies or systems that can help them adapt to better lifestyle habits like digital therapeutics. With this, more investment can be expected in the regional market as digital healthcare is being viewed as the way for future growth in the healthcare sector.

Neurology Digital Therapeutics Market: Competitive Analysis

The global neurology digital therapeutics market is dominated by players like:

• Omada Health
• Livongo Health
• Propeller Health
• Better Therapeutics
• Akili Interactive Labs
• Pear Therapeutics
• Proteus Digital Health
• Noom
• Mango Health
• Kaia Health

The global neurology digital therapeutics market is segmented as follows

By Indication

• Cardiovascular Diseases (CVDs)
• Diabetes, Obesity
• Respiratory Diseases
• Central Nervous Systems (CNS)

By Product Type

• Devices
• Software

By End-User

• Clinics
• Hospitals
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa