Digital health in the neurology market to reach USD 167.58B by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global digital health in the neurology market – By component (Hardware, software, services), by end-use (Patients, providers, payers, others)), trends, industry competition analysis, revenue and forecast To 2031.”

According to the latest research by InsightAce Analytic, the global digital health in the neurology market is valued at US$ 36.28 Bn in 2023, and it is expected to reach US$ 167.58 Bn by 2031, with a CAGR of 21.3% during the forecast period of 2024-2031.

Digital health in neurology refers to using eHealth and other digital tools to improve neurological disorders’ diagnosis, prognosis, and treatment. Digital health technologies are on the rise in neurology due to several factors: better internet connectivity, more widespread use of smartphones, more expensive healthcare, a greater need for remote patient monitoring services, and easier access to virtual care.

Moreover, the expansion of this market is being propelled in large part by government programs that aim to digitalize healthcare systems worldwide. However, the high costs associated with developing and implementing digital health solutions, as well as potential issues with insurance companies’ willingness to cover these costs, make it difficult for neurology providers and patients to have access to these technologies, which could limit the growth of the digital health in neurology market. Digital health in the neurology market is an expansion market that can be facilitated by government initiatives that promote digital health and by regulatory settings that are favorable to this industry, propelling digital health in the neurology industry.

Market dynamics:
Drivers-
A growth in the digital health in neurology market is being propelled by the increasing need for improved healthcare solutions due to the rising global prevalence of neurological disorders like Parkinson’s, seizures, and multiple sclerosis. The market is being propelled even further by government initiatives and supportive regulatory frameworks encouraging developing and implementing digital health solutions.

Market expansion is also pushed by the rising adoption and utilization of digital health in neurology solutions, which are being educated and widely known to healthcare providers and patients. As a result, the global market for digital health in neurology continues to expand.

Challenges:
Strict regulations, high costs, and limited technology in developing regions are predicted to be challenges that will reduce the market’s growth. There are strict regulatory frameworks in place in several locations that affect the digital health sector of neurology. While these rules are essential for protecting patients’ health, they can hinder the development and rollout of innovative digital health solutions in neurology.

Due to a lack of readily available technology in developing economies, the cost of using digital health to treat neurological diseases is currently expensive. Neurological illness treatment is costly, and cutting-edge technologies can drive up the price tag even further. These limitations are expected to limit the expansion of the digital health market in neurology during the next few years.

Regional trends:
The North American digital health in neurology market is expected to register a large market share in the revenue. It is projected to grow at a high CAGR in the near future. The growing need for digital health in neurology due to several reasons, such as increased spending on healthcare IT, better internet connectivity, new technologies, new businesses, beneficial initiatives by the government, rising smartphone penetration, greater resources and expenditures, and the availability of sufficient digital infrastructure, which is expected to grow the region’s digital health in neurology market.

Besides, Asia Pacific has a prominent share of the digital health in the neurology market. They are in high demand due to the strong expansion of the economy, which in turn boosts consumer expenditure on health. Factors contributing to the industry’s expansion include improvements in coverage networks, the rising use of smartphones, a growing elderly population, and an alarming increase in neurological disorders, contributing to the region’s digital health in neurology. Moreover, the regional market’s growth is boosted by the increasing frequency of neurological illnesses, with market participants’ growing number of technology developments and business activities driving this growth. InsightAce Analytic