Neurology Market By Type (Neurodegenerative Diseases, Neuro-infectious Diseases, Neurovascular Diseases, and Others), By Application (Multiple Sclerosis, Epilepsy, Alzheimer's Disease, Parkinson’s Disease, Stroke, and Others), By End-use (Hospitals & Clinics, Diagnostic Centers, Research Institutes, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Neurology Market size is expected to be worth around USD 6.8 billion by 2033 from USD 3.3 billion in 2023, growing at a CAGR of 7.5% during the forecast period 2024 to 2033.

The growing demand for neurology solutions is driven by the increasing prevalence of neurological disorders such as Alzheimer’s, Parkinson’s, epilepsy, and stroke. Advances in diagnostic tools, therapeutic options, and neurorehabilitation techniques are expanding the market, with applications in disease management, cognitive enhancement, and brain health monitoring. In February 2021, the World Federation of Neurology launched the Brain Health Initiative, a global campaign aimed at raising awareness about the importance of brain health and reducing the burden of brain-related diseases.

This initiative highlights the growing focus on preventive neurology and early intervention strategies. Opportunities in the market include the development of innovative treatments like neurostimulation devices and targeted drug therapies. Recent trends emphasize personalized medicine, AI integration in diagnostics, and non-invasive treatment options, positioning the neurology market for significant growth.

Key Takeaways

• In 2023, the market for Neurology generated a revenue of USD 3.3 billion, with a CAGR of 7.5%, and is expected to reach USD 6.8 billion by the year 2033.
• The type segment is divided into neurodegenerative diseases, neuro-infectious diseases, neurovascular diseases, and others, with neurodegenerative diseases taking the lead in 2023 with a market share of 47.8%.
• Considering application, the market is divided into multiple sclerosis, epilepsy, Alzheimer’s disease, Parkinson’s disease, stroke, and others. Among these, multiple sclerosis held a significant share of 35.4%.
• Furthermore, concerning the end-use segment, the market is segregated into hospitals & clinics, diagnostic centers, research institutes, and others. The diagnostic centers sector stands out as the dominant player, holding the largest revenue share of 47.1% in the Neurology market.
• North America led the market by securing a market share of 38.7% in 2023.

Type Analysis

The neurodegenerative diseases segment led in 2023, claiming a market share of 47.8% owing to the increasing prevalence of conditions such as Alzheimer’s disease, Parkinson’s disease, and amyotrophic lateral sclerosis (ALS). As the global population ages, the incidence of these disorders is expected to rise, leading to a higher demand for diagnostic and therapeutic solutions.

Ongoing advancements in neuroimaging technologies, coupled with the development of disease-modifying treatments, are likely to drive further growth. Additionally, increased research funding and government initiatives aimed at addressing the unmet needs in neurodegenerative care are projected to support the expansion of this segment.

Application Analysis

The multiple sclerosis held a significant share of 35.4% due to rising awareness of the condition and advancements in treatment options. As the understanding of multiple sclerosis improves, innovative therapies such as disease-modifying drugs and biologics have emerged, offering more effective disease management.

The growing focus on early diagnosis and personalized medicine is also anticipated to boost demand for multiple sclerosis treatments. Additionally, increased healthcare expenditure and improved access to advanced therapies in both developed and developing regions are likely to support the growth of this segment.

End-use Analysis

The diagnostic centers segment had a tremendous growth rate, with a revenue share of 47.1% owing to the increasing demand for specialized diagnostic services for neurological conditions. Diagnostic centers often offer advanced imaging technologies, such as MRI and CT scans, which are essential for accurately diagnosing disorders like stroke, epilepsy, and neurodegenerative diseases.

The rising prevalence of neurological conditions and the growing emphasis on early detection is expected to boost the demand for neurology-focused diagnostic centers. Furthermore, advancements in diagnostic tools and increasing investments in healthcare infrastructure are anticipated to fuel the growth of this segment, particularly in emerging markets.

Key Market Segments

By Type

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

By Application

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

By End-use

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

Drivers

Rising Prevalence of Mental Health Conditions

Rising prevalence of mental health conditions drives growth in the neurology market as more people seek treatments for neurological disorders linked to mental health. Conditions such as depression, anxiety, and other cognitive impairments have seen a significant increase globally. According to the World Health Organization’s 2022 Mental Health Report, there has been a 13% rise in mental health and depressive disorders over the past decade.

This surge in mental health issues is expected to fuel demand for neurological treatments and therapies, as healthcare providers focus on addressing the growing need for mental and neurological healthcare services.

Restraints

Rising Treatment Costs

Rising treatment costs significantly hamper the growth of the neurology market, making advanced therapies and procedures less accessible for patients. Neurological treatments, especially for conditions such as Alzheimer’s disease, epilepsy, and Parkinson’s disease, often involve expensive diagnostics, medications, and long-term care.

These high costs, coupled with limited insurance coverage in some regions, impede patient access to essential care. The financial burden is anticipated to further restrain market growth, particularly in developing countries where healthcare affordability remains a major concern. This cost barrier limits the adoption of advanced neurology treatments, slowing the market’s expansion.

Opportunities

Increasing Investments in Neurology Programs

Increasing investments in neurology programs present a substantial opportunity for the neurology market. Governments and healthcare organizations are prioritizing neurological research and treatment initiatives to meet rising demand. For example, in November 2021, the United Kingdom MS Society launched the “Neurology Now” campaign, advocating for increased funding and focus on neurology-related services.

The campaign saw support from 8,000 individuals who signed a letter to the government, and over 40 members of parliament engaged with the MS Society to discuss urgent actions needed.This growing support for neurology investments is expected to drive innovations in treatment and research, creating robust opportunities for market growth.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significantly impact the neurology market, shaping its growth opportunities and challenges. Economic downturns may limit healthcare spending, particularly for advanced neurological treatments, which could slow market growth in certain regions. Geopolitical tensions, such as trade restrictions and conflicts, can disrupt the supply chain for medical devices and pharmaceuticals, increasing costs and delaying access to crucial technologies.

However, rising healthcare investments in emerging markets and increased government focus on mental health and neurodegenerative diseases provide a positive push for market expansion. Advancements in medical technology and growing awareness of neurological disorders continue to drive optimism in the sector.

Latest Trends

Growing Technological Advancements

Innovations in artificial intelligence, neuroimaging, and medical devices are improving diagnostic accuracy and treatment outcomes. In 2023, the U.S. FDA cleared Neurophet AQUA, an AI software that enhances brain atrophy evaluation in MRI scans. This approval is anticipated to improve diagnostic precision and efficiency in neuroimaging, contributing to better patient outcomes.

Increasing demand for AI-driven tools and advanced imaging technologies is likely to accelerate market growth. As technology continues to evolve, the neurology field is expected to benefit from more accurate diagnostics and innovative therapeutic solutions.

Regional Analysis

North America is leading the Neurology Market

North America dominated the market with the highest revenue share of 38.7% owing to the increasing prevalence of neurological disorders and advancements in diagnostic and therapeutic technologies. The aging population in the United States is a critical factor, as demographic trends indicate that approximately 1.2 million individuals are projected to be living with Parkinson’s disease by 2030, up from the current estimate of 1 million, according to the Parkinson’s Foundation.

This rising incidence of neurodegenerative diseases is prompting healthcare providers to enhance their diagnostic capabilities and develop innovative treatment options. Furthermore, substantial investments in research and development, coupled with a growing focus on personalized medicine, have fueled advancements in neurology-related therapies.

Increased awareness of mental health issues has also driven demand for neurological services, contributing to the expansion of this market. Additionally, supportive government initiatives and regulatory frameworks aimed at promoting neurology research further bolster growth in North America.

The Asia Pacific region is expected to experience the highest CAGR during the forecast period

Asia Pacific is expected to grow with the fastest CAGR owing to rising healthcare expenditures and an increasing prevalence of neurological conditions. Countries such as India, China, and Japan are likely to be at the forefront of this growth, supported by expanding healthcare infrastructure and improvements in access to neurological care. The region faces a growing burden of neurological disorders, including Alzheimer’s disease and stroke, which necessitates enhanced treatment options and care strategies.

Moreover, technological advancements in diagnostics and therapeutics are anticipated to drive innovation in the field. Increased collaboration between healthcare providers and research institutions will likely facilitate the development of novel therapies and improve patient outcomes. As awareness of neurological conditions continues to rise, the demand for specialized services and treatment options is projected to accelerate, positioning the Asia Pacific region for robust growth in the neurology market.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

The major players in the Neurology market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. Key players in the neurology market focus on developing innovative treatments for complex neurological disorders, such as neurostimulation devices and gene therapies.

They collaborate with research institutions and healthcare providers to accelerate clinical trials and introduce cutting-edge therapies. Many companies invest heavily in expanding their product portfolios with advanced diagnostic tools and digital health solutions. Strategic partnerships with pharmaceutical firms help enhance distribution and access to new technologies. Additionally, they target emerging markets with growing demand for neurological care, driving global market growth.

Top Key Players in the Neurology Market

• Stryker Corporation
• Siemens Healthineers AG
• Philips Healthcare
• Medtronic
• LivaNova PLC
• Johnson & Johnson
• GE Healthcare
• CERENOVUS
• Boston Scientific
• Abbott

Recent Developments

• In February 2023: LivaNova PLC launched the SenTiva DUO, an implantable pulse generator with a dual-pin header for VNS Therapy in treating drug-resistant epilepsy. This innovation is relevant to the neurology market’s growth as it expands treatment options for epilepsy patients, offering the latest VNS technology to those previously implanted with older systems.
• In April 2022: Boston Scientific received FDA approval for its image-guided programming software, Vercise Neural Navigator with STIMVIEW XT. This advancement enhances precision in neuromodulation therapies, boosting the neurology market by providing improved outcomes for patients undergoing deep brain stimulation.
• In April 2022: Abbott launched an upgraded version of its NeuroSphere myPath app, improving its ability to help physicians monitor patients using neurostimulation devices for chronic pain. This development strengthens the neurology market by integrating digital health with neuromodulation, improving patient management and treatment effectiveness.
• In 2022: CERENOVUS introduced EMBOGUARD, a balloon guide catheter designed for endovascular procedures in acute ischemic stroke cases. This product is significant to the neurology market’s growth by advancing neurovascular intervention tools that improve precision and outcomes in stroke treatment.
• In June 2021: Medtronic received FDA approval for Vanta, a recharge-free implantable neurostimulator with a lifespan of up to 11 years. This approval is relevant to the neurology market’s growth as it offers a long-lasting solution for patients requiring neurostimulation, reducing the need for frequent replacements.
• In March 2021: Abbott launched the NeuroSphere Virtual Clinic, which allows deep brain stimulation patients to have their devices programmed and reset remotely. This innovation promotes growth in the neurology market by increasing patient access to care, particularly for those in remote areas.
• In January 2021: Boston Scientific gained FDA approval for its fourth-generation Vercise Genus Deep Brain Stimulation System. This approval enhances the neurology market by offering more advanced, customizable treatment options for patients with Parkinson’s disease and other neurological conditions.

Report Scope