The global neurology services market is expected to reach a valuation of USD 2,693.2 million by the end of 2023, and further expand at a CAGR of 5.3% from 2023 to 2033. The market is likely to reach a valuation of USD 4,524.3 million by 2033. By service, the surgical services category is leading the market and held a share of about 39.6% in 2022.
Under neurology services, diagnosis and treatment of all conditions and diseases involving the brain, the spinal cord, and the peripheral nerves are taken care of. Diagnostic services determine the anatomy and physiology of the existing neurological disorder with the help of numerous techniques such as electroencephalograph (EEG), CT, MRI, and PET scan.
Monitoring services, on the other hand, are used for the continuous monitoring of the neurological activity of an individual to ensure timely action against the diagnosed ailment or complication.
Therapeutic services deal with the management of neurological complications when surgical intervention is not required through drug therapies and rehabilitation therapies. Lastly, surgical services are associated with complications that need to be physically resolved through surgical intervention.
One of the most important markers of an individual's brain health and capacity to think & respond in crucial situations is cognitive understanding. Evaluation of the daily activities of an individual may contribute to avoiding the deterioration of mental fitness.
The brain is a complex organ that plays an important part in a person's general health and well-being. Neurological alterations with changing age, traumas, strokes, depression, drug-use addiction, and illnesses such as major depressive disorders can have a huge impact on brain health.
While some variables influencing brain health are unavoidable, other lifestyle adjustments can help.
| Attributes | Key Statistics |
|---|---|
| Global Neurology Services Market Estimated Size (2023E) | USD 2,693.2 million |
| Estimated Market Valuation (2033F) | USD 4,524.3 million |
| Value-based CAGR (2023 to 2033) | 5.3% |
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The global neurology services market held approximately 29.5% of the global healthcare service market share in 2021, which was worth USD 8,278.6 billion in the same year. The global market expanded at a CAGR of 4% from 2018 to 2022.
The rising burden of mental health disorders is anticipated to push the market in the assessment period. According to the World Health Organization’s (WHO) Mental Health Report of 2022, the prevalence of mental health conditions is increasing across the globe and there has been a 13% increase in mental health conditions and other depressive disorders in the last decade.
The United States Department of Health and Human Services (HHS) also estimates that in 2020, about 17.0% (or roughly 4.1 million people) of adolescents between the age group of 12 to 17 years experienced a major depressive episode (MDE) and 12.0% (or roughly 2.9 million people) experienced a major depressive episode with severe impairment.
Likewise, among adults who were 18 or older, around 21.0% (about 52.9 million people) suffered from any mental illness (AMI) and 5.6% (about 14.2 million people) suffered from serious mental illness (SMI) in 2020.
The increasing number of campaigns for patient care is a major factor that would positively affect growth in the neurology services market. These activities often help in raising public awareness regarding the disease and how it could be diagnosed or detected early and help people understand the symptoms.
In the United States, neurosurgeons started a campaign in June 2020 to safeguard patients' access to neurological care. The American Association of Neurological Surgeons (AANS), the Congress of Neurological Surgeons (CNS), and ten additional national surgical societies jointly introduced the campaign.
On the other hand, to increase awareness about the effects of neurological illnesses, the European Federation of Neurological Associations (EFNA) launched the #BrainLifeGoals campaign.
The campaign provides patients with a forum to express their experiences, which is projected to help the public better understand neurological diseases and lessen the stigma & prejudice attached to them. Owing to the aforementioned factors, the global neurology services market is expected to grow at a CAGR of 5.3% during the forecast period from 2023 to 2033.
Emergence of New Entrants and Adoption of Unique Medical Devices
The global market is set to present an opportunistic outlook owing to ongoing improvements in the healthcare infrastructure. Rising medical expenditures by governments will also support the development of expensive drugs and medical devices.
The use of advanced medical devices across hospitals, ambulatory surgical centers, and primary healthcare units are expected to increase across the globe with rapid innovations.
The rising prevalence of depression and similar mental health disorders in developed countries would create lucrative opportunities for leading manufacturers. The market would also witness the entry of several start-up firms that are likely to provide cost-effective treatment options.
Social Stigma Associated with Mental Disorders May Hinder Demand for Functional Neurologists
There is a social stigma associated with depression and other mental conditions across the globe. Self-stigmatization makes patients feel ashamed and isolated, and it may hinder them from receiving effective therapy.
It could also potentially lead to somatization. One of the major contributing causes hampering the market is that depression is difficult to comprehend for those who have never experienced it and it can be mistaken as a sign of weakness.
The cost of some neurosurgeries is high in the United States and Europe if not covered under insurance. Complex neurosurgeries have a prerequisite of a longer time, as well as efforts, and are quite risky.
These complex procedures require modern techniques and advanced skills, because of which their overall cost increases. For example, decompressive craniotomy surgery uses a technique that relieves the skull pressure while maintaining a flap of bone.
The surgery costs around USD 100,000 to 115,000 in the United States. For patients who are not covered under insurance, the cost of brain surgeries ranges from USD 50,000 to 150,000.
Also, the cost of neurological surgeries significantly increases with the rising cost of the products used in them, which end users like hospitals and neurosurgical centers have to incur.
Products like neuro endoscopes, embolization devices, and coiling devices are quite expensive and not many hospitals in emerging economies can install them. Owing to the aforementioned factors, the global market may get hampered in the next decade.
Rising Prevalence of Parkinson’s in the United States to Drive the Need for Neuro Physiotherapists
| Country | The United States |
|---|---|
| Market Share % (2022) | 20.7% |
The United States held approximately 89.1% of the share in the North American market in 2022 and is projected to exhibit growth at a lucrative CAGR of 4.4% during the forecast period, finds FMI. Growth is attributed to the presence of advanced technologies for curing neurological complications, as well as the availability of a well-structured reimbursement scenario in the country.
There has been a rise in the prevalence of neurological diseases such as Alzheimer’s disease, Parkinson’s, and ischaemic stroke in the United States, which has led to rapid growth in the market. According to the United States Centers for Disease Control and Prevention (CDC), nearly 87% of all strokes are ischemic strokes, in which blood flow to the brain is blocked. Also, 10% of these strokes result in mortality within a month.
As per the Parkinson's Foundation, in the United States, about 1.2 million people are expected to have Parkinson's disease by 2030 as the population ages, up from the current estimate of 1 million. These numbers are set to grow in the upcoming decade, thereby pushing the United States market.
Surging Incidence of Stroke in China to Boost the Need for Neuro Physicians
| Country | China |
|---|---|
| Value CAGR % (2023 to 2033) | 6.9% |
China dominates the East Asian region, finds FMI. The country is expected to continue to lead the market throughout the forecast period. The emergence of numerous awareness campaigns for neurological complications across all age groups is anticipated to aid growth.
As per a research study conducted by Capital Medical University and the China National Clinical Research Center, in 2013, the age-standardized prevalence and incidence of stroke were 1114.8 per 100 000 population and 246.8 per 100 000 person-years, respectively.
The incidence is likely to grow in the evaluation period with the increasing geriatric population and adoption of a sedentary lifestyle, thereby spurring China.
The German Government to Put Forward Favorable Norms to Support Neurological Health
| Country | Germany |
|---|---|
| Market Share % (2022) | 4.2% |
Germany is set to exhibit a CAGR of nearly 4.6% in the Europe neurology services market during the forecast period, finds FMI. Growth is attributed to the presence of comprehensive reimbursement policies covering almost all service aspects of neurology in the country.
For example, in May 2022, the German Federal Joint Committee changed the country’s reimbursement for patients with essential tremors. It has favorably amended its ruling on patient eligibility for focused ultrasound reimbursement and treatment.
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Therapeutic service has a significant market share in the global market. Growth can be attributed to the rising need for rehabilitation therapy due to the surging prevalence of neurological complications globally.
Demand for Neurosurgery Services to Grow with Surging Prevalence of Mental Illnesses
By indication, the mental health segment is expected to lead the market and held a share of more than 27.4% in 2022, says FMI. Growth can be attributed to rising cases of mental illnesses like depression, anxiety disorders, eating disorders, dissociative disorders, and bipolar disorder across the globe.
Hospitals to Provide Cutting-edge Neurology Health Care Services
| Segment | Hospitals |
|---|---|
| Market Share % (2022) | 51.6% |
By service provider, the hospital's segment held the highest market share of around 51.6% in 2022. The growing prevalence of neurological diseases, as well as an increasing number of surgical procedures globally, have driven this segment.
The global market is highly fragmented with the presence of a large number of small and large-scale enterprises.
They are consistently striving to gain a competitive edge in the market by adopting various strategies such as mergers & acquisitions, collaborations, and partnerships. A few other key players are focusing on gaining patents and fast-track clearance from government bodies to market their in-house products.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 2,693.2 million |
| Projected Market Valuation (2033) | USD 4,524.3 million |
| Value-based CAGR (2023 to 2033) | 5.3% |
| Forecast Period | 2018 to 2022 |
| Historical Data Available for | 2023 to 2033 |
| Market Analysis | Value (USD million) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Argentina, the United Kingdom, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Israel, GCC Countries, and South Africa |
| Key Market Segments Covered | Service, Indication, Service Provider, and Region |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
The market is valued at USD 2.6 billion in 2023.
The market’s CAGR from 2023 to 2033 will be 5.3%.
Mayo Clinic, Johns Hopkins, and Cleveland Clinic are key market players.
Adoption of unique medical devices to boost the market prospects.
The hospitals segment is likely to remain preferred through 2033.
| Market Estimated Size in 2024 | USD 3.0 billion |
|---|---|
| Projected Market Value in 2034 | USD 3.9 billion |
| Value-based CAGR from 2024 to 2034 | 2.7% |
| Market Estimated Size in 2023 | USD 2.6 billion |
|---|---|
| Projected Market Value in 2033 | USD 4.1 billion |
| Value-based CAGR from 2023 to 2033 | 4.7% |
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Neurology Services Market
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