Neurology Digital Therapeutics Market: A Comprehensive Study on Global Size, Share, Growth, and Key Players Forecasted to Reach USD 1250 Million by 2030, at a CAGR of Nearly 25%

Raleigh, NC, March 05, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Neurology Digital Therapeutics Market By Indication (Cardiovascular Diseases (CVDs), Diabetes, Obesity, Respiratory Diseases, And Central Nervous Systems (CNS)), By Product Type (Devices, And Software), By End-User (Clinics, Hospitals, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Neurology Digital Therapeutics Market size & share in terms of revenue was valued at USD 212.5 Million in 2022 and it is expected to surpass around USD 1250 Million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 25% during the forecast period 2023 to 2030.”

What is Neurology Digital Therapeutics? How big is the Neurology Digital Therapeutics Industry?

Neurology Digital Therapeutics Industry Coverage & Overview:

Neurological disorders are medical conditions that impact the function of the brain and nerves that are spread across the human body as well as the spinal cord. Neurological symptoms are a result of biochemical, structural, or electrochemical divergence from normal conditions. Some of these symptoms include poor coordination skills, seizure, pain, confusion, muscle weakness, and paralysis amongst others.

Every neurological condition is different with varying causes however it typically generates from congenital abnormalities, genetic disorders, infections, brain or spinal cord injury, and environmental or lifestyle problems like malnutrition. The causes also include mental illness but they are extremely rare which may lead to functional impairment or distress. As per the US National Library of Medicine, there are more than 600 neurological conditions that are recognized.

On the other hand, digital therapeutics refers to digital health delivering digital intervention which is provided to the patients by clinically evaluated, and evidence-based software. Digital health encompasses all the technologies or platforms capable of providing digital solutions to medical problems and includes software programs, smart devices, mobile health, telehealth, sensors, etc.

Digital Therapeutics Alliance states that programs and devices used in digital health are run by advanced technologies that ascertain usability, clinical support, design, along with data security. Digital therapeutics is a relatively new system of providing necessary support to the healthcare sector but has gained high acceptance amongst patients as well as healthcare providers.

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Market: Growth Factors

The global neurology digital therapeutics market is anticipated to generate high revenues driven by the rising number of neurological conditions like diabetes, cardiovascular diseases (CVDs), Parkinson's disease (PD), and other conditions that affect the quality of a patient's life by affecting the central nervous system. PD is a form of degenerative medical condition resulting in bodily rigidity, imbalance, tremor, and slow movement. As per records from the World Health.

Organization, the disease is growing faster than other forms of neurological conditions and the number of patients is twice as much as they were 25 years ago. In 2019, there were around 8.5 million PD patients. The growing numbers have pushed medical care providers to opt for options that can help them provide better medical services to patients who suffer from long-term critical conditions along with ways that are more sustainable and also take care of the total cost in the long run.

Since digital therapeutics is considered by many as a crucial step in achieving this goal, exhaustive research & development along with awareness programs are on a rise aided by governments, international agencies, and private companies. One of the leading sub-segment is the care of diabetes patients since their condition is dependent on the lifestyle choices of the patients and by modifying it, the patients are capable of controlling the outcomes of the disease which is why more companies are creating digital therapeutics devices to manage this neurological disorder.

The high cost of technology may restrict the neurology digital therapeutics industry growth whereas growing research & development is projected to provide growth opportunities Issues related to improving the efficacy of the devices may pose challenges in the global market.

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Report Scope

Neurology Digital Therapeutics Market: Segmentation Analysis

Based on product type, the global market 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 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 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.

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

This review is based on a report by Zion Market Research, titled “Neurology Digital Therapeutics Market By Indication (Cardiovascular Diseases (CVDs), Diabetes, Obesity, Respiratory Diseases, and Central Nervous Systems (CNS)), By Product Type (Devices, and Software), By End-User (Clinics, Hospitals, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/neurology-digital-therapeutics-market

Competitive Landscape

Some of the main competitors dominating the global Neurology Digital Therapeutics market include - 

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

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Neurology Digital Therapeutics market is likely to expand at a CAGR of around 25% during the forecast period (2023-2030).            
• In terms of revenue, the Neurology Digital Therapeutics market size was valued at around US$ 212.5 Million in 2022 and is projected to reach US$ 1250 Million by 2030.
• Based on product type, the global market is divided into devices and software 2022.
• The global market is currently led by the diabetes segment owing to the advantages of digital therapeutics in medication adherence in diabetic patients.
• On the basis of geography, the “North America is projected to lead the global neurology digital therapeutics market share with countries like the US and Canada leading regional growth.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Neurology Digital Therapeutics industry?
• What are the main driving factors propelling the Neurology Digital Therapeutics Market forward?
• What are the leading companies in the Neurology Digital Therapeutics Industry?
• What segments does the Neurology Digital Therapeutics Market cover?
• How can I receive a free copy of the Neurology Digital Therapeutics Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Indication, by Product Type, by End-User and by Geography
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is projected to lead the global neurology digital therapeutics market share with countries like the US and Canada leading regional growth. High awareness rate in these countries related to neurological conditions and the upcoming technologies that aid the improvement in medical care is projected to help generate high revenues. Since the medical sector in the countries is extremely advanced, they are currently in the more advanced phase of learning and adopting the technology as compared to other regions where digital therapeutics are still being studied.

By Region

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

Recent Developments

In December 2021, TheraPanacea and Biogen Inc. announced that the companies will be collaborating to utilize machine learning and artificial intelligence to help develop digital health solutions in the neurological segment. TheraPanacea is a medical technology company with multiple awards which uses artificial intelligence to develop software for the healthcare industry & Biogen Inc is a US-based multinational biotechnology company catering to neuroscience.

In May 2021, MindMaze, a digital neurology startup entered new deals to strengthen its footprint in the global market. The company is a producer of patient-oriented gamified digital neurotherapeutics for patients suffering from conditions like brain injury, stroke, Parkinson’s, and others. The deals are inked with Suricorp, a Peruvian biotechnology company, Guttmann Barcelona which is a Spanish neurorehabilitation clinic, Swiss Rehabilitation, a Swedish rehabilitation center, and Alkholi, a Saudi-Arabian Company

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