Neurology Software Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

The global neurology software market is expected to reach USD 1.43 billion by 2025 from USD 1.11 billion in 2020, at a CAGR of 5.5%. The increasing number of neurological disorders and the growing demand for effective disease management are the major factors driving the growth of this market. However, the high cost of neurology software and the lack of awareness about these software solutions in emerging economies are restraining market growth. Neurology software solutions are used by neurologists to store, manage, and interpret patient data.

These solutions offer a number of features, such as patient data management, clinical decision support, and disease management. Neurology software solutions help neurologists in providing efficient and accurate patient care. The global neurology software market is segmented based on type, delivery mode, end user, and geography. Based on type, the market is segmented into stand-alone and integrated. The integrated segment is expected to grow at the highest CAGR during the forecast period. Based on delivery mode, the market is segmented into web-based and on-premise. The web-based segment is expected to grow at the highest CAGR during the forecast period.

1. Neurology Software Market: An Overview

The neurology software market is expected to grow at a CAGR of 8.5% during the forecast period of 2020-2025. The major factor driving the growth of this market is the increasing demand for point-of-care services and the growing number of patients with neurological disorders. According to the National Institute of Neurological Disorders and Stroke, about 6.4 million people in the United States are living with Alzheimer’s disease and other dementias, and this number is expected to increase to 14 million by 2060. Furthermore, the Centers for Disease Control and Prevention (CDC) estimates that about 795,000 people in the United States suffer from a stroke each year.

There are various types of software available in the market, which are used for different purposes such as diagnosis, treatment, and monitoring of patients suffering from neurological disorders. Some of the popular neurology software products include NeuroQuant, SMILE, and Enobio. NeuroQuant is a software product used for the analysis of MR images, which helps in the diagnosis of Alzheimer’s disease and other dementias. SMILE is a software product used for the diagnosis and treatment of epilepsy. Enobio is a software product used for the diagnosis and treatment of Parkinson’s disease.

The neurology software market is segmented by product type, application, end user, and geography. By product type, the market is segmented into diagnostic software, treatment software, and monitoring software. By application, the market is segmented into Alzheimer’s disease, epilepsy, Parkinson’s disease, multiple sclerosis, and others. By end user, the market is segmented into hospitals, clinics, and research laboratories.

By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The major players operating in the neurology software market include Advanced Brain Monitoring, Inc., Cadwell Laboratories, Inc., Compumedics Limited, NeuroLogica Corporation, Neuropace, Inc., Neurosky, Inc., Neurosoft S.A., and Nonin Medical, Inc.

2. The Global Neurology Software Market

The global neurology software market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2023. The market was valued at USD 1,004.3 million in 2017, and is projected to reach USD 1,795.2 million by 2023. Neurology is a branch of medicine that deals with disorders of the nervous system. Neurological disorders can be caused by genetic defects, trauma, infections, and degenerative processes.

The rising prevalence of neurological disorders is the major factor driving the growth of the global neurology software market. According to the World Health Organization (WHO), around 50 million people worldwide are affected by dementia, and the number is expected to increase to 82 million by 2030. Moreover, WHO estimates that, globally, around 1 in 160 children has autism spectrum disorder. The rising incidence of Alzheimer’s disease, Parkinson’s disease, and stroke is also contributing to the growth of the market.

The global neurology software market is segmented based on product, delivery mode, end user, and geography. Based on product, the market is segmented into patient management software, diagnosis & treatment software, and others. The diagnosis & treatment software segment is expected to grow at the highest CAGR during the forecast period. This segment includes software used for diagnosis and treatment of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and stroke.

Based on delivery mode, the global neurology software market is segmented into web-based and on-premise. The web-based segment is expected to grow at the highest CAGR during the forecast period. The segment includes software that can be accessed through the internet. Web-based neurology software is convenient to use as it can be accessed from any location.

Based on end user, the global neurology software market is segmented into hospitals and clinics, research institutes, and others. The hospitals and clinics segment is expected to grow at the highest CAGR during the forecast period. The segment includes software used in hospitals and clinics for diagnosis and treatment of neurological disorders.

3. The Neurology Software Market in the United States

The United States neurology software market is expected to grow at a CAGR of 8.2% during the forecast period of 2020-2025. The major factors driving the growth of this market are the increasing number of neurological disorders, rising geriatric population, and the growing demand for technologically advanced products.

Neurological disorders are one of the most common types of disorders that are diagnosed in the United States. According to the National Institute of Neurological Disorders and Stroke (NINDS), around 50 million Americans suffer from some form of neurological disorder. These disorders can range from mild to severe and can have a significant impact on an individual’s quality of life.

The rising geriatric population is another major factor that is driving the growth of the neurology software market in the United States. The aging population is more susceptible to neurological disorders due to the natural deterioration of cognitive function with age. According to the United States Census Bureau, the number of Americans aged 65 and older is expected to nearly double by 2060.

The growing demand for technologically advanced products is another key factor driving the growth of the neurology software market in the United States. Neurology software products are constantly evolving to keep up with the latest advances in technology. This has made them more user-friendly and efficient, which has led to a growing demand for these products. The increasing number of neurological disorders, rising geriatric population, and the growing demand for technologically advanced products are the major factors driving the growth of the neurology software market in the United States.

4. The Neurology Software Market in Europe

The neurology software market in Europe is expected to grow at a CAGR of around 8% during the forecast period of 2020-2025. Neurology is a branch of medicine that deals with the diagnosis and treatment of disorders of the nervous system. A neurologist is a medical doctor who specializes in the diagnosis and treatment of disorders of the nervous system. Neurological disorders can be divided into two broad categories: central nervous system disorders and peripheral nervous system disorders.

Central nervous system disorders include disorders of the brain and spinal cord, such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, and cerebral palsy. Peripheral nervous system disorders include disorders of the nerves and muscles, such as amyotrophic lateral sclerosis, Guillain-Barre syndrome, and carpal tunnel syndrome. There are several types of neurology software available in the market, which are used for different purposes. Some of the most common types of neurology software are:

– Diagnostic software: This type of software is used to diagnose neurological disorders. It includes software that is used to measure and interpret brain waves, to diagnose epilepsy, and to diagnose stroke.

– Treatment planning software: This type of software is used to plan the treatment of neurological disorders. It includes software that is used to plan the surgery for brain tumors, to plan the rehabilitation of patients with stroke, and to plan the treatment of patients with Alzheimer’s disease.

– Research software: This type of software is used in research on neurological disorders. It includes software that is used to study the brain, to develop new treatments for neurological disorders, and to conduct clinical trials.

5. The Neurology Software Market in Asia-Pacific

The AsiaPacific neurology software market is expected to grow at a CAGR of around 13.5% during the forecast period of 2020-2025. Neurology is a branch of medicine that deals with the diagnosis and treatment of disorders of the nervous system. Neurological disorders can be broadly classified into four categories: degenerative disorders, developmental disorders, trauma-related disorders, and brain tumors.

Degenerative disorders include Alzheimer’s disease, Parkinson’s disease, Huntington’s disease, and amyotrophic lateral sclerosis (ALS). Developmental disorders include autism spectrum disorder, attention deficit hyperactivity disorder (ADHD), and Tourette syndrome. Trauma-related disorders include cerebral palsy, traumatic brain injury, and spinal cord injury. Brain tumors can be either benign or malignant. The AsiaPacific neurology software market is segmented by product type, delivery mode, end user, and geography.

By product type, the market is segmented into standalone software and integrated software. Standalone software is further segmented into disease-specific software and generic software. Integrated software is further segmented into enterprise resource planning (ERP) software and electronic health record (EHR) software. By delivery mode, the market is segmented into web-based, cloud-based, and on-premise. By end user, the market is segmented into hospitals, clinics, and research laboratories. By geography, the AsiaPacific neurology software market is segmented into China, Japan, South Korea, India, Australia, and Rest of AsiaPacific.

The AsiaPacific neurology software market is expected to be driven by factors such as the growing prevalence of neurological disorders, the increasing adoption of neurology software, and the increasing number of clinical trials. However, the high cost of neurology software and the lack of skilled professionals are expected to restraint the growth of the AsiaPacific neurology software market.

6. The Neurology Software Market in Latin America

The global neurology software market is expected to grow at a CAGR of around 8.5% during the forecast period of 2020-2025. The major factors driving the growth of the neurology software market are the increasing number of neurological disorders, the growing aging population, and the increasing adoption of advanced technology. Latin America is expected to be the fastest-growing region in the neurology software market during the forecast period. The increasing number of neurological disorders, the growing aging population, and the increasing adoption of advanced technology are the major factors driving the growth of the neurology software market in Latin America.

The major players in the neurology software market are Philips Healthcare (Netherlands), Medtronic (US), McKesson Corporation (US), Cerner Corporation (US), and Athenahealth (US).

7. Conclusion

The neurology software market is projected to grow at a CAGR of 6.3% from 2019 to 2024 to reach USD 1,326.4 million by 2024 from USD 993.3 million in 2019. The rising adoption of EHRs in hospitals and clinics and the increasing demand for advanced imaging software are the major factors driving the growth of this market. The neurology software market is categorized into image analysis software, diagnostic software, and therapeutic software. The image analysis software segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising adoption of brain mapping and image-guided procedures, which require advanced image analysis software.

The North American region is expected to hold the largest share of the global neurology software market in 2019. The large share of this region can be attributed to the rising prevalence of neurological disorders, the growing adoption of EHRs and PACS, and the availability of reimbursement for neurology software in this region. The major players in the global neurology software market are McKesson Corporation (US), Philips Healthcare (Netherlands), Merge Healthcare Incorporated (US), Siemens Healthineers (Germany), and GE Healthcare (US).