Global Neurology Digital Therapeutics Market Analysis, Drivers, Restraints, Threats & Growth Forecast to 2030
By Ritesh on July 1, 2024
Two Doctors with Patient at CAT Scan. Slight motion blur.
The global neurology digital therapeutics market size was worth around USD 212.5 Million in 2022 and is predicted to grow to around USD 1250 Million by 2030 with a compound annual growth rate (CAGR) of roughly 25% between 2023 and 2030.
➤ Advancements in the medical field are accelerating market growth.
The global neurology digital therapeutics market is expected to expand as a result of the increasing adoption of advanced technology in the healthcare sector across various regions. The increasing prevalence of diseases that are extremely new to the medical community, as well as mutations in the already existing medical conditions that lack a cure at present, has prompted healthcare and pharmaceutical companies to pursue the advancement of technology in the medical sector in order to improve the quality of care they provide to patients.
➤ The market’s development is restricted by the high cost of technology.
The accessibility and efficacy of the treatment are the primary deliverables of an effective healthcare program. At present, the expense of utilizing digital therapeutics to treat neurological conditions is exorbitant due to the limited availability of the technology in emerging economies. The devices are exclusively available to individuals in the upper income bracket or medical facilities with substantial funding that enables them to install the devices. The treatment of neurological conditions is costly in and of itself, and the implementation of advanced technology can lead to an overall increase in costs. The growth of the neurology digital therapeutics industry is anticipated to be constrained by these factors.
➤ Expanding research and development to generate market expansion prospects
Given the promising indications of the use of digital therapeutics in neurology, the global market is receiving significant support from both government and private agencies in the form of robust research and development to establish additional information regarding the use of devices and to make the technology more accessible by enhancing healthcare funds or increasing awareness of its use. It is anticipated that these factors will assist the global neurology digital therapeutics market in identifying additional growth opportunities.
➤ Challenges in the market may arise associated with the enhancement of device efficacy.
Initially, the global market encountered obstacles such as low patient acceptability, regulatory concerns, and payer adoption. Nevertheless, research has demonstrated that the current challenge with digital therapeutics is primarily focused on the manufacturers’ fronts, who are experiencing difficulty in enhancing the device’s efficacy in response to increased consumer expectations and requirements. This can only be resolved through additional research and development in the field.
The global Neurology Digital Therapeutics market profiles key players such as:
● Omada Health
● Livongo Health
● Propeller Health
● Better Therapeutics
● Akili Interactive Labs
● Pear Therapeutics
● Proteus Digital Health
● Noom
● Mango Health
● Kaia Health
???? Recent Developments:
• Better Therapeutics introduced a new digital therapeutic in August 2022 that is more debate-oriented and will enhance A1c. The product that was recently introduced is influenced by the techniques employed in cognitive behavior therapies. It is anticipated that this prediction-based approach will assist diabetic patients in altering their eating patterns and behavior to regulate their A1c levels.
• Neuroglee, a digital therapeutics startup, secured USD 10 million in funding from Openspace Ventures and EDBI in September 2021. The company is anticipated to utilize the funds raised to establish digital neurology clinics and assist Neuroglee in entering the Boston market.
➤ The market growth in North America is expected to be the most significant during the projection period.
The global neurology digital therapeutics market is expected to be dominated by North America in the coming years, as a result of the advanced healthcare infrastructure and robust research and development efforts to integrate technology into the medical sector. The regional expansion trend is facilitated by the government’s initiatives to assist public and private healthcare providers in navigating the technological changes that the sector is experiencing.
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