Neurology Software Market Size, Share and Trends Analysis Report, Forecast Period 2024-2031.
Neurology Software Market Size, Share and Trends Analysis Report, Forecast Period 2024-2031.
Blog Article
The global neurology software market is anticipated to grow at a CAGR of 7.3% during the forecast period. The increasing number of patients with neurological disorders such as Parkinson's disease (PD), motor neuron disease, and epilepsy has heightened awareness of brain-related diseases, which is driving the industry's growth. The neurology electronic health record (EHR) and practice management software solutions enable physicians and healthcare staff to improve clinical processes, facilitate outpatient shifts, and make practice more efficient, without sacrificing care outcomes and patient satisfaction. Neurological disorders such as stroke among the population globally have boosted the need for such software. Stroke accounts for over 1.79 million deaths annually in China and is one of the leading causes of adult disability. Whereas as per the Parkinson's Foundation, 60,000 Americans are diagnosed with PD each year.
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The changing lifestyle and dietary habits, growing pollution levels, and increasing stress levels are the factors leading to the generation of neurological disorders/conditions among the population due to which the number of people seeking medical help for the early diagnosis and treatment of these diseases, thereby, driving the market growth. However, the high cost of neurology software may act as a restraint to the market growth. The technological advancements in imaging technologies such as CT scans and MRI that plays a vital role in understanding the neurological state of the patient are bringing new growth opportunities to the market.
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Segmental Outlook
The global neurology software market is segmented based on product type and application. Based on product type, the market is sub-segmented into imaging software, neurology EMR software, and others. Based on application, the market is sub-categorized into hospitals and clinics, research institutes and academics, and others. Among these, the hospital and clinics segment held the highest share in the market in 2021. The segment is likely to dominate by accounting for the highest share during the forecast period. Rapid development in healthcare infrastructure along with the adoption of advanced healthcare technologies is bringing new growth opportunities to the market. New product innovation and service development by leading players operating in the neurology software market is another renowned aspect contributing significant share towards the market growth. Such as in February 2021, Stratus launched Stratus EEG, a new, web-based EEG software solution to help improve physician access to patient data and support payer documentation requirements for the hospital segment. The device comes with HD audio-video synchronization to provide physicians with unsurpassed information to treat their patients who are experiencing seizures or seizure-like symptoms.
By Product Type (Imaging Software, Neurology EMR Software, and Others),
By End-User (Hospitals and Clinics, Research Institutes and academics, and Others)
Regional Outlook
Geographically, the global neurology software market is classified into four major regions including North America (the US and copyright), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). The Asia-Pacific region will hold a considerable market share during the forecast period. The regional growth is attributed to the high population base and the presence of innovative start-ups and research organizations providing healthcare software and services for better healthcare outcomes. For instance, in September 2021, Brainomix partnered with Wallaby Medical via a partnership agreement to bring the most comprehensive AI stroke imaging solution to China. As part of the agreement, Wallaby will distribute Brainomix's e-Stroke software to stroke centers across Greater China.
North America is Expected to Dominate in Neurology Software Market
Geographically, North America held the largest share of the market in 2021. It is expected that the region will further dominate by accounting for the highest share during the forecast period. The regional growth is attributed to the factors such as the high adoption rate of advanced technologies in healthcare, the increasing demand for efficient healthcare services, and the presence of a well-established healthcare infrastructure. Apart from these, the increasing prevalence of neurological disorders and rising awareness about such disorders is further generating a significant scope for market growth. As per Pan American Health Organization, in 2019, there were 533,172 mortality, 213,129 (40%) in men, and 320,043 (60%) had been accounted for in the US due to neurological conditions. The increasing neurological disorder prevalence is expected to boost the demand for neurology software during the forecast period.
Market Players Outlook
The major market players in the global neurology software market include Advanced Data Systems Corp., Allscripts Healthcare, LLC, Epic Systems Corp., Fujifilm Holdings Corp., General Electric Co., Koninklijke Philips N.V., Siemens Healthineers AG, United Imaging Healthcare Co., Ltd. among other. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global neurology software market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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