Artificial Intelligence in Neurology

Artificial Intelligence in Neurology Market Research Report: Forecast (2021-2026)

By Indication (Neuro-technology (Neuro-monitoring, Neuro-modulation, Neuro-feedback, Neuro-Pharmacology, Other), Neuro-technology Indications (Neurosurgery, Functional Neurosurgery, and Others), By Ap Read more

  • Healthcare
  • Dec 2021
  • 234
  • HC22077

In medicine, making precise clinical judgments at all times is amongst the most prominent challenges. However, with the integration of Artificial Intelligence (AI) & machine learning, physicians have seasoned to arrive at the most accurate diagnosis & improve the treatment methods.

Artificial Intelligence is a persuasive area of computer science with massive potential to transform medical practice radically and enhance the performance of the healthcare sector. With AI, neurologists can simulate & access in-depth data about the process of impulse formation & transfer throughout the body. It is enabling medical professionals to speed up the research process & reduce errors.

According to MarkNtel Advisors, the Global Artificial Intelligence in Neurology Market is projected to grow at around 41% CAGR during the coming period, i.e., 2021-26. The market is driven primarily by the growing complexities in making clinical decisions, difficulties in surgeries while distinguishing tumor tissues from healthy ones, rapidly expanding Healthcare Information Technology (HCIT), and the mounting inclination toward patient-centric care.

In addition, the burgeoning demand for cost-effective, fast, & accurate diagnoses, rapid generation of diagnostic data, and efficient report analysis is another crucial aspect likely to drive the global market in the coming years.

Report Coverage Details
Study Period Historical Data: 2018-20
Base Year: 2021
Forecast Period: 2021-26
CAGR 41%
Regions Covered North America: USA, Canada, Mexico
Europe: Germany, UK, France, Italy, Spain, Scandinavia
Asia-Pacific: China, India, Japan, South Korea, Australia
South America: Brazil
Middle East & Africa:  GCC, South Africa
Key Companies Profiled ActivSurgical Inc., Brainomix Limited, Caresyntax Corp, DeepOR S.A.S, ExplORer Surgical Corp., Holo Surgical Inc., LeanTaaS Inc., Medtronic Plc, Scalpel Limited, and Theator Inc.)
Unit Denominations USD Million/Billion

 

Impact of Covid-19 on the Global Artificial Intelligence in Neurology Market

Globally, the Covid-19 pandemic restricted several types of neuroscience applications last year. The risk of contracting the virus limited many people to evaluate their symptoms and hampered research & tests for upgraded devices. It further notably reduced the number of patient visits to hospitals & healthcare clinics. Moreover, fewer patient recruitments for clinical trials also critically hindered the overall market growth.

However, later in 2020, the market witnessed a surge with the rapid development of vaccines to fight the virus. In contrast with traditional diagnostic methods, AI-based solutions deliver more accurate & reliable information regarding a particular health condition, which has significantly helped minimize pressure on healthcare professionals & improved patient outcomes.

With every passing day, these solutions are becoming crucial for the early detection & diagnosis of the virus to combat the pandemic through predictive analysis & personalized information. Besides, Covid-19 has displayed increased possibilities of muscle & nerve damage, dementia, strokes, etc., in some people due to immune imbalance, which has also infused the need for AI-based solutions in neurology amidst the crisis.

The surging demand for AI-based mental & physical health check-up devices owing to the mounting health consciousness among people is a crucial aspect likely to drive the market in the coming years.

Furthermore, the industry observed a significant rise in investments by numerous market players collaborating with the healthcare facilities to provide AI-based solutions for treating high-risk patients during the global pandemic. Hence, with this pace, the Global Artificial Intelligence in Neurology Market is anticipated to create remunerative opportunities and attain considerable growth in the years to come.

Artificial Intelligence in Neurology Market Research Report: Forecast (2021-2026)

Market Segmentation

Based on the Component, the Global Artificial Intelligence in Neurology Market bifurcates into:

  • Hardware
  • Software as a Service

Of both, the Software as a Service component is likely to witness significant growth in its demand during 2021-26. It owes to the mounting need for AI-powered software tools & cloud-based solutions for precisely interpreting medical images of patients and the advancing technologies in proteomics, MRI, & CT scans for accurate detection & analysis of diseases.

Moreover, the rising demand for advanced software solutions to yield more efficiency & security in healthcare devices and improve real-time decision-making is another crucial aspect projected to drive the demand for Software-based AI platforms in the coming years.

Mounting Adoption of Machine Learning & Deep Learning Technologies in Neurology Through 2026

The extensive adoption of Machine Learning (ML) & Deep Learning (DL) technologies is primarily due to their ability to evaluate several data inputs like medical device data, electronic medical records, diagnostic & lab reports, medical images, etc. The use of ML & DL across different surgical applications like surgical workflow modeling, surgical automation, evaluation of surgical skills, and enhancing surgical-robotic materials is another crucial aspect driving the demand for these technologies.

Moreover, ML & DL, using various platforms like endoscopic cameras, have displayed incredible progress in analyzing different surgical activities. For instance, Surgical Intelligence, a visual AI-based platform developed by Theator Inc., uses ML-driven insights to help surgeons enhance their performance by identifying & optimizing the best practices, states MarkNtel Advisors in their research report, “Global Artificial Intelligence in Neurology Market Analysis, 2021.”

Regional Landscape

On the geographical front, the Global Artificial Intelligence in Neurology Market expands across:

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Middle East & Africa

Here, North America is projected to lead the Global Artificial Intelligence in Neurology Market over the forecast years. It owes to North America being an early adopter of modern technologies for healthcare, coupled with the strong base of leading market players headquartered across the US. Moreover, the increasing number of start-ups in the region & massive investments in Healthcare Information Technology (HCIT) toward developing new therapies are other crucial aspects expected to drive the North American market.

The US dominates the regional market, primarily due to the rapid adoption of AI across various healthcare applications. It owes to its benefits like minimized human errors, enhanced operational efficiency, optimized performance, shorter hospital stays, rapid recovery, etc. Besides, the massive investments in the market by several leaders in the US toward better innovations & improved capabilities also contribute to the overall market growth.

In December 2019, LeanTaaS Inc. secured USD 40 million in Series C funding to optimize the health clinic operations using AI. Later, in December 2020, the company raised USD 130 million in Series D funding to improve the overall operational efficiency & patient management using predictive analytics amidst the Covid-19 pandemic.

Market Dynamics

Key Drivers

  • Growing adoption of AI-enabled technologies in healthcare settings to help physicians make better clinical decisions
  • Advancement in robotics & medical visualization technologies to prioritize patients & notify physicians about the situational urgency
  • Increasing funding in Artificial Intelligence to rapidly develop new therapies & bring innovations in the healthcare sector.

Possible Growth Restraints

  • The inability of AI to reason the same way as medical professionals who can draw upon common sense or clinical intuitions & experience
  • Insufficient technical infrastructure and organizational capacity
  • Lack of well-defined regulatory framework

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, revenue) of the Global Artificial Intelligence in Neurology Market?
  2. What are the region-wise industry size, drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Artificial Intelligence in Neurology Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Artificial Intelligence in Neurology Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Artificial Intelligence in Neurology Market study?

Frequently Asked Questions

A. The Global Artificial Intelligence in Neurology Market is projected to grow at a CAGR of around 41% during the forecast period, i.e., 2021-26.

A. The demand for the Software component is expected to grow significantly in the coming years, which would create lucrative opportunities for the leading players in the Global Artificial Intelligence in Neurology Market.

A. The most prominent factors anticipated to drive the Global Artificial Intelligence (AI) in Neurology Market are the growing adoption of AI among medical professionals to perform surgeries with more accuracy and the mounting investments by the market players in the research & development of advanced technologies & improved therapies.

A. Significant investments by numerous market players in collaboration with healthcare facilities to provide AI-based solutions for optimized diagnostics & treatment are expected to boost the market in the coming years.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Impact of Covid-19 on Global Artificial Intelligence in Neurology Market
  4. Global Artificial Intelligence in Neurology Market Start-up Ecosystem, 2016-2021
    1. Entrepreneurial Activity
    2. Year on Year Funding Received
    3. Funding Received by Top Companies
    4. Key Investors Active in the Market
    5. Series Wise Funding Received
      1. Seed Funding
      2. Angel Investing
      3. Venture Capitalists (VC) Funding
      4. Others
  5. Global Artificial Intelligence in Neurology Market Trends & Insights
  6. Global Artificial Intelligence in Neurology Market Dynamics
    1. Impact Analysis
    2. Drivers
    3. Challenges
  7. Global Artificial Intelligence in Neurology Market Policies & Regulations
  8. Global Artificial Intelligence in Neurology Market Key Strategic Imperatives for Success & Growth
  9. Global Artificial Intelligence in Neurology Market Analysis, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Indication
        1. Neuro-technology
          1. Neuro-monitoring
          2. Neuro-modulation
          3. Neuro-feedback
          4. Neuro-Pharmacology
          5. Other Neuro-technology Indications
        2. Neurosurgery
          1. Functional Neurosurgery
          2. Others
      2. By Application
        1. Screening & Diagnosis
        2. Treatment
        3. Research & Development
        4. Training
        5. Surgical Planning and Rehabilitation
        6. Others
      3. By Type
        1. Oncology
        2. Neurodegeneration
        3. Neurovascular
        4. Traumatic Brain Injury
        5. Spinal Cord Injury
      4. By Technology
        1. Machine Learning and Deep Learning
        2. Natural Language Processing (NLP)
        3. Others (Context Aware Computing, Computer Vision)
      5. By Components
        1. Hardware
        2. Software-as-a-Service(SaaS)
      6. By End-User
        1. Hospitals
        2. Diagnosis Centers
        3. Others (Surgical Center, Research Center, Clinic)
      7. By Company
        1. Revenue Shares
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
      8. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
  10. North America Artificial Intelligence in Neurology Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Technology
      4. By Components
      5. By End-User
      6. By Country
        1. US
        2. Canada
        3. Mexico
        4. Others
    3. The US Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    4. Canada Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    5. Mexico Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
  11. South America Artificial Intelligence in Neurology Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Technology
      4. By Components
      5. By End-User
      6. By Country
        1. Brazil
        2. Others
    3. Brazil Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
  12. Europe Artificial Intelligence in Neurology Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Technology
      4. By Components
      5. By End-User
      6. By Country
        1. The UK
        2. France
        3. Germany
        4. Italy
        5. Spain
        6. Scandinavia
        7. Others
    3. The UK Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    4. France Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    5. Italy Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    6. Spain Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    7. Germany Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    8. Scandinavia Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
  13. Middle East & Africa Artificial Intelligence in Neurology Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Technology
      4. By Components
      5. By End-User
      6. By Country
        1. GCC
        2. South Africa
        3. Others
  14. Asia Pacific Artificial Intelligence in Neurology Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Technology
      4. By Components
      5. By End-User
      6. By Country
        1. India
        2. China
        3. Japan
        4. South Korea
        5. Australia
        6. Others
    3. India Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    4. China Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    5. Japan Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    6. South Korea Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
    7. Australia Artificial Intelligence in Neurology Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Type
        2. By End-User
  15. Competition Matrix
    1. Competition Matrix
      1. Brand Specialization
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profile (Business Description, Product Segment, Business Segment, Financials, Strategic Alliances or Partnerships, Future Plans)
      1. ActivSurgical Inc.
      2. Brainomix Limited
      3. Caresyntax Corp
      4. DeepOR S.A.S
      5. ExplORer Surgical Corp.
      6. Holo Surgical Inc.
      7. LeanTaaS Inc.
      8. Medtronic Plc
      9. Scalpel Limited
      10. Theator Inc.
      11. Others
  16. Disclaimer