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.
|Study Period||Historical Data: 2018-20|
|Base Year: 2021|
|Forecast Period: 2021-26|
|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.
Based on the Component, the Global Artificial Intelligence in Neurology Market bifurcates into:
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.”
On the geographical front, the Global Artificial Intelligence in Neurology Market expands across:
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.
Possible Growth Restraints
Key Questions Answered in the Market Research Report:
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.