Global Artificial Intelligence in Neurology Market Research Report: Forecast (2024-2030)

Market Definition

Artificial Intelligence is a persuasive area of computer science with massive potential to transform medical practice radically & 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.

Market Insights & Analysis: Global Artificial Intelligence in Neurology Market (2024-30):

The Global Artificial Intelligence in Neurology Market is valued at around USD 48 million in 2023 and is estimated to grow at a CAGR of about 46% during the forecast period, i.e., 2024-30. 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. 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 market in the coming years.

AI-powered remote monitoring devices and telemedicine solutions have become indispensable components of neurology care. These technologies enable healthcare providers to maintain continuous surveillance of patients' neurological conditions, leading to enhanced disease management. Owing to this, the healthcare sector's increasing adoption of AI-powered solutions for diagnostics & monitoring solutions for neurology cases is driving the demand for AI in neurology.

Furthermore, the prominence of AI-driven treatment personalization in neurology is continuously growing. AI algorithms can examine an individual patient's unique genetic profile, medical history, and lifestyle choices, allowing for the customization of treatment plans. This minimizes the potential side effects and optimizes therapeutic outcomes. Hence, these developments present significant opportunities and are poised to have a profound impact on the future growth of the Artificial Intelligence in Neurology Market.

Global Artificial Intelligence in Neurology Market Driver

Rising Prevalence of Neurological Disorders to Aid in Assisting the Market Growth – The increasing prevalence of neurological diseases worldwide is fueling the need for AI in the market. This is primarily due to the rising prevalence of various neurological conditions, including dementia, migraines, and other related disorders. Due to stress, dietary patterns, and heightened exposure to environmental toxins like lead, mercury, and pesticides, the demand for diagnosis & treatment is ascending across the healthcare market globally, which consequently impacts the innovating technology of diagnosis like AI, eventually the Artificial Intelligence in Neurology Market demand. For instance:

• The World Health Organization (WHO) reported that in 2022, the global count of dementia patients reached approximately 55 million, with 60% of them residing in low & middle-income countries, and these numbers are expected to rise by 10 million cases annually. 

Therefore, as the occurrences of neurological disorders continue to surge, it underscores the demand for accurate clinical diagnosis & treatment, which would require AI to interpret patient's data and support the treatment of the disease.

Global Artificial Intelligence in Neurology Market Opportunity

Personalized Treatment Creating Opportunity for AI's in Enhancing Neurology Care – Treatment personalization through AI presents a significant market opportunity in the field of neurology. As AI continues to advance, it can effectively analyze vast datasets, including genetic information, to create highly customized treatment plans for patients with neurological disorders. This level of personalization holds immense potential for improving patient outcomes & reducing adverse effects.

By analyzing an individual's genetic predisposition, response to previous treatments, lifestyle factors, and disease progression, AI could assist healthcare providers in making more informed decisions regarding medications, therapies, and interventions. This would enhance the quality of care and contribute to patient satisfaction & adherence to treatment regimens. Consequently, creating profitable opportunities for the Artificial Intelligence in Neurology Market in the forecast years.

Global Artificial Intelligence in Neurology Market (2024-30): Segmentation Analysis

The Global Artificial Intelligence in Neurology Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. In accordance to the analysis, the market has been further classified as:

Based on Technology:

• Machine Learning (ML) & Deep Learning (DL)
• Natural Language Processing (NLP)

The extensive adoption of Machine Learning (ML) & Deep Learning (DL) technologies across the Artificial Intelligence in Neurology Market is making it the most prominent segment during 2023 & is poised to flourish in the future years as well. This 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.

Based on Component:

• Hardware
• Software-as-a-Service (SaaS)

By acquiring the largest share of Artificial Intelligence in Neurology Market, the Software-as-a-Service component is likely to witness significant growth during 2024-30. 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.

The rising demand for advanced software solutions to yield more efficiency and 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.

Global Artificial Intelligence in Neurology Market (2024-30): Regional Projection

Geographically, the Global Artificial Intelligence in Neurology Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America is projected to lead the Global Artificial Intelligence in Neurology Market over the forecast years. It owes to the region being an early adopter of modern technologies for healthcare, coupled with the strong base of leading market players headquartered across the US.

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 America Artificial Intelligence in Neurology Market in the future years.

Global Artificial Intelligence in Neurology Industry Recent Development:

• 2023: Surgalign Spine Technologies, Inc. announced the release of Holo AI insights for neurovascular research to automatically segment medical images, measure anatomic structures, automate pedicle screw planning, and perform other tasks.
• 2022: Neosoma Inc. announced to received FDA clearance for its first AI-based Neuro-Oncology Software, Neosoma HGG (High-Grade Glioma).

Gain a Competitive Edge with Our Global Artificial Intelligence in Neurology Market Report

1. Global Artificial Intelligence in Neurology Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Artificial Intelligence in Neurology Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.