Market Trends of Digital Neurotherapeutics Industry
The Multiple Sclerosis Segment is Expected to Hold Significant Market Share Over the Forecast Period
Individualized, innovative disease management is crucial for people with multiple sclerosis (MS) to cope with the complexity of this chronic, multidimensional disease. However, an individual state-of-the-art strategy, with precise adjustment to the patient’s characteristics, is still far from being part of the everyday care of MS. The development of digital neurotherapeutics decisively advances the necessary implementation of individualized, innovative management of MS.
The rising prevalence of multiple sclerosis and the increasing accessibility of digital neurotherapeutics across the world for the treatment of MS are expected to drive the revenue of the multiple sclerosis segment over the forecast period. For instance, according to the National Multiple Sclerosis Society report published in August 2022, around 1.0 million people in the United States and about 2.8 million people worldwide were living with multiple sclerosis in 2022. Hence, the high prevalence of multiple sclerosis is expected to drive the growth of the market studied over the forecast period.
Furthermore, the increasing accessibility of digital neurotherapeutics increases the utilization of these therapeutics, which may further drive the segment revenue over the forecast period. For instance, in May 2022, MindMaze Healthcare, a digital neurotherapeutics provider, entered into an agreement with the Surgicorps, a non-profit organization whose mission is to provide free surgical and medical care to people to increase the accessibility of digital neurotherapeutics (DTx) solutions for the treatment of various neurological diseases in Latin America, the Middle East, Spain, and Switzerland. Hence, such improvements are expected to drive the growth of the market studied over the forecast period.
Hence, the rising prevalence of multiple sclerosis and increasing accessibility of digital neurotherapeutics across the globe are expected to drive the growth of the market studied over the forecast period.
North America is Expected to Hold a Significant Share of the Market During the Forecast Period
The geographical analysis of the digital neurotherapeutics market shows that North America is expected to hold a significant market share in the global market. This is due to the increasing investments in the development of novel digital neurotherapeutics, advanced healthcare infrastructure, and the increasing prevalence of neurological disorders such as depression, Alzheimer's, and Parkinson’s diseases.
The growing investment in the development of new neurotherapeutics increases the launch of new solutions, which may drive the growth of the market studied over the forecast period. For instance, in February 2022, MindMaze, a digital neurotherapy company, raised USD 105 million in funding from AlbaCore Capital Group and Hambro Perks. MindMaze provides game-like therapies and assessment tools for rehabilitation and treatment of neurodegenerative diseases and brain injuries. The company planned to use this funding to speed its global commercialization plans, accelerate research and development, and fund growth and acquisitions. Hence, such huge investments in the development of digital neurotherapeutics are expected to drive the growth of the market studied over the forecast period.
Furthermore, the increasing number of neurological disorders in the region is also expected to boost market growth over the forecast period. For instance, according to the report published by the Alzheimer Society of Canada in September 2022, by 2050, more than 1.1 million Canadians are expected to have Alzheimer's disease, making it the most common type of dementia overall. Hence, the rising prevalence of neurological disorders such as Alzheimer's disease may increase the demand for digital neurotherapeutics and drive market growth over the forecast period.
Hence, the increasing investments in the development of digital neurotherapeutics and the rising number of neurological disorders in North America are expected to drive the growth of the market studied over the forecast period.
