The global neurology clinical trials market is projected to experience substantial growth, with a predicted increase from US$ 5.7 billion in 2022 to US$ 10.5 billion by 2032, marking a noteworthy Compound Annual Growth Rate (CAGR) of 6.3%. This surge in market size is primarily attributed to several factors including the escalating prevalence of neurological disorders, a burgeoning aging population, and continuous technological advancements in the healthcare sector.
Neurological disorders encompass a diverse range of conditions affecting the brain, spinal cord, and nerves, with some of the most prevalent disorders including Alzheimer’s disease, Parkinson’s disease, stroke, multiple sclerosis, and epilepsy. As populations age and lifestyles evolve, the incidence of these disorders is on the rise globally.
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The aging population is a major driver of the neurology clinical trials market. As people age, they are more likely to develop neurological disorders. For example, the risk of developing Alzheimer’s disease doubles every five years after age 65.
Technological advancements are also driving the growth of the neurology clinical trials market. New technologies, such as artificial intelligence (AI) and machine learning (ML), are being used to develop new drugs and treatments for neurological disorders. AI and ML are also being used to improve the efficiency and accuracy of clinical trials.
Key Takeaways:
- The global neurology clinical trials market is expected to grow at a CAGR of 6.3% from 2022 to 2032.
- The growth of the market is attributed to the rising prevalence of neurological disorders, an aging population, and technological advancements.
- The phase II segment is expected to account for the largest share of the neurology clinical trials market during the forecast period.
- The Alzheimer’s disease segment is expected to account for the largest share of the neurology clinical trials market during the forecast period.
- The interventional study design segment is expected to account for the largest share of the neurology clinical trials market during the forecast period.
- North America is expected to account for the largest share of the neurology clinical trials market during the forecast period.
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US to dominate the neurology clinical trials Market throughout the Analysis Period:
The US generated the highest revenue in the neurology clinical trials market in 2021. Revenue through neurology clinical trials in the U.S. grew at a CAGR of 5.3% during 2017-2021. An increase in life expectancy and a rise in neurological disorders in the U.S. is driving the need to expand neurology clinical trials. Support from government agencies and leading pharmaceutical companies like Biogen are leading the market with anticipated revenue growth of 6.6% CAGR over the forecasted period set between 2021 and 2032.
Neurology Clinical Trials Market: Competition Insights:
At present, health organizations and pharmaceutical companies are largely aiming at expanding their manufacturing facilities, investing in R&D, and inventing new drugs for the treatment of neurological disorders. The key companies operating in the neurology clinical trials market include
- IQVIA
- Novartis
- Covance
- Medpace
- Charles River Laboratories
- GlaxoSmithKline
- Aurora Healthcare
- Biogen
Some of the recent developments by key providers of neurology clinical trials are as follows:
- In June 2022, Novartis announced the publication of Nature Medicine of Zolgensma data. The data revealed that children with spinal muscular atrophy (SMA) treated with Zolgensma were able to retain age-appropriate motor skills such as sitting, standing, and walking independently.
- In June 2022, Biogen joined hands with Alectos Therapeutics to develop and commercialize a small molecule therapy known as AL01811, as a possible treatment for Parkinson’s disease. The collaboration will benefit Alectos with US$ 77.5 and US$ 630 Mn for development and commercial payments respectively. Moreover, Biogen will conduct responsible for regulatory costs and manufacturing once the therapy is approved for clinical settings.
- In June 2022, Scientists at Yale University discovered that a drug developed by Bristol Myers Squibb has the ability to repair the loss of neuronal nexus known as synapse which is the key contributor to cognitive decline. The study also stated that it has the ability to restore synaptic connections in Alzheimer’s mouse models. The drug also minimized the toxic build-up of tau protein present in the brain of animals.
- In April 2022, Novartis announced long-term data of Phase 3 ASCLEPIOS I/II trials. The data exhibited the efficacy of Kesimpta and stated that treatment of four years will reduce the risk of three and six months of confirmed disability and fewer relapses.
- In April 2022, FDA granted Novartis, a commercial license to manufacture Zolgensma, a multi-product gene therapy with a 170,000 square-foot facility at Durham, N.C. site to test and release Zolgensma.
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Key Segments Covered in Neurology Clinical Trials Industry Survey:
Neurology Clinical Trials Market by Phase:
- Phase I
- Phase II
- Phase III
- Phase IV
Neurology Clinical Trials Market by Study Design:
- Interventional
- Observational
- Expanded access
Neurology Clinical Trials Market by Indication:
- Epilepsy
- Parkinson’s Disease
- Huntington’s Disease
- Stroke
- Traumatic brain Injury (TBI)
- Amyotrophic Lateral Sclerosis (ALS)
- Muscle regeneration
- Other Indications
Neurology Clinical Trials Market by Region:
- North America Neurology Clinical Trials Market
- Latin America Neurology Clinical Trials Market
- Europe Neurology Clinical Trials Market
- South Asia Neurology Clinical Trials Market
- East Asia Neurology Clinical Trials Market
- Oceania Neurology Clinical Trials Market
- Middle East & Africa Neurology Clinical Trials Market
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