The global neurology clinical trials market is set to experience remarkable growth over the next decade, with projections indicating a rise in market size from USD 5.7 billion in 2022 to an impressive USD 10.5 billion by 2032. This substantial increase represents a robust Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period, underscoring the critical need for continued research in the neurology field.
The surge in demand for neurology clinical trials is largely driven by the escalating prevalence of neurological disorders across the globe. These disorders, which include conditions such as Alzheimer’s disease, Parkinson’s disease, stroke, multiple sclerosis, and epilepsy, are becoming increasingly common, particularly in aging populations. The growing elderly demographic significantly contributes to the rising incidence of these debilitating conditions, heightening the need for innovative treatments and interventions.
As the global population ages and lifestyles continue to evolve, the likelihood of developing age-related neurological disorders increases, further fueling the demand for comprehensive clinical research. Neurology clinical trials play a crucial role in addressing these growing challenges by providing a platform for the discovery and development of new therapies that can improve patient outcomes.
Moreover, continuous advancements in healthcare technology are playing a pivotal role in propelling the neurology clinical trials market forward. The integration of cutting-edge diagnostic tools, improved imaging technologies, and enhanced data analytics capabilities is transforming the landscape of clinical research. These technological innovations not only enhance the accuracy and precision of trial outcomes but also streamline the overall research process, making it more cost-effective and time-efficient.
Looking ahead, the future of neurology clinical trials appears promising, with ongoing research and development efforts dedicated to addressing the unmet needs of patients suffering from neurological disorders. As the market continues to expand, stakeholders in the healthcare sector—including pharmaceutical companies, research institutions, and healthcare providers—are expected to invest heavily in clinical trials, driving further innovation and progress in this critical field.
This growth trajectory signals a significant opportunity for industry players to capitalize on the increasing demand for neurology clinical trials. By continuing to push the boundaries of clinical research and leveraging the latest technological advancements, the neurology clinical trials market is well-positioned to make meaningful strides in improving the lives of patients worldwide.
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 USD 77.5 and USD 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.
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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