Neurology Contract Research Organization Market
Neurology Contract Research Organization Market Study by Clinical, Data Management, Drug Safety, Medical & Scientific Writing, Pharmacology & Toxicology, and Others from 2024 to 2034
Analysis of Neurology Contract Research Organization Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Neurology Contract Research Organization Market Overview (2024 to 2034)
The global neurology contract research organization market is expected to be worth US$ 5,923.9 million in 2024. The market is anticipated to expand at a CAGR of 6.8% from 2024 to 2034. The market is predicted to surpass US$ 11,405.8 million in 2034.
The increasing prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis. As the population ages, the demand for treatments and therapies for these conditions is expected to rise, leading to more clinical trials and research studies.
There has been a shift towards outsourcing clinical trials to specialized CROs, which provide expertise and resources that may not be available in-house. This allows pharmaceutical companies to focus on their core competencies and reduce costs associated with clinical trial management. Furthermore, developing new and innovative treatments for neurological disorders contributes to the growth of the neurology contract research organization market.
As more therapies are developed, there is a need for clinical trials to test their safety and efficacy, which in turn drives demand for CRO services. Another factor contributing to the growth of the neurology contract research organization industry is the increasing complexity of clinical trials. With the rise of precision medicine and personalized therapies, clinical trials are becoming more complex and require specialized expertise. Neurology contract research organizations are well-equipped to handle this complexity and provide various services, including study design, site selection, patient recruitment, data management, and regulatory compliance.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 5,923.9 million |
| Forecasted Market Value (2034F) | US$ 11,405.8 million |
| Global Market Growth Rate (2024 to 2034) | 6.8% CAGR |
| Clinical Services Growth Rate (2024 to 2034) | 8.8% CAGR |
| North America Market Share (2024) | 43.9% |
| East Asia Market Share (2024) | 20.0% |
| Key Companies Profiled |
|
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What Factors Have Contributed to a Rise in Global Demand for the Neurology contract research organization?
“The Growing Adoption of Outsourcing by Pharmaceutical and Biotechnology Companies is Expected to Drive the Growth of the Market”
The neurology contract research organization market is expected to witness significant growth in the coming years due to the rapidly increasing adoption of outsourcing by pharmaceutical and biotechnology companies. This trend is driven by the need to reduce costs, accelerate drug development timelines, and increase efficiency. Outsourcing to CROs allows companies to access specialized expertise, technologies, and infrastructure that may not be available in-house, enabling them to focus on their core competencies.
The demand for neurology CRO services is also expected to be driven by the growing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis. These conditions require extensive clinical research to develop effective treatments, which are expected to be facilitated by CROs. In addition, the increasing focus on precision medicine and personalized therapies is expected to create new opportunities for neurology CROs. These therapies require a deep understanding of patient populations and disease mechanisms, which is likely to be achieved through advanced analytics and data science capabilities offered by CROs.
“The Rising Concerns Regarding Neurological Disorders is Projected to Create Attractive Prospects for Neurology Contract Research Organizations”
Neurological disorders are a growing concern worldwide, with a significant increase in the number of cases reported in recent years. This has led to a surge in demand for research and development activities to find effective treatments and therapies for these conditions. As a result, the market for Neurology Contract Research Organizations (CROs) is expected to witness significant growth in the coming years. These organizations provide various services, including clinical trial management, data management, biostatistics, regulatory affairs, and medical writing. With the rising prevalence of neurological disorders, the demand for these services is projected to increase, thus driving the growth of the neurology contract research organization market.
Which Factor is Impeding the Growth of Neurology Contract Research Organization Demand?
“The Lack of Highly Skilled Professionals in the Sector is expected to hamper the Market Growth for the Forecast Period.”
The neurology contract research organization market is expected to face challenges in the forecast period due to the lack of highly skilled professionals in the field. This shortage of qualified professionals is expected to hamper the market's growth as it may lead to a delay in the completion of clinical trials and an increase in the cost of research activities. The neurology contract research organization industry is highly specialized and requires professionals with expertise in neurology, clinical research, and data analysis. The shortage of these professionals may lead to a slower pace of innovation and research in the field of neurology. This, in turn, may impact the development of new drugs and treatments for neurological disorders, significantly impacting patient care and outcomes. Therefore, it is essential to address this shortage of skilled professionals to ensure the growth and progress of the neurology contract research organization industry in the future.
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Country-wise Insights
North America is estimated to account for 43.9% of the global market share in 2024. From 2024 to 2034, the region's market is expected to rise at a moderate CAGR of 5.4%, with a share of 38.7%.
In 2024, East Asia's share is predicted to be 20.0%. During the projection period, East Asia's market is expected to grow at a moderate 7.0% CAGR, with the region retaining 20.4% of the market share by the end.
What Factors Influence the Continued Growth of the United States Neurology Contract Research Organization?
“Rising Outsourcing Drug Discovery and Development Processes in the United States are Likely to Fuel Market Growth Throughout the Projection Period.”
The value of the neurology contract research organization industry in the United States for 2024 is estimated to be US$ 2,126 million. Over the forecast period, the market is expected to register an encouraging CAGR of 5.7% in the country, reaching a value of US$ 3,692 million by 2034.
Outsourcing drug discovery and development processes is expected to drive the growth of the neurology contract research organization market in the United States. These include the increasing prevalence of neurological disorders such as Alzheimer's, Parkinson's, and multiple sclerosis, as well as the growing demand for personalized medicine and targeted therapies. Furthermore, a well-established healthcare infrastructure, a favorable regulatory environment, and a large pool of patients for clinical trials also contribute to the growth of the CRO market in the United States.
Why is China Recognized as a Major Market for Neurology contract research organizations?
“Increasing incidences of neurological disorders in China”
China has witnessed a significant increase in the incidence of neurological disorders, including Alzheimer's disease, Parkinson's disease, and multiple sclerosis, among others, in recent years. According to a report by the National Health Commission of China, over 300 million people in the country suffer from neurological disorders. This has led to a growing demand for effective treatments and therapies, which has resulted in an increased need for contract research organizations (CROs) specializing in neurology.
The Chinese government has been actively investing in the healthcare sector, including neurological research, which has created a favorable environment for the growth of the neurology contract research organization industry in China. The government has introduced various policies and initiatives to encourage research and development in the neurology field, attracting several local and international players to the market.
Category-wise Insights
Based on service type, the clinical services segment is expected to account for 30.6% of the market share in 2024.
Why Do Clinical Services Dominate the Market for Neurology Contract Research Organizations?
“Increasing Need for Temperature Control Options”
The clinical services segment is expected to contribute 30.6% share by product type in 2024. The clinical services are anticipated to witness a rise in demand for next-generation centrifuges at a CAGR of 8.8% through 2034.
The clinical services segment in the neurology contract research organization market involves various services related to clinical trials, including study design, site selection, patient recruitment, trial management, data management, and statistical analysis. With the increasing number of clinical trials being conducted across regions, the demand for clinical services offered by CROs is also growing, particularly in neurology.
Neurology contract research organizations offer clinical services, from early-phase development to post-marketing studies. These services help pharmaceutical and biotech companies conduct clinical trials more efficiently, focusing on safety, quality, and regulatory compliance. The clinical services segment is expected to grow in the coming years, driven by the increasing demand for specialized expertise and the need for faster, more cost-effective drug development.
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Competitive landscape highlights only certain players
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Competitive Landscape
The key players in the neurology contract research organization market focus on expanding their geographic presence, strengthening their service offerings, and improving their operational efficiency to gain a competitive edge. These companies invest heavily in research and development to develop innovative solutions and technologies to meet the growing demand for neurology clinical trials. They are also partnering with other players in the market to expand their service offerings and cater to a larger customer base.
Some of the prominent companies in the market are Charles River Laboratories, IQVIA Inc., Syneos Health, Parexel International Corporation, ICON Plc., Medpace, Laboratory Corporation of America Holdings
In 2021, Syneos Health, a leading technology-enabled clinical trial recruitment and retention services supplier, announced they acquired StudyKIK. This acquisition would enable Syneos Health to provide more innovative, insight-driven solutions.
Segmentation of Next-Generation Centrifuge Market Research
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By Service Type:
- Clinical Services
- Data Management Services
- Drug safety
- Medical and Scientific Writing
- Regulatory Affairs
- Pharmacology & Toxicology
- Quality and Compliance
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By Study Type:
- Neuroscience focused
- Neurology focused
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By Indication:
- Alzheimer's Disease
- Brain Tumors
- Epilepsy
- Headaches
- Schizophrenia
- Depressive disorder
- Multiple Sclerosis
- Muscular Dystrophy
- PARKINSON'S DISEASE
- PMA
- Stroke
- Psychiatry
- ASD
- CALD
- Sleep Apnea
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By End User:
- Pharmaceutical & Biopharmaceutical Companies
- Biotechnology Companies
- Medical Device Companies
- Academic and Research Institutes
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By Region:
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What is the Market Outlook for the Neurology Contract Research Organization Market?
The neurology contract research organization's sales outlook is likely to be valued at US$ 5,923.9 million in 2024
Which is the Leading Service Type in the Neurology Contract Research Organization Market?
The clinical services segment is the leading product type in the market, with an expected market share of 30.6% in 2024.
How fast is the North America Market Expected to Grow?
The North America neurology contract research organization market is forecasted to expand at a CAGR of 5.4% through 2034
What is the Market Forecast for Neurology Contract Research Organization over the Next Decade?
The neurology contract research organization industry is projected to reach US$ 11,405.8 million by 2034.
Neurology Contract Research Organization Market