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Neurology Contract Research Organization Market Segmented By Clinical Services, Data Management Services, Drug Safety, Medical and Scientific Writing, Regulatory Affairs, Pharmacology and Toxicology, Quality and Compliance Services in Neuroscience focused, Neurology focused Study
Revenue from the global neurology contract research organization market was US$ 7 Bn at the end of 2021 and the market is expected to increase at a value CAGR of 6.7% to reach US$ 14.2 Bn by 2032.
According to Persistence Market Research, based on service, clinical services of the neurology contract research organization market secured a market value of US$ 2.2 Bn in 2021, whereas, data management services accounted for 18.6% share of the global market.
Neurology Contract Research Organization Market Size (2022)
US$ 7.4 Bn
Projected Market Value (2032)
US$ 14.2 Bn
Global Market Growth Rate (2022-2032)
Market Share of Top 5 Countries
The global market for neurology contract research organizations recorded a CAGR of 5.5% over the last 9 years from 2012 to 2021.
Due to the rising prevalence of neurological disorders, the focus on research and development activities related to the field of neurology and neuroscience has increased, and eventually, this has pushed the growth of the neurology contract research organization market.
Apart from this, the surge in the number of neurology-related clinical trials will strongly influence the neurology CRO market positively.
These studies are either recruiting, enrolling patients by invitation, or are active but not recruiting.
The conduction of in-house clinical trials requires a lot of money to be spent by pharmaceutical, biopharmaceutical, biotechnology, medical devices companies, and even academic and research institutes. The option available to outsource such services to contract research organizations is something that is considered cost-effective, which bodes well for market growth.
In addition, the complex understanding of the regulations that standardize clinical trials across the world also contributes to the growth of the global neurology contract research organization market.
CROs employ a regulatory affairs team that specializes in maintaining compliance throughout clinical development. The inclination toward outsourcing clinical development has increased because this is quite cost-effective for different industries and the possibility of going wrong due to maintaining regulations is less.
The global neurology contract research organization market is thus likely to exhibit high growth at a CAGR value of 6.7% to reach a market size of US$ 14.2 Bn by 2032.
“Rapidly Increasing Adoption of Outsourcing by Pharmaceutical & Biotechnology Companies”
Increase in the efficiency and productivity of R&D-related activities in various therapeutic areas, including neurology, has influenced researchers to look for outsourcing options concerning the clinical development of either drugs or medical devices.
Through outsourcing, a business can make use of a contract research organization's operational and therapeutic area knowledge, geographic reach, and well-established processes and technologies, while saving its limited resources for tasks that will offer the most value to the business.
Because neurological disorders are becoming more common among people, there is currently a trend toward a considerable growth in the number of pharmacological therapies. An increase in pharmaceutical drug sales is indicative of the numerous possibilities for the increased development of neurological drugs.
This demonstrates the tremendous rise in the number of pharmaceutical firms.
“Dearth of Highly Skilled Professionals”
CROs must employ qualified and experienced scientists so that they can conduct clinical research and development that is being outsourced by any pharmaceutical or biotechnology company concerning any of the therapeutic areas. CROs face high competition in this aspect because they compete with pharmaceutical companies, biopharmaceutical companies, medical device companies, and academic & research organizations that are involved in in-house clinical development.
Hence, CROs that provide services in various areas of therapeutics or specialized fields such as neurology and neuroscience face a dearth of highly-skilled professionals like neuroscientists. This lack of skilled professionals may hamper the growth of the global neurology contract research organization market to some extent.
Why is the U.S. Neurology Contract Research Organization Market Booming?
“Rising Prevalence of Neurological Disorders in the U.S.”
The U.S. accounted for 80.9% share of the North American neurology contract research organization market in 2021. Rising prevalence of neurological disorders and lack of effective diagnosis of these conditions are expected to fuel market growth in the country.
The presence of various CROs such as Laboratory Corporation of America Holdings, IQVIA Inc., Parexel International Corporation, and Charles River Laboratories is quite high in the U.S. This has boosted the availability of the services of neurology contract research organizations.
Will the U.K. Be a Lucrative Market for Neurology CROs?
“Ongoing Trend of Outsourcing Drug Discovery & Development Processes”
The U.K. held 22.9% share of the Europe neurology contract research organization market in 2021.
In the U.K., there are major pharmaceutical and biotech companies that have increased the outsourcing of drug discovery and development activities because of the complex lifecycle of drugs and pricing pressure from government bodies. This has led to the outsourcing of drug development in various therapeutic areas, including neurology.
Other than this, there has been an increase in mergers & acquisitions and private equity investments in the U.K. The CRO sector would eventually influence neurology contract research organizations favorably in the country.
How is China Emerging as a Prominent Market for Neurology Contract Research Organizations?
“Large Pharmaceutical & Biopharmaceutical Companies Closing their R&D Centers in China”
China held the largest market share of 18.4% of the global neurology CRO market in 2021.
CROs in China offer clinical development services at a price that is quite favorable for pharmaceutical companies to carry out their R&D and clinical trials. Companies such as GSK, Novartis, and others have shut down their R&D centers in China so that they can focus on outsourcing their R&D activities to CROs.
Increase in the revenue of CROs in China, such as Pharmaron Beijing Co., Ltd., points toward the high growth of the neurology research organization market in the country.
Which Service is Driving Neurology CRO Market Expansion?
“Increasing Number of Clinical Trials across Regions”
The clinical services segment held 31.6% share of the global market for neurology contract research organizations in 2021.
Increasing number of clinical development services and drugs portrays the usage of the clinical services offered by different contract research organizations.
Which Study Has More Prevalence in the Market?
“Increasing Prevalence of Neurological Disorders”
The neurology focussed segment held 51.3% share of the global market at the end of 2021.
Growing number of central nervous system-related diseases is increasing the focus on neurology-related studies. This was further propelled by the advent of the COVID-19 pandemic, and the associated incline in the number of diagnosed cases with relevance to neurological conditions.
Which End User Accounts for Greater Adoption of Neurological Services Offered By CROs?
“Growing R&D of Neurological Drugs”
Pharmaceutical and biopharmaceutical companies held a larger share of 31.6% with a market value of around US$ 2.2 Bn at the end of 2021.
With the growing necessity to offer therapeutic solutions for the large population suffering from chronic diseases, the market for neurology contract research organizations has gained traction.
To strengthen their presence around the world and improve their services, key players are involved in collaborations, expansions, and mergers & acquisitions. These are the top three key promotional strategies adopted by prominent neurology contract research organizations in the market.
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The global neurology contract research organization market was valued at US$ 7 Bn in 2021.
Sales of neurology contract research services are set to increase at 6.7% CAGR and reach US$ 14.2 Bn by 2032.
Demand for services offered by neurology contract research organizations increased at 5.5% CAGR from 2012 to 2021.
The U.S., China, Canada, U.K., and Germany account for 58% market share.
The U.S. accounted for 80.9% share of the North American market in 2021.
Laboratory Corporation of America Holdings, IQVIA Inc., and ICON Plc. are leading neurology CROs.
China’s share in the global neurology contract research organization market was 18.4% in 2021.