Neurology Contract Research Organization Market

Neurology Contract Research Organization Market Outlook (2022-2032)

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.

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Sales Analysis of Neurology Contract Research Organization Services (2012 to 2021) Vs. Market Outlook (2022 to 2032)

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.

• As per data from the Parkinson’s Prevalence Project, which was initiated by the Parkinson’s Foundation, it has been estimated that there would be around 1.2 million people who suffer from Parkinson’s disease by the year 2030 in North America alone.

Apart from this, the surge in the number of neurology-related clinical trials will strongly influence the neurology CRO market positively.

• At present, as per findings from the U.S. National Library of Medicine, around 11,612 studies are being conducted to provide relief to neurological patients by evaluating the efficacy and safety of either a drug, therapy, or device.

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.

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Why are Neurology Contract Research Organizations Growing Rapidly?

“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.

• For instance, the annual report of the Laboratory Corporation of America Holdings highlights various factors that drive the outsourcing of trials to CROs. These factors include increasing pressure to improve return on investment, aligning with scientific advances, and complying with strict government regulations while reducing the cost of various prescription drugs.

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.

• In one of the studies of the Avoca Group, which comprised 128 receivers, it was reported that 65% of R&D activities were outsourced in 2018 concerning both small and large pharmaceuticals as well as biotechnology companies.

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.

• In the year 2020, for instance, there were approximately 2,740 cancer drugs, 1,535 immunology drugs, 1,498 neurology drugs, and 1,213 infectious disease drugs in development, according to the Facts and Figures 2021 report from the International Federation of Pharmaceutical Manufacturers and Associations.

This demonstrates the tremendous rise in the number of pharmaceutical firms.

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What Barriers Can Affect Neurology Contract Research Organization Market Progress?

“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.

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Country-wise Insights

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.

• According to the Alzheimer’s Association, in 2022, there are around 6.5 million American adults who fall under the age group 65 and above, who are suffering from Alzheimer’s disease. This number is projected to rise to 12.7 million by 2050 for the same age group of Americans.
• In America, 1 in 9 people aged 65 and above have Alzheimer’s and, 1 in 3 senior citizens with Alzheimer’s or another kind of dementia, as per findings from the Alzheimer’s Association.

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.

Category-wise Insights

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.

Competitive Landscape

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.

• In January 2020, Charles River entered into a scientific collaboration with Takeda Pharmaceutical Company Limited to focus on delivering preclinical candidates for drug discovery. This collaboration was restricted to drug discovery in the four core therapeutic areas such as oncology, gastroenterology, neuroscience, and rare diseases.
• In June 2021, MD Biosciences announced the opening of a 20,000 square-foot state-of-the-art Central Nervous System research facility in Israel.
• Syneos Health, a renowned provider of technology-enabled clinical trial recruiting and retention services, announced in September 2021 that it had acquired StudyKIK. Syneos Health would be able to offer more cutting-edge, insight-driven solutions as a result of this acquisition.

Neurology Contract Research Organization Industry Report Scope

Segmentation of Neurology Contract Research Organization Industry Research

Neurology Contract Research Organization Market by Service:

• Clinical Services
  • Early Phase/Phase I Development
  • Phase IIB-III Clinical Trials
  • Phase IIIB-Phase IV Clinical Trials
  • 510(k) Clinical Studies
  • IDE Clinical Studies
  • IND Clinical Studies
  • PMA Clinical Studies
  • De Novo Clinical Studies
  • Retrospective Clinical Studies
• Data Management Services
  • Clinical Database Selection
  • Clinical Study Planning and Clinical Protocol Development
  • Clinical Site Budget Development
  • Data Management (DM) and Biostatistics (BS)
• Drug Safety
• Medical and Scientific Writing
• Regulatory Affairs
• Pharmacology and Toxicology
• Quality and Compliance

Neurology Contract Research Organization Market by Study:

• Neuroscience focused
• Neurology focused

Neurology Contract Research Organization Market by Indication:

• Alzheimer's Disease
• Brain Tumors
• Epilepsy & Seizures
• Headaches
• Schizophrenia
• Depressive Disorder
• Multiple Sclerosis (MS)
• Muscular Dystrophy
• Parkinson's Disease
• Progressive Muscular Atrophy (PMA)
• Stroke
• Psychiatry
• Autism Spectrum Disorder
• Cerebral Adrenoleukodystrophy (CALD)
• Sleep Apnea/ Sleep Dysfunction

Neurology Contract Research Organization Market by End User:

• Pharmaceutical & Biopharmaceutical Companies
• Biopharmaceutical Companies
• Medical Device Companies
• Academic and Research Institutes

Neurology Contract Research Organization Market by Region:

• North America Neurology Contract Research Organization Market
• Latin America Neurology Contract Research Organization Market
• Europe Neurology Contract Research Organization Market
• South Asia Neurology Contract Research Organization Market
• East Asia Neurology Contract Research Organization Market
• Oceania Neurology Contract Research Organization Market
• Middle East and Africa Neurology Contract Research Organization Market