Neurology Clinical Trials Market is predicted to witness significant growth of 3.2% by 2026 | Research Informatic

Market Snapshot
The global Neurology Clinical Trials Market is expected to secure USD 5.9 Bn, recording a CAGR of 3.2% during the forecast period. The growth of the market can be attributed to the growing incidences of neurological diseases such as; dementia, stroke, and peripheral neuropathy. The surging R&D investments in neurological research is another salient cause driving the market. Also, the established pharma companies are conducting innovative trials in neurology, with rising government funding from the National Institute of Neurological Disorders and Stroke (NINDS) are other vital pillars of market expansion in the forecast period.

On the contrary, restricted comprehension of the elemental biology of the ailment is expected to act as a significant factor hindering the market expansion in the forecast period.

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Market Segmentation
Based on phase, phase III is expected to expand at the highest CAGR during the forecast period. Expansion of the segment can be attributed to its expensive nature and large patient pool. The median cost of phase III central nervous system clinical trial is USD 19 Bn. A total number of 12, 089 CNS trials were conducted from 1999 to 2020, with 629 trials being conducted in 2020.

Based on the study design, the observational segment is expected to expand at the highest CAGR during the forecast period. In situations such as post-marketing safety evaluations of drugs or when clinical trials are not feasible, observational studies are used to understand treatment impact. On the other hand, the interventional segment is anticipated to procure significant market value in the assessment period. It is one of the most prevalent methods for conducting a clinical experiment, which is projected to drive segmental growth in the forecast period.

Regional Analysis
As per the observations, North America is expected to dominate the market during the forecast period. The region secured the largest revenue share of 45% in 2020. The dominant position of the region can be attributed to the increasing prevalence of neurological disorders and the presence of established players. As per an analysis, an estimated 8.4 million Americans aged 65 and older would suffer from Alzheimer's disease or dementia by 2030. This is likely to augment the market in North America significantly.

APAC is anticipated to be the fastest-growing market during the forecast period. The growth of the region can be attributed to the presence of rapidly developing countries such as; India, China, Japan, and South Korea. Further, initiatives taken by the government are anticipated to augment the market in the region. Also, APAC has been identified as one of the most preferred destinations for clinical trials, thereby, expanding the market size during the forecast period.

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MEA is projected to garner significant traction in the forecast period. The Sub-Saharan African region is impacted by psychiatric, neurological, developmental, and substance use disorders that are enhanced by a lack of adequate nutrition and infectious disease, irrespective of the fact that disorders connected to growing longevity like stroke are rising. Owing to the conflict-torn environment in the Middle East & North Africa, various depressive disorders and post-traumatic stress disorder are severe problems.

List Of Key Players Covered in The Neurology Clinical Trials market:
· Novartis
· Covance
· Medpace
· Charles River Laboratories
· Syneous Health
· Icon Plc
· GlaxoSmithKline
· Aurora healthcare
· Biogen
· and IQVIA among others.

Recent developments among players are:
· In January 2021, Sosei, a player based out of Japan, and Pharm Enable, established in the U.K announced a strategic partnership to develop new drugs for a G protein-coupled receptor (GPCR) target linked to a new number of neurological disorders. They used AI-led technology and developed chemistry to study neurological diseases treatment.

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