AI-powered algorithms to drive the Neurology Contract Research Organization Market at a CAGR of 6.7%

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.

The global neurology CRO market is highly competitive, with a large number of players vying for market share. Some of the major players in the market include Parexel, Quintiles, Covance, Charles River Laboratories, and PRA Health Sciences. These companies offer a range of services to support the development and approval of new therapies, including preclinical and clinical trials, regulatory affairs, and other support.

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In conclusion, the global market for neurology CROs is expected to experience significant growth in the coming years due to the increasing prevalence of neurological disorders and the growing demand for new therapies. This growth presents opportunities for companies that can provide high-quality research and development services to the pharmaceutical, biotechnology, and medical device industries.

Why are companies conducting contract research in neurology expanding so quickly?

Pharmaceutical and biotechnology companies are adopting outsourcing at an exponentially increasing rate.

Researchers are looking for outsourcing solutions for the clinical development of either pharmaceuticals or medical devices as a result of increased productivity and efficiency of R&D-related operations in a number of therapeutic areas, including neurology.

For instance, the Laboratory Corporation of America Holdings' annual report outlines a number of factors that influence the outsourcing of trials to CROs. These include mounting pressure to increase return on investment, adherence to scientific advancements, and tight governmental regulatory compliance while lowering the price of various prescription medications.

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Companies

Charles River Laboratories
Laboratory Corporation of America Holdings
IQVIA Inc.
Syneos Health
Parexel International Corporation
ICON Plc.
Medpace
Axon CRO
Thermo Fisher Scientific Inc. (PPD Inc.)
CTI Clinical Trial & Consulting
Pharmaron Beijing Co., Ltd.
Neuroservices-Alliance
QPS Neuropharmacology
MD Biosciences
Atlantic Research Group, Inc.
EphyX Neuroscience
Ergomed plc
Neuron Experts

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.

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

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