Remote diagnostic platforms to simulate 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.

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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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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.

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