Press release
Neurology Contract Research Organization Market to Rise at CAGR of 6.8% to Reach US$ 11,405.8 Million by 2034: Fact.MR Study
The global neurology contract research organization (CRO) market is expected to reach US$ 5,923.9 million in 2024 and grow at a CAGR of 6.8% from 2024 to 2034, exceeding US$ 11,405.8 million by 2034.This expansion is fueled by the increasing prevalence of neurological disorders like Alzheimer's, Parkinson's disease, and multiple sclerosis. The aging population is driving higher demand for effective treatments, which in turn is boosting clinical trials and research efforts.
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Which Factor is Impeding the Growth of Neurology Contract Research Organization Demand?
"Shortage of Skilled Professionals Expected to Restrain Market Growth During Forecast Period"
The neurology contract research organization market is likely to face hurdles due to a shortage of highly skilled professionals. This talent gap may delay clinical trial timelines and increase research costs, thereby impeding market expansion.
Given the specialized nature of the neurology CRO sector, expertise in neurology, clinical research, and data analysis is critical. A lack of qualified personnel could slow down innovation and research progress within the field.
Country-wise Insights
North America is projected to hold 43.9% of the global market share in 2024 and is expected to grow at a moderate CAGR of 5.4% between 2024 and 2034, accounting for 38.7% of the market by 2034.
East Asia is anticipated to capture a 20.0% share in 2024, with its market growing at a steady CAGR of 7.0% over the forecast period, maintaining a 20.4% share by 2034.
Category-wise Insights
Based on service type, the clinical services segment is projected to hold 30.6% of the market share in 2024.
Why Do Clinical Services Lead the Neurology CRO Market?
The clinical services segment, accounting for 30.6% of the market in 2024, is expected to grow at a CAGR of 8.8% through 2034, driven by rising demand for advanced solutions like next-generation centrifuges.
This segment covers a wide range of activities related to clinical trials, including study design, site selection, patient recruitment, trial management, data handling, and statistical analysis. As the number of neurology clinical trials increases globally, the demand for these specialized clinical services from CROs continues to expand.
Competitive Landscape
Key players in the neurology contract research organization market are focused on expanding their geographic reach, enhancing their service portfolios, and boosting operational efficiency to strengthen their competitive positions.
These companies heavily invest in research and development to create innovative solutions and technologies that address the rising demand for neurology clinical trials. Additionally, they form strategic partnerships to broaden their offerings and serve a wider customer base.
Notable companies in this market include Charles River Laboratories, IQVIA Inc., Syneos Health, Parexel International Corporation, ICON Plc., Medpace, and Laboratory Corporation of America Holdings.
In 2021, Syneos Health, a leading provider of technology-enabled clinical trial recruitment and retention services, acquired StudyKIK to deliver more innovative, insight-driven solutions.
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Segmentation of Next-Generation Centrifuge Market Research
By Service Type:
Clinical Services
Data Management Services
Drug safety
Medical and Scientific Writing
Regulatory Affairs
Pharmacology & Toxicology
Quality and Compliance
By Study Type:
Neuroscience focused
Neurology focused
By Indication:
Alzheimer's Disease
Brain Tumors
Epilepsy
Headaches
Schizophrenia
Depressive disorder
Multiple Sclerosis
Muscular Dystrophy
PARKINSON'S DISEASE
PMA
Stroke
Psychiatry
ASD
CALD
Sleep Apnea
By End User:
Pharmaceutical & Biopharmaceutical Companies
Biotechnology Companies
Medical Device Companies
Academic and Research Institutes
By Region:
North America
Europe
Latin America
East Asia
South Asia & Oceania
Middle East & Africa
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