PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1410514
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1410514
The global neurology contract research organization market reached a revenue of US$ 7.9 billion in 2024 and is poised for significant expansion, to attain US$ 13.8 billion by 2031.
The rapid expansion of neurology contract research organizations can be attributed to the substantial adoption of outsourcing by pharmaceutical and biotechnology companies. Outsourcing clinical development of drugs and medical devices has proven efficient and cost-effective, leading to increased R&D productivity. Factors such as the pursuit of improved return on investment, alignment with scientific advancements, and compliance with strict government regulations have driven this trend.
The rising prevalence of neurological disorders has resulted in a surge in pharmacological therapies, reflected in the significant development of neurological drugs. This growth is underscored by the development of numerous pharmaceuticals across various therapeutic areas, including neurology.
However, neurology CROs face a challenge in acquiring highly skilled professionals. Competing with pharmaceutical companies, biopharmaceutical companies, medical device companies, and academic and research organizations for skilled experts, particularly neuroscientists, poses a potential limitation to the growth of the global neurology CRO market.
The United States accounts for a substantial share of the North American neurology CRO market in 2023. The country's market is thriving due to the rising prevalence of neurological disorders, particularly Alzheimer's disease, and the lack of effective diagnosis methods. The presence of leading CROs in the U.S., including Laboratory Corporation of America Holdings, IQVIA Inc., Parexel International Corporation, and Charles River Laboratories, has further bolstered the market.
In the United Kingdom, major pharmaceutical and biotech companies have increasingly outsourced drug discovery and development activities, including neurology. This trend, driven by the complex drug lifecycle and pricing pressure from government bodies, is favorable for neurology CROs. The U.K. also witnesses an uptick in mergers, acquisitions, and private equity investments, which are expected to positively influence the neurology contract research organization market.
China captured the largest market share of the global neurology CRO market in 2021. CROs in China offer cost-effective clinical development services, attracting pharmaceutical companies like GSK and Novartis, which have closed their R&D centers in the country to focus on outsourcing R&D activities. The increasing revenue of CROs in China, including Pharmaron Beijing Co., Ltd., highlights the significant growth of the neurology research organization market in the nation.
Key players in the neurology CRO market are strategically enhancing their global presence through collaborations, expansions, mergers, and acquisitions. These actions are driving advancements in the neurology contract research organization industry.
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
Clinical Database Selection
Clinical Study Planning and Clinical Protocol Development
Clinical Site Budget Development
Data Management (DM) and Biostatistics (BS)