With the emergence and long-term Impact of COVID-19, the Global Neurology Clinical Trials Market is to reach USD 8.10 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Neurology Clinical Trials Market is poised to raise up to USD 8.10 Billion by 2030. Neurology clinical trials are scientific studies conducted in humans to evaluate the safety and efficacy of new treatments, drugs, devices, or diagnostic procedures for neurological conditions. Neurological conditions are disorders that affect the brain, spinal cord and nerves that control movement, sensation, thinking, and behavior. The Neurology Clinical Trials Market is expanding because of factors such as the rising increasing prevalence of neurological diseases such as Alzheimer’s disease, epilepsy, and stroke and a growing number of clinical trials and research activities. The growing prevalence of neurological disorders across the globe is fostering market growth.
According to a report from Alzheimer Disease International Organization, in the year 2020, globally there were around 55 million people suffering from dementia and this figure is expected to reach 78 million in the year 2030 and 139 million by the year 2050. Furthermore, the rising number of neurological clinical trials activities is further driving the market growth. According to the Alzheimer’s Association article “Alzheimer’s Disease Drug Development Pipeline: 2021”, There were 121 drugs in clinical trials to treat Alzheimer’s disease, 39 Phase 3 trials are using 29 agents, 73 Phase 2 trials involving 65 agents, and 27 Phase 1 trial including 27 agents.
Twelve medicines are now undergoing clinical trials with the goal of improving cognition, and 12 others are meant to treat behavioral and neuropsychiatric problems. As of February 2020, 97 drugs were undergoing studies to modify illness. Along with these, ClinicalTrials.gov reports that as of June 2022, there are 1,755 epilepsy studies in progress. Thus, the rising number of clinical trials activities is driving the market growth. In Addition, increasing funding for neurological studies by public organizations and a significant number of CROs providing neurology clinical research services is creating a lucrative opportunity for the market. However, the high cost of Neurology Clinical Trials stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Neurology Clinical Trials Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, rising FDA approvals for clinical trials, and the rising prevalence of neurological disorders in the region. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising prevalence of neurological conditions, an increase in the number of collaborations for clinical trials, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.
The global Neurology Clinical Trials Market is highly competitive owing to the presence of several key manufacturers such as AstraZeneca, Novartis AG, Eisai Co., Ltd., Eli Lilly and Company, Aurora Health Care, AbbVie Inc., Zydus Group, and others.
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Key findings of the study suggest:
- Global Neurology Clinical Trials Market is anticipated to grow with a healthy growth rate of more than 5.6% over the forecast period 2023-2030.
- In the phase segment, phase II clinical trials emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to rising FDA approvals for clinical trial.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Phase:
- Phase I
- Phase II
- Phase III
- Phase IV
By Study Design:
- Interventional
- Observational
- Expanded Access
By Indication:
- Epilepsy
- Parkinson’s Disease (PD)
- Huntington’s Disease
- Stroke
- Traumatic Brain Injury (TBI)
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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