Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Neurology Contract Research Organization Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global neurology contract research organization (CRO) market is set to undergo significant growth, with the latest industry analysis projecting a rise from US$ 7.9 billion in 2024 to an anticipated US$ 13.8 billion by 2031. This market expansion is fueled by increasing trends in outsourcing clinical development within pharmaceutical and biotechnology sectors.
Rapid Expansion Driven by Outsourcing and Increasing Neurological Disorders
A major growth contributor for neurology CROs has been the escalating adoption of outsourcing due to its efficiency and cost-effectiveness. This trend is complemented by the pressing need to enhance R&D productivity, manage investment returns, keep up with scientific progress, and adhere to stringent regulatory standards. Moreover, the growing incidence of neurological diseases has amplified the demand for advanced therapeutics, bolstering drug development in neurology.
Professional Expertise Shortage Posing Industry Challenges
Despite the market's bullish trajectory, neurology CROs encounter limitations, particularly in recruiting skilled professionals, such as neuroscientists, amidst competition with various healthcare and research entities. This presents a challenge to the further scaling of the neurology CRO landscape.
Regional Market Insights Highlight North America's Dominance and China's Strategic Growth
- United States Leads North American Market: With a stronghold in North America, the U.S. sees a flourishing neurology CRO sector, led by prominent players operating within its borders. The increasing prevalence of neurological conditions has intensified research and development efforts, contributing to the nation's market strength.
- U.K. Offers Lucrative Prospects: The U.K.'s market benefits from the healthcare industry's pivot towards outsourcing drug discovery and the compounding effect of market consolidation activities, such as mergers and acquisitions.
- China's Emergent Market Position: China's CROs have positioned themselves as cost-competitive service providers, drawing attention from global pharmaceutical giants that opt for outsourcing R&D activities to the region.
Competitive Moves Shaping the Neurology CRO Arena
Key players within the neurology CRO space are solidifying their global presence via strategic collaborations, expansions, and corporate mergers. Their forward-thinking approaches are pivotal to the evolving dynamics of the neurology CRO industry. The industry landscape is segmented meticulously, encompassing variegated services from early phase development to post-approval stages, catering to a broad spectrum of neurological indications, and serving a diverse clientele including pharmaceutical, biopharmaceutical, and medical device companies, as well as academic and research institutions across various regions. This analytical research offers a comprehensive evaluation of market trends, growth determinants, regional market nuances, competitive strategies, and segmentation analysis, providing stakeholders with valuable insights for informed decision-making.
For details on the segmentation and deeper insights, this analytical research publication provides a thorough assessment of the neurology contract research organization market, available now for review.
A selection of companies mentioned in this report includes
- Charles River Laboratories
- Laboratory Corporation of America Holdings
- IQVIA Inc.
- Parexel International Corporation
- ICON plc.
- Medpace
- Syneos Health
- Thermo Fisher Scientific (PPD Inc.)
- Pharmaron Beijing Co., Ltd.
- Neuroservices Alliance
- QPS Neuropharmacology
- MD Biosciences
- CTI Clinical Trial and Consulting Services
- Atlantic Research Group, Inc.
- EphyX Neuroscience
- Ergomed PLC
- Neuron Experts
- Axon CRO
For more information about this report visit https://www.researchandmarkets.com/r/6xy07f
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