Pune, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to Maximize Market Research, the Neurology Clinical Trials Market worth USD 8.6 billion by 2029, growing at a 6.5 % CAGR. The market is growing thanks to Government support and initiatives.
Neurology Clinical Trials Market Scope and Research Methodology
The research report makes extensive use of both primary and secondary data sources. During the research process, government policy, the market environment, the competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries are all investigated, as are market risks, opportunities, market barriers, and challenges. In order to provide final quantitative and qualitative data, all conceivable factors influencing the markets included in this research study were considered, thoroughly examined, validated via primary research, and evaluated.
The impact of inflation, economic downturns, changes in regulations and policies, and other variables is considered for top-level markets and sub-segments. In addition to this information, the report includes in-depth inputs and analysis. To calculate the market size and examine global market trends, bottom-up approaches were used. In order to draw accurate conclusions, data were gathered from a large sample using both primary and secondary research techniques. The primary methods employed were surveys, questionnaire distribution, and telephone interviews with business owners, marketing specialists, market leaders, and industry experts. Secondary data was painstakingly compiled from a carefully selected set of sources to ensure that the conclusions were accurate.
There are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites in addition to white papers and annual reports. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report delves into the Neurology Clinical Trials Market in depth.
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Neurology Clinical Trials Market Overview
Neurological diseases are the leading cause of death in the elderly. People suffering from dementia, for example, are more likely to have one or more chronic health conditions. Growing neurological disorders are driving the market. According to MMR, neurological disorders were 28% in 2020, with a 9% increase to 37% in 2021. This is propelling the neurology clinical trials market.
The rise in neurological illnesses has been identified as one of the major contributors to the global disease burden. Cerebrovascular disease, Alzheimer's disease, other dementias, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis are just a few of the 1,000 neural system disorders.
Neurology Clinical Trials Market Dynamics
The increasing prevalence of neurological illnesses, as well as a large number of nerve injuries, necessitates the development of a neurology clinical trials market. The global geriatric population is also increasing. The growing geriatric population, as well as the prevalence and incidence of nerve-related disorders among them, drives the growth of the neurological clinical trials market. Participants and researchers in the market are increasingly focused on advancing neurostimulation and neuromodulation technologies such as next-generation neurostimulation devices, company collaborations to launch advanced products, and the incoming latest technologies, which are driving the market growth. Government funding for neurological illness research accelerates the market growth.
CNS drugs and injections have a variety of side effects, including depersonalization and inability to sleep, increased blood pressure, and nerve damage, which will limit their use in the coming years. According to research, corticosteroid injections can cause serious complications such as skin discoloration, infections, and allergic reactions, all of which can have a negative impact on one's health. Furthermore, these injections are prohibitively expensive, resulting in limited acceptance among ailing patients, further impeding the growth of the neurology clinical trials market.
Emerging economies such as India, China, and Brazil offer appealing market opportunities due to their large population bases, rising incidences of neurological illnesses, and improved healthcare infrastructure and spending. The new stem cell treatment technologies also present several opportunities for neurology clinical trials market growth, with numerous stem cell therapy studies now being conducted for nerve repair and regeneration purposes. Neurological research has been extended and extended in recent years. Medtronic, for example, obtained CE clearance for the InterStim Micro neurostimulator and InterStim SureScan MRI leads, allowing them to be sold commercially and used in clinical trials in Europe. InterStim Micro, the smallest rechargeable device on the market for sacral neuromodulation (SNM) therapy, is used to treat overactive bladder (OAB), faecal incontinence (FI), and non-obstructive urine retention. The InterStim SureScan MRI leads provide full-body 1.5 and 3 Tesla MRI-conditional images when used with the InterStim Micro or the rechargeable InterStim II.
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Neurology Clinical Trials Market Regional Insights
North American region dominated the market with 45% of the market share in the year 2021. The United States is expected to dominate the market. Factors such as high treatment awareness among the country's target population, healthcare infrastructure, improved reimbursement policies, and increased business partnerships between pharmaceutical companies and contract research organizations are propelling the neurology clinical trials market forward in this region. According to an April 2021 report titled 'Alzheimer's Disease Facts and Figures,' this figure is expected to rise to nearly 13.2 million by 2050. Furthermore, according to Centers for Disease Control and Prevention (CDC) data updated in April 2022, a stroke occurs every 40 seconds in the United States. The increasing prevalence of neurological disorders such as Alzheimer's disease, stroke, and others is expected to drive market demand for new therapeutics. As a result, it is expected to drive the growth of the neurology clinical trials market under consideration.
| Market Size in 2021 | USD 5.2 Bn. |
| Market Size in 2029 | USD 8.6 Bn. |
| CAGR | 6.5 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 207 |
| No. of Tables | 102 |
| No. of Charts and Figures | 106 |
| Segment Covered | Phase, Study Design, Indication |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
Neurology Clinical Trials Market Segmentation
By Phase
- Phase I
- Phase II
- Phase III
- Phase IV
By Study Design
- Interventional
- Observational
- Expanded Access
By Indication
- Huntington's Disease
- Epilepsy
- Parkinson's Disease (PD)
- Stroke
- Traumatic Brain Injury (TBI)
- Amyotrophic Lateral Sclerosis (ALS)
- Muscle regeneration
- Others
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Neurology Clinical Trials Market Key Competitors:
- Supernus Pharmaceuticals, Inc. (US)
- Adamas Pharmaceuticals (US)
- Eli Lilly and Company (US)
- Aurora Health Care (US)
- AbbVie Inc. (US)
- Medtronic (US)
- Zydus Group (India)
- Athira Pharma, Inc. (US)
- Annovis Bio (US)
- Biogen (US)
- Merck & Co., Inc. (US)
- IQVIA (US)
- Covance (US)
- Medpace (US)
- Charles River Laboratories (US)
- SyneousHealth (US)
- AstraZeneca (UK)
- GlaxoSmithKline plc (UK)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Sanofi (France)
- Novartis AG (Switzerland)
- Eisai Co., Ltd. (Japan)
- Icon Plc (Ireland)
Key questions answered in the Neurology Clinical Trials Market are:
- What are Neurology Clinical Trials?
- Who are the European Neurology Clinical Trials, market leaders?
- Who are the market leaders in Neurology Clinical Trials in the United States and Canada?
- Who are the market leaders in Neurology Clinical Trials in India, China, Japan, and South Korea?
- Who controlled most of the Neurology Clinical Trials Market?
- What factors are driving the Asia-Pacific Neurology Clinical Trials Market's growth?
- What will be the growth rate of the Neurology Clinical Trials Market during the forecast period?
- How does competition differ between developed and emerging economies in the Neurology Clinical Trials industry?
- Who are the top ten Neurology Clinical Trials market participants?
- What factors are influencing the growth of the Neurology Clinical Trials Market?
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Key Offerings:
- Market Trends, Share, Competitive Landscape & Forecast by Revenue | 2022−2029
- Market Dynamics – Industry Growth, Opportunities, Trend, Share, and Forecast to 2029
- Market Segmentation – A detailed analysis by Phase, Study Design, Indication and Region
- Competitive Landscape – Top Key Players and Other Prominent Vendors
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