The market for neurology contract research organisations generated $7 billion in revenue at the end of 2021, and it is anticipated that market revenue would grow at a CAGR of 6.7% to reach US$ 14.2 billion by 2032. Clinical services of the Neurology Contract Research Organizations Market achieved a market value of US$ 2.2 Bn in 2021, while data management services accounted for 18.6% of the global market, according to Persistence Market Research. Over the past nine years, from 2012 to 2021, the global market for neurology contract research organisations saw a CAGR of 5.5%.
The focus on research and development activities in the fields of neurology and neuroscience has expanded as a result of the rising prevalence of neurological illnesses, and this has ultimately pushed the market for neurology contract research organisations to grow.
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Why are companies conducting contract research in neurology expanding so quickly?
Pharmaceutical and biotechnology companies are adopting outsourcing at an exponentially increasing rate.
Researchers are looking for outsourcing solutions for the clinical development of either pharmaceuticals or medical devices as a result of increased productivity and efficiency of R&D-related operations in a number of therapeutic areas, including neurology.
For instance, the Laboratory Corporation of America Holdings’ annual report outlines a number of factors that influence the outsourcing of trials to CROs. These include mounting pressure to increase return on investment, adherence to scientific advancements, and tight governmental regulatory compliance while lowering the price of various prescription medications.
Competitive Landscape
To strengthen their presence around the world and improve their services, key players are involved in collaborations, expansions, and mergers & acquisitions. These are the top three key promotional strategies adopted by prominent neurology contract research organizations in the market.
In January 2020, Charles River entered into a scientific collaboration with Takeda Pharmaceutical Company Limited to focus on delivering preclinical candidates for drug discovery. This collaboration was restricted to drug discovery in the four core therapeutic areas such as oncology, gastroenterology, neuroscience, and rare diseases.
In June 2021, MD Biosciences announced the opening of a 20,000 square-foot state-of-the-art Central Nervous System research facility in Israel.
Syneos Health, a renowned provider of technology-enabled clinical trial recruiting and retention services, announced in September 2021 that it had acquired StudyKIK. Syneos Health would be able to offer more cutting-edge, insight-driven solutions as a result of this acquisition.