Market Overview
A contract research organization (CRO) is a company that provides research and development (R&D) services to pharmaceutical, biotechnology, and medical device companies. CROs offer a wide range of services, including clinical research, preclinical research, drug discovery, and regulatory consulting.
Revenue from the global neurology contract research organization market was US$ 7 Billion at the end of 2021 and the market is expected to increase at a value CAGR of 6.7% to reach US$ 14.2 Billion by 2032. The market is driven by the rising prevalence of neurological disorders, increasing demand for clinical research services, and growing outsourcing of clinical trials.
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Market Segmentation
The neurology CRO market is segmented by service, therapeutic area, end user, and region. By service, the market is segmented into clinical research, preclinical research, drug discovery, and regulatory consulting. Clinical research is the largest segment, accounting for the largest share of the market in 2022. This is due to the increasing demand for clinical research services from pharmaceutical and biotechnology companies.
By therapeutic area, the market is segmented into Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, epilepsy, and other neurological disorders. Alzheimer’s disease is the largest segment, accounting for the largest share of the market in 2022. This is due to the increasing prevalence of Alzheimer’s disease and the high unmet medical need for effective treatments.
By end user, the market is segmented into pharmaceutical and biotechnology companies, medical device companies, and academic institutions. Pharmaceutical and biotechnology companies are the largest end users of CRO services, accounting for the largest share of the market in 2022. This is due to the increasing complexity of drug development and the need for CROs to provide specialized services.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for neurology CROs, accounting for the largest share of the market in 2022. This is due to the presence of a large number of pharmaceutical and biotechnology companies in the region.
Market Drivers and Challenges
The market for neurology CROs is driven by a number of factors, including:
- Rising prevalence of neurological disorders
- Increasing demand for clinical research services
- Growing outsourcing of clinical trials
- Increasing focus on drug development
- Technological advancements
However, the market is also challenged by a number of factors, including:
- High cost of clinical trials
- Regulatory challenges
- Lack of skilled professionals
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Key Players
Some of the key players in the global neurology CRO market include:
- IQVIA
- Charles River Laboratories International
- ICON plc
- PRA Health Sciences
- LabCorp
- Covance
- PAREXEL International Corporation
- WuXi AppTec
- Medpace Holdings, Inc.
- inVentiv Health
Regional Analysis
The global neurology CRO market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is the largest market for neurology CROs, accounting for the largest share of the market in 2022. This is due to the presence of a large number of pharmaceutical and biotechnology companies in the region. The US is the largest market for neurology CROs in North America.
Europe is the second largest market for neurology CROs, accounting for a significant share of the market in 2022. The UK, Germany, and France are the largest markets for neurology CROs in Europe.
Asia Pacific is the fastest growing market for neurology CROs, and is expected to register a significant CAGR during the forecast period. The increasing prevalence of neurological disorders in the region, coupled with the growing focus on drug development, are the major factors driving the growth of the market in Asia Pacific. China and India are the largest markets for neurology CROs in Asia Pacific.
Latin America and Middle East & Africa are the two smaller markets for neurology CROs, and are expected to register a moderate CAGR during the forecast period. The increasing prevalence of neurological disorders in the region, coupled with the growing focus on drug development, are the major factors driving the growth of the market in Latin America and Middle East & Africa.
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Market Trends
The global neurology CRO market is expected to witness a number of trends in the coming years, including:
- Increasing focus on personalized medicine
- Growing adoption of new technologies
- Expansion of CROs into emerging markets
Future Outlook
The global neurology CRO market is expected to grow at a significant CAGR during the forecast period, driven by the rising prevalence of neurological disorders, increasing demand for clinical research services, and growing outsourcing of clinical trials. The market is also expected to benefit from the increasing focus on personalized medicine and the growing adoption of new technologies
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