New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Owing to the rise of clinical research for the evaluation of the treatment of brain and nervous system disorders, the neurology contract research organization market valued reached a growth of US$ 7 Bn at the end of 2021. It is expected that the market will expand at a CAGR of 6.7% over the forecast period (2022-2032).

The National Institute of Neurological Disorders and Stroke (NINDS) funds a network for excellence in neuroscience clinical trials called NeuroNEXT, which works toward increasing the efficiency of clinical trials related to central nervous system disorders. It helps in expanding the capabilities of NINDS so that the testing of new treatments can be conducted in an appropriate manner.

There are contract research organizations like the Neurological Clinical Research Institute (NCRI) that are involved in speeding up the development of drugs that can be used for the treatment of neurological diseases and coordinating with research networks such as NeuroNEXT to successfully conduct clinical trials for the testing of novel treatments for people with neurological disorders. This is quite advantageous for the growth of the neurology contract research organization (CRO) market.

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To save on costs and time, pharmaceutical, biotechnology, medical device companies, and academic organizations consider it efficient to outsource their research needs to CROs.

Key Takeaways from Market Study

• The clinical services segment held 31.6% market share in 2021.
• The neurology-focused segment accounted for 51.3% market share in 2021.
• The psychiatry segment held 44% share of the neurology contract research organization market, by indication, in 2021.
• The pharmaceutical & biopharmaceutical companies segment contributed 31.6% revenue share among end users in 2021 in the global market.
• Around 30.9% of the global market share, by region, was accounted for by North America at the end of 2021.

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"Increase in the number of clinical trials for neurology, assisting with neurological patient care, subsequently driving neurology contract research organization market growth," says an analyst of Persistence Market Research.

Market Competition

Key players in the neurology contract research organization market are focusing on enhancing their services for a wide range of potential therapeutic areas, which may provide insights into disease dynamics, as well as prospective therapeutic models.

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For instance,

• ICON increased the network of Accellacare sites, a global clinical research network that enables access to decentralized trials, in November 2021. The network increased its powers and reach by signing formal relationships with companies such as Asclepes Research and Olympian Clinical Research in the U.S., among others.
• Bio Products Laboratory (BPL) and Atlantic Research Group established an agreement for extensive cooperation on April 28, 2021.

What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the neurology contract research organization market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.

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The research study is based on the service [clinical services (early phase/phase I development, phase IIB-III clinical trials, phase IIIB-phase IV clinical trials, 510(k) clinical studies, IDE clinical studies, IND clinical studies, PMA clinical studies, de novo clinical studies and retrospective clinical studies), data management services (clinical database selection, clinical study planning and clinical protocol development, clinical site budget development, data management (DM) and biostatistics (BS)), drug safety, medical and scientific writing, regulatory affairs, pharmacology and toxicology and quality and compliance], study (neuroscience focused and neurology focused), indication (Alzheimer's disease, brain tumours, epilepsy & seizures, headaches, schizophrenia, depressive disorder, multiple sclerosis (MS), muscular dystrophy, Parkinson's disease, progressive muscular atrophy (PMA), stroke, psychiatry, autism spectrum disorder, cerebral adrenoleukodystrophy (CALD) and sleep apnea/ sleep dysfunction), and end user (pharmaceutical & biopharmaceutical companies, biopharmaceutical companies, medical device companies and academic and research institutes), across seven key regions of the world including North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East and Africa.

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