Neurology Clinical Trials market is projected to grow at a CAGR of 5.4% by 2033: Visiongain
Visiongain has published a new report entitled Neurology Clinical Trials Market Report 2023-2033: Forecasts by Study Design (Interventional, Observational, Expanded Access), by Indication (Epilepsy, Stroke, Alzheimer’s Disease (AD), Parkinson’s Disease (PD), Traumatic Brain Injury (TBI), Others)), by Phase (Phase I, Phase II, Phase III, Phase IV) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The neurology clinical trials market is estimated at US$9,609.2 million in 2023 and is projected to grow at a CAGR of 5.4% during the forecast period 2023-2033.
The high failure rate and patient dropout issues in neurology clinical studies represent significant challenges to the industry’s growth. Neurological disorders are inherently complex, and finding effective treatments can be particularly challenging. Many potential drug candidates fail to meet efficacy and safety standards during clinical trials, leading to a high attrition rate. This not only results in substantial financial losses for pharmaceutical companies and research organizations but also delays the availability of much-needed treatments for patients. Moreover, the intricate nature of neurological conditions often requires a deeper understanding of disease mechanisms and more precise interventions, further increasing the likelihood of trial failure. Overcoming this challenge necessitates a more comprehensive understanding of the underlying biology of neurological disorders and the development of targeted therapies that address their specific complexities.
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How has COVID-19 had a Significant Impact on the Neurology Clinical Trials Market?
The COVID-19 pandemic brought unprecedented challenges to the neurology clinical trials industry. Clinical research, particularly in neurology, relies heavily on in-person assessments and specialized facilities, making it vulnerable to disruptions. The stringent lockdowns, restricted access to healthcare facilities, and concerns over patient safety significantly impeded trial operations. Enrolling and retaining participants became a formidable task, as potential subjects were hesitant to visit hospitals, fearing virus exposure. Additionally, the diversion of healthcare resources towards pandemic response strained the capacity for non-COVID related research. As a result, many trials experienced delays, protocol amendments, or even suspension.
The pandemic disrupted the traditional methods of patient recruitment. Fear of exposure deterred potential participants, causing enrolment numbers to plummet. For trials involving vulnerable populations, like the elderly or those with comorbidities, this challenge was even more pronounced. Retaining participants also became arduous due to safety concerns and logistical issues, impacting the validity and timeline of the trials. Lockdowns and travel restrictions created logistical nightmares for conducting trials. Transportation difficulties, limited access to trial sites, and disrupted supply chains for investigational products posed significant challenges. Sourcing specialized equipment and maintaining quality control became intricate tasks, affecting the smooth progress of trials.
How will this Report Benefit you?
Visiongain’s 264-page report provides 107 tables and 153 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the neurology clinical trials market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Neurology Clinical Trials. Get financial analysis of the overall market and different segments including study design, indication, phase, and capture higher market share. We believe that there are strong opportunities in this fast-growing neurology clinical trials market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Prevalence of Neurological Disorders
The incidence of neurological disorders, including but not limited to epilepsy, depression, Alzheimer’s disease, dementia, Parkinson’s disease, migraine, and multiple sclerosis, is increasing in the United States, Europe, and various developing nations. According to the Alzheimer’s Association, there has been a rapid increase in the number of individuals in the United States who are affected by Alzheimer’s disease. Alzheimer’s disease affects a population exceeding 6 million individuals across various age groups in the United States. In the year 2023, it is projected that approximately 6.7 million individuals in the United States who are 65 years of age or older will be afflicted with Alzheimer’s disease. Seventy-three per cent of the population falls within the age group of 75 years or above. According to projections, it is anticipated that by the year 2050, the population of individuals aged 65 and above afflicted with Alzheimer’s disease could reach approximately 12.7 million, unless there are significant advancements in medical research leading to the prevention or cure of this condition.
Parkinson’s disease exhibits a notably elevated prevalence rate. According to data from the Parkinson’s Foundation, the prevalence of Parkinson’s disease (PD) in the United States is estimated to be close to one million individuals, with projections indicating a potential increase to 1.2 million by the year 2030. The source also indicates that approximately 90,000 Americans are diagnosed with PD each year, while the global prevalence of this condition exceeds 10 million individuals.
In a recent publication by The Lancet, it was found that neurological disorders ranked prominently as a prevalent cause of health deterioration within the EU28 and the WHO European region. Stroke, migraine, and dementia are significant contributors to the overall burden of neurological disorders. Likewise, there is a notable incidence of Parkinson’s disease within the United Kingdom. As exemplified by the Parkinson’s Disease Society of the United Kingdom. In the United Kingdom, an estimated population of approximately 153,000 individuals currently resides with Parkinson’s disease. Given the trends of population growth and demographic ageing, it is anticipated that the population in the United Kingdom will likely reach approximately 172,000 individuals by the year 2030.
Growing Adoption of Novel Technologies in Clinical Research
Where are the Market Opportunities?
Ageing Population Projected to Offer Lucrative Growth Prospects
The prevalence of various neurological diseases is higher among the elderly population, primarily attributed to anatomical and functional alterations. Therefore, the increasing number of elderly individuals will serve as a significant contributing factor to the expansion of neurology clinical trials. Based on the World Population Statistics, it is projected that the population of individuals aged 60 years and older will experience a growth rate exceeding twofold by the year 2050. The projected growth rate of the population aged 80 years and above is expected to surpass that of the younger population. The factors that contribute to the diverse age structures observed in different countries worldwide include the upward trend in life expectancy, the phenomenon of international migration, and the downward trend in fertility rates. Neurological disorders such as Alzheimer’s, dementia, and Parkinson’s disease are frequently observed in individuals aged 65 and above. Therefore, the expanding population of elderly individuals is expected to serve as a catalyst for the advancement of neurology clinical trials throughout the projected period.
Artificial Intelligence and Machine Learning in Neurology Clinical Trials
The convergence of Artificial Intelligence (AI) and Machine Learning (ML) has become a significant and influential development in the field of neurology clinical trials in recent times. These technologies exhibit significant potential in transforming the approach to studying, diagnosing, and treating neurological disorders. By harnessing the power of artificial intelligence (AI) and machine learning (ML), stakeholders in the industry have the opportunity to access a variety of advantages that could greatly improve the effectiveness, precision, and results of clinical trials in the field of neurology.
The major players operating in the neurology clinical trials market are AbbVie Inc., Alector, Inc., Annovis Bio, AstraZeneca, Athira Pharma, Inc., Biogen, Charles River Laboratories, Eisai Inc., Eli Lilly and Company, ICON plc, IQVIA, Laboratory Drug Development, Medpace Holdings, Inc., Merck & Co., Inc., Novartis AG, Sanofi, Supernus Pharmaceuticals, Inc., Syneos Health, and Teva Pharmaceutical Industries Ltd. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On 5th October 2023, AbbVie completed the acquisition of Mitokinin, a discovery-stage biotechnology company developing a potentially first-in-class disease-modifying treatment for Parkinson’s Disease (PD). Mitokinin’s lead compound, a selective PINK1 activator, is designed to address mitochondrial dysfunction that is believed to be a major contributing factor to Parkinson’s disease pathogenesis and progression.
- On 26th September 2023, Biogen Inc. completed the acquisition of Reata Pharmaceuticals, Inc., a company focused on developing therapeutics that regulate cellular metabolism and inflammation in serious neurologic diseases. As a result of the transaction, Biogen acquired SKYCLARYS® (omaveloxolone), as well as other clinical and preclinical pipeline programs.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Clinical Trials Support Services Market Report 2023-2033
- Paediatric Clinical Trials Market Report 2023-2033
- Decentralised Clinical Trials Market Report 2023-2033
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