Neurology Clinical Trials Market Current Scenario and Industry...

Neurology Clinical Trials Market Current Scenario and Industry Growth Forecast with Major Key Players data by 2032 | FMI

Posted 2023-04-10 17:35:18

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In 2021, the global Neurology Clinical Trials Market was estimated to be worth approximately US$ 5.4 billion. With a CAGR of 6.3% over the next ten years, the market is expected to be worth nearly US$ 10.5 billion by the end of 2032. Over the forecasted period, the neurology clinical trials market is expected to grow at an absolute dollar opportunity of US$ 4.8 billion.Huntington’s disease occurs in every 2.7 per 100,000 habitats worldwide. Egypt contributes to the highest number of people suffering from Huntington’s disease with 21 of every 100,000 individuals.

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US to dominate the neurology clinical trials Market throughout the Analysis Period

The US generated the highest revenue in the neurology clinical trials market in 2021. Revenue through neurology clinical trials in the U.S. grew at a CAGR of 5.3% during 2017-2021. An increase in life expectancy and a rise in neurological disorders in the U.S. is driving the need to expand neurology clinical trials. Support from government agencies and leading pharmaceutical companies like Biogen are leading the market with anticipated revenue growth of 6.6% CAGR over the forecasted period set between 2021 and 2032.

Neurology Clinical Trials Market: Competition Insights

At present, health organizations and pharmaceutical companies are largely aiming at expanding their manufacturing facilities, investing in R&D, and inventing new drugs for the treatment of neurological disorders.

Neurological Studies are studies that aim to evaluate the safety and efficacy of new treatments or therapies for neurological disorders. These trials are conducted to gather data on the effects of these treatments on patients with various neurological conditions, including Alzheimer's disease, multiple sclerosis, Parkinson's disease, epilepsy, and many others.

The key companies operating in the neurology clinical trials market include:

IQVIA
Novartis
Covance
Medpace
Charles River Laboratories
GlaxoSmithKline
Aurora Healthcare
Biogen

Some of the recent developments by key providers of neurology clinical trials are as follows:

In June 2022, Novartis announced the publication of Nature Medicine of Zolgensma data. The data revealed that children with spinal muscular atrophy (SMA) treated with Zolgensma were able to retain age-appropriate motor skills such as sitting, standing, and walking independently.
In June 2022, Biogen joined hands with Alectos Therapeutics to develop and commercialize a small molecule therapy known as AL01811, as a possible treatment for Parkinson’s disease. The collaboration will benefit Alectos with US$ 77.5 and US$ 630 Mn for development and commercial payments respectively. Moreover, Biogen will conduct responsible for regulatory costs and manufacturing once the therapy is approved for clinical settings.
In June 2022, Scientists at Yale University discovered that a drug developed by Bristol Myers Squibb has the ability to repair the loss of neuronal nexus known as synapse which is the key contributor to cognitive decline. The study also stated that it has the ability to restore synaptic connections in Alzheimer’s mouse models. The drug also minimized the toxic build-up of tau protein present in the brain of animals.
In April 2022, Novartis announced long-term data of Phase 3 ASCLEPIOS I/II trials. The data exhibited the efficacy of Kesimpta and stated that treatment of four years will reduce the risk of three and six months of confirmed disability and fewer relapses.
In April 2022, FDA granted Novartis, a commercial license to manufacture Zolgensma, a multi-product gene therapy with a 170,000 square-foot facility at Durham, N.C. site to test and release Zolgensma.