SAN FRANCISCO, Oct. 14, 2021 /PRNewswire/ -- The global neurology clinical trials market size is expected to reach USD 7.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. This is largely attributed to big pharma companies conducting innovative trials in neurology, increased government funding from the National Institute of Neurological Disorders and Stroke (NINDS), and stringent regulatory requirements pertaining to clinical trials.
Key Insights & Findings:
The phase II segment dominated the market and accounted for a maximum revenue share of 36.7% in 2020. Between 1999 and 2020, 8,205 CNS trials were conducted, with 609 trials being conducted in 2020
The interventional segment held the largest market revenue share of 81.1% in 2020
The Huntington's disease segment is anticipated to register the fastest CAGR of 6.0% over the forecast period. This is largely due to the high prevalence of the disease around the world
North America dominated the market and accounted for a revenue share of 45.8% in 2020. The rising prevalence of neurological disorders and the presence of a large number of players in clinical trials drive the market in the region
Neuroscience continues to receive a healthy level of early investment. It received USD 1.5 billion in venture capital funding in 2018, second only to cancer, indicating that investors expect a large pharma acquisition to pay off in the near future. As the industry strives to move past the many late-stage clinical failures of recent years, early diagnosis of diseases is attracting investment and driving deal-making in the complex neuroscience sector, particularly for pain and Alzheimer's disease.
In terms of deal volume, no other therapy area comes close to matching oncology, but neuroscience is among the nearest contenders. Despite a drop in total expected value in 2017, the number of neuroscience-related licensing deals has gradually climbed over the last decade. The vast majority of neuroscience agreements ~90%have a primary neurological focus, which corresponds to the level of R&D activity in the two disciplines.
Many experimental therapeutics require dosage by on-site administration and carefully scheduled outcome measure evaluations hence, the COVID-19 pandemic has significantly harmed the implementation of the precise procedures required to establish proof of safety and efficacy. The COVID-19 has resulted in the shutdown of the network of centers conducting stroke clinical trials. This was followed by a phased research restart plan that took local circumstances and regulatory oversight into account. This approach was successful in a reengaging research effort to some extent in all but one of the ongoing investigations within 55 days.
Grand View Research has segmented the global neurology clinical trials market based on phase, study design, indication, and region:
Virtual Clinical Trials Market – The global virtual clinical trials market size was estimated at USD 7.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
Huntington's Disease Treatment Market – The global Huntington's disease treatment market size was valued at USD 151 million in 2017 and is expected to register a CAGR of 38.2% during the forecast period.
Neuroscience Market– The global neuroscience market size was valued at USD 28.42 billion in 2016 and is expected to grow at a CAGR of 3.1% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.