Market Size of Global Neurology Clinical Trials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.35 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neurology Clinical Trials Market Analysis
The neurology clinical trials market is expected to register a CAGR of 4.35% during the forecast period (2022-2027).
Covid-19 was an unprecedented event that has impacted nearly every healthcare business around the world. The COVID-19 disease affects older people as well as people with underlying comorbidities. Neurological diseases are a common cause of mortality rate in an older population. People with dementia, for instance, majorly live with one or more chronic health conditions. As per Alzheimer's Disease International report 2020, more than 55 million people were living with dementia worldwide 2020. And the risk of getting infected with Covid-19 was high for this target population. The memory impairment linked to dementia might interfere with the patient's ability to cooperate with preventive measures for COVID-19 like social distancing, mask-wearing, frequent hand sanitizing, and others. This led to much research and development. Hence, it is expected to have a positive impact on neurology clinical trials. The ongoing clinical trials were delayed with disruptions to trial enrolment, data collection, and data analysis. A study titled "Impact of Covid-19 Pandemic on Clinical Trials Evaluating Various Neurology Indications" published in April 2020 mentioned that a total of 81 trials with a definite neurology indication were identified as of April 2020. Indications related to pain and mental health are the most dominant, with 21% and 19% of the total indications. Also, the source mentioned that 11% of the trials evaluating various forms of addiction were impacted by the crisis. Such impact of COVID-19 on neurology clinical trials is expected to impede the growth of the market during the forecast period.
An increasing number of companies conducting clinical trials in neurology, the rising prevalence of various neurological diseases, and increasing research and development (R&D) investments and government funding towards neurological research are anticipated to drive the studied market growth.
As per the article titled "Prevalence of Dementia and its Impact on Mortality in Patients with COVID-19: A Systematic Review and Meta-Analysis" published in December 2020 showed when a total of 56,577 patients were taken for the study, the prevalence of dementia in this pooled analysis was 10%. Both adjusted and unadjusted effects for dementia associated with increased mortality were 72.9% and 93.7%, respectively. This burden of neurological diseases is expected to increase in the coming years, driving the demand for advanced therapies and treatments for neurological diseases. This is poised to drive the growth of the studied market.
However, stringent regulatory demand related to clinical trials and high failure rates, and increasing cost of clinical trials is anticipated to hinder the market growth over the forecast period.
