Neurology Clinical Trials Market is expected to be worth about US$ 10.5 Billion by 2032 | FMI
In 2021, the global Neurology Clinical Trials Market was estimated to be worth approximately US$ 5.4 billion. With a predicted CAGR of 6.3% over the next ten years, the market is expected to be worth about US$ 10.5 billion by the end of 2032. The neurology clinical trials market is estimated to increase at a compound annual growth rate of 4.8 percent over the forecast period.
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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. The key companies operating in the neurology clinical trials market include Novartis, Covance, Medpace, Charles River Laboratories, Syneous Health, Icon Plc, GlaxoSmithKline, Aurora Healthcare, Biogen, and IQVIA.
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