Market Trends of Global Neurology Clinical Trials Industry
This section covers the major market trends shaping the Neurology Clinical Trials Market according to our research experts:
Alzheimer’s Disease by Indication is Expected to Grow Over the Forecast Period
Alzheimer's Disease or AD is expected to boost the demand for neurology clinical trials and will grow at a stable growth rate in the forecast period. Alzheimer's disease is one of the major problems in neuroscience, and it is majorly thought to be caused by an abnormal build-up of proteins inside and around brain cells. But it is still unknown what triggers Alzheimer's Disease (AD). The primary symptoms are problems with vision or language, while with the disease, different areas of the brain are affected, primarily those associated with memory.
According to the article titled ' Dementia' published in June 2021, although the factors causing this disease are unknown, there are several factors that are known that increase the risk of getting this disease. Such as age, family history, people living with Down's syndrome, Head injuries, and cardiovascular diseases are more prone to be affected by this disease.
The Alzheimer's Association 2021 report shows that the United States Food and Drug Administration (US FDA) has approved five drugs for the treatment of Alzheimer's, namely rivastigmine, galantamine, donepezil, memantine, and memantine combined with donepezil.
Additionally, in the article published by Alzheimer's Association titled "Alzheimer's Disease Drug Development Pipeline: 2021", there were 121 agents in clinical trials for the treatment of Alzheimer's disease. Twentynine agents are in 36 Phase 3 trials, 65 agents are in 73 Phase 2 trials, and 27 agents are in 27 Phase 1 trial. Twelve agents in trials target cognitive enhancement, and 12 are intended to treat neuropsychiatric and behavioral symptoms. There were 97 agents in disease modification trials as of February 2020.
Owing to the increasing number of clinical trials and drug approvals, the Alzheimer's Disease segment by indication is expected to grow over the forecast period. Hence, driving the growth of the studied market.
North America is Expected to Dominate the Market in the Forecast Period
The North American region is expected to hold a dominating share in the growth of the market during the forecast period. North America currently dominates the market for clinical trials for diagnostics and therapeutics, and it is expected to continue its stronghold for a few more years. The United States is anticipated to hold the largest share of the market.
Factors such as high treatment awareness among the target population across the country, healthcare infrastructure, better reimbursement policies, and increasing business partnerships of pharmaceutical companies with contract research organizations are driving the growth of the market in this region.
According to a report titled 'Alzheimer's Disease Facts and Figures ', published in March 2021 by 2050, this number is projected to rise to nearly 13 million. Additionally, the Centers for Disease Control and Prevention (CDC) data updated in April 2022 that every 40 seconds, someone in the United States has a stroke. This burden of neurological disorders such as Alzheimer's Disease, stroke, and others is expected to drive the demand for new therapeutics in the market. Hence it is poised to drive the growth of the studied market.
In addition, as per the Centers for Disease Control and Prevention (CDC) in 2020, stroke is a leading cause of serious long-term disability and reduces mobility in more than half of stroke survivors of age 65 and older in the United States. The geriatric population is one of the key factors responsible for the market growth in this country, as the older population is at a higher risk of acquiring this disease.
Therefore, owing to the aforementioned factors, the North American region is expected to witness strong growth over the forecast period driving the growth of the neurology clinical trials market.
