The report highlights trends prevailing in the global neurological biomarker market with the factors driving the market growth as well as those hampering it.
According to our new research study on “Neurological Biomarker Market – COVID-19 Impact & Global Analysis and Forecast – by Product (Proteomics Biomarker, Genomics Biomarker, Metabolomics Biomarker, Imaging Biomarker, and Others); Application (Alzheimer’s Disease, Parkinson’s Disease, Schizophrenia, Huntington’s Disease, Spinal Muscular Atrophy, and Others); End User (Pharmaceutical and Biotechnology Companies, Clinical Diagnostics, Research Organizations); and Geography,” the global neurological biomarker market is expected to reach US$ 5,501.8 million by 2027 from US$ 14,454.7 million in 2019; it is estimated to grow at a CAGR of 13.0% during 2020–2027.The report highlights trends prevailing in the global neurological biomarker market with the factors driving the market growth as well as those hampering it.
Biomarkers are disease-specific molecular indicators. In early days, the neurological disease biomarkers were not that accessible; however, the advancements in the technology have enabled the measurement of specific biomarkers for tracking the health of the brain. This helps in the early detection of a disease and less invasive diagnostics, and enables faster drug development. The global neurological biomarker market is driven by factors such as the increasing prevalence of neurological diseases and growing focus on neurological biomarker research are expected to propel the growth of the market during the forecast period. However, the concerns associated with biomarker like measurement errors, cost and others hamper the market growth. Additionally, increasing awareness about neurological diseases, coupled with developing healthcare infrastructure, are creating growth opportunities for the market players.
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Neurological Biomarker Market Competitive Landscape and Key Development
Thermo Fisher Scientific Inc.; Abbott; Myriad RBM; Bio-Rad Laboratories, Inc.; Qiagen; Banyan Biomarkers, Inc.; Immunarray Pvt. Ltd.; Quest Diagnostics Incorporated; PerkinElmer, Inc.; and Merck Millipore are among the major players present in the neurological biomarker market.
The incidence of neurological disorders has increased significantly worldwide. As per the World Health Organization data published in 2016, neurological disorders are estimated to affect large populations worldwide in the coming years. The diagnosis of neurological disorders among populations cannot be correlated with age and region. In the recent years, various measures and efforts have been taken to create awareness and educate people regarding these diseases to enable patients to access the suitable medications and treatments for such conditions. For example, the Neurological Foundation in New Zealand works to raise public awareness about neurological diseases by funding publications and hosting public events throughout the country. The Epilepsy Foundation of America has initiated National Epilepsy Awareness Month since 1969 to increase awareness about the disease. Similarly, the Alzheimer’s Association conducts nationwide awareness campaigns to raise awareness about the disease. Moreover, with an increase in the need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being introduced in the healthcare systems, especially in the emerging economies. Factors such as rising incidence of neurological disorders, increase in geriatric population, and advancements in pediatric care are fuelling the growth of the healthcare sector. Thus, the increasing awareness about neurological diseases among patients and developing healthcare infrastructure are likely to offer significant opportunity for the growth of the market.
Growing Focus on Neurological Biomarker Research
Rapid developments in healthcare and drug discovery sector are leading to the introduction of new therapeutic solutions for the treatment of neurological diseases. Authorities such as World Health Organization, National Institute of Neurological Disorders and Stroke, and National Institutes of Health are taking constructive steps to encourage the research activities and find a remedy for neurological disease treatment.
A biomarker is an indicator of normal biological processes, pathogenic processes, or evaluating a therapeutic intervention. Thus, the discovery of biomarker is an active research area, where a few biomarkers have been sufficiently studied and validated for its use in clinical practice and clinical trials.
The National Institute of Neurological Disorders and Stroke (NINDS) biomarker program is focused on enhancing the quality and efficiency of neurotherapeutic clinical research and supports the biomarker validation. The program promotes rigorous biomarker identification and validation by providing funds for the research activities. Similarly, Parkinson’s Disease Biomarkers Program (PDBP) was initiated to support new and existing research promoting the discovery of biomarker for Parkinson’s disease.
Neurological Biomarker Market: Segmental Overview
Based on product, the global neurological biomarker market is segmented into proteomics biomarker, genomics biomarker, metabolomics biomarker, imaging biomarker, and others. In 2019, the genomic biomarkers held the largest share of the market, and the market for the same is expected to grow at the fastest CAGR during the forecast period. This lucrative growth of the market for genomic biomarkers is attributed to increasing awareness among consumers regarding the benefits of genetic medicines as well as technological advancements in the field of neurological biomarkers. In addition, the shift in preference toward gene counseling and genetic analysis for diagnostic purposes is also likely to fuel the growth of the segmental market. The genetic biomarkers are significant modalities that directs toward a more personalized approach for predispositions and medical analysis.
The global neurological biomarker market, based on application, is segmented into Alzheimer’s disease, Parkinson’s disease, schizophrenia, Huntington’s disease, spinal muscular atrophy, and others. The Alzheimer’s disease segment held the greatest share of the market in 2019. Moreover, it is also estimated to register the highest CAGR in the market during 2020–2027.
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