iCrowd Newswire – Jun 25, 2020
The neurological biomarker market is expected to reach US$ 5,501.8 million by 2027 from US$ 14,454.7 million in 2019. The market is estimated to grow at a CAGR of 13.0% from 2020 to 2027.
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 othershamper 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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Leading companies likeThermo 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 theneurological biomarker market.
The genomic biomarkers segment held the largest share of the global neurological biomarker market, based on product, in 2019, and it is expected to register the highest CAGR during the forecast period. This segment is likely to witness a lucrative growth owing to increasing consumer awarenessabout the benefits of genetic medicines as well as technological advancements in the field of neurological biomarkers. In addition, the growing inclination toward gene counseling and genetic analysis for diagnostic purposes is also likely to propel the growth of the market for genomic biomarkers. The genetic biomarkers are significant modalities that directs towards a more personalized approach of predispositions and medical analysis.
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.
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 diseasesegment held the greatest share of the market in 2019. Moreover, it is also estimated to register the highest CAGR in the marketduring 2020–2027.
End User-Based Insights
On the basis of enduser, the neurological biomarkermarket has been segmented into pharmaceutical and biotechnology companies, clinical diagnostics, and research organizations.In 2019, the pharmaceutical and biotechnology companiessegment held the largest share of the market, and it is further expected to register the highest CAGR during 2020–2027.
Product launches and approvalsare the commonly adopted strategies by companies to expand their global footprintsand product portfolios, which helps them meet the growing consumer demand. Collaboration is one of the major strategies adopted by the neurological biomarker marketplayers to enlarge customer base worldwide, which also permits them to maintain their brand name globally.
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