Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Biomarkers are the molecules that indicate the presence of a disease. The biomarkers of the neurological disorders were not that accessible in earlier days. However, the advancements in the technology have enabled to track the health condition of the brain by measuring the biomarkers. This helps in the earlier detection of disease, less invasive diagnostics and allows faster drug development and is expected to be the effective treatment.
According to our new research study on “Neurological Biomarkers Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Proteomics Biomarker, Genomics Biomarker, Metabolomics Biomarker, Imaging Biomarker, Others); Application (Alzheimer's Disease, Parkinson's Disease, Schizophrenia, Huntington's Disease, Spinal Muscular Atrophy, Others); End User (Pharmaceutical and Biotechnology Companies, Clinical Diagnostics, Research Organizations); and Geography,” the neurological biomarkers market size to grow from $14.45 billion by 2027 from $5.50 billion in 2019. The market is estimated to grow at a CAGR of 13% from 2020 to 2027.
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Increasing Awareness of Neurological Diseases Coupled with Developing Healthcare Infrastructure to Provide Opportunity for Global Neurological Biomarkers Market Growth During 2020 to 2027:
The incidence of neurological disorders has increased significantly across the world. As per the World Health Organization, neurological disorders are estimated to affect a large number of populations worldwide in coming years. Neurological disorders are diagnosed among population, irrespective of their age and geographic region. In the recent years, various measures and efforts have been taken to create awareness and educate people regarding neurological diseases, which are facilitating patients to access the suitable medications and treatments for such conditions.
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 has initiated National Epilepsy Awareness Month to increase awareness about the disease. Similarly, the Alzheimer’s Association conducts nationwide awareness campaigns to raise awareness about Alzheimer’s disease. Countries such as the US and Canada have high prevalence rates of movement disorders and psychiatric disorders associated with growing geriatric populations. According to the Parkinson's Foundation, Parkinson's symptoms are common at an average age of 60. The Canadian Psychological Association states that about 2% of the population suffers from obsessive-compulsive disorder (OCD).
Along with a growing awareness of neurological conditions, the healthcare industry has been experiencing rapid transformation during recent years. Several countries across the globe have favored advanced technologies in healthcare. For instance, 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 incidences of neurological disorders increase in geriatric population, and advancements in pediatric care are fueling the growth of the healthcare industry. 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.
Global Neurological Biomarkers Market: Segmental Overview
The “Global Neurological Biomarkers Market” is segmented based on product, application, end user, and geography. Based on product, the neurological biomarkers market is segmented into proteomics biomarker, genomics biomarker, metabolomics biomarker, imaging biomarker, others. In 2019, the genomics biomarker segment held the largest neurological biomarkers market share, and the same segment is expected to grow at the fastest rate during the forecast period. Based on application, the neurological biomarkers market has been segmented into Alzheimer’s disease, Parkinson's disease, schizophrenia, Huntington's disease, spinal muscular atrophy, and others. The Alzheimer’s disease segment held the highest share of the neurological biomarkers market in 2019, and the same segment is anticipated to witness growth at a significant rate during 2020 to 2027. Based on end user the market is segmented into pharmaceutical and biotechnology companies, clinical diagnostics, and research organizations. In 2019, the pharmaceutical and biotechnology companies segment held the largest share of the market, and the same segment is also expected to grow at the fastest rate during the coming years.
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Global Neurological Biomarkers Market: Competitive Landscape and Key Developments market
Thermo Fisher Scientific Inc., Abbott, Myriad Genetics, Inc., Bio-Rad Laboratories, Inc., Qiagen, Banyan Biomarkers, Inc., Immunarray Pvt. Ltd., Quest Diagnostics Incorporated, PerkinElmer, Inc., and Merck Millipore among others among others are the leading companies operating in the neurological biomarkers market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the neurological biomarkers market. Many market players are launching their innovative products in the neurological biomarkers market with advanced features. For instance,
In March 2020, Thermo Fisher Scientific as a part of the business strategy has initiated the procedure for the acquisition of QIAGEN N.V. This transaction values QIAGEN at about US$11.5 billion as per the current exchange rates. It includes the consideration of about US$1.4 billion of net debt. This transaction is expected to be completed by the first half of the year 2021.
In May 2020, PerkinElmer launched of new products based on the HTRF technology the product application includes biomarkers assays, biochemical cytokine-receptor binding assays, and other applications. The company thus strengthens and expands in the reagent portfolio.
Go through further research published by The Insight Partners:
Biomarkers Market - Global Analysis and Forecast to 2030
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