Neurological biomarkers are increasingly gaining popularity among healthcare professionals across the globe for tracking the health of the brain. This assists in the early detection of disease, and less invasive diagnostics while enabling faster drug development. Also, biomarkers can be used for various other purposes which include estimating disease prognosis or risk, guiding clinical diagnosis, monitoring response or progression to therapy, evaluating disease stage, and others.
According to a market report published by Bizwit Research & Consulting, LLP, the global neurological biomarkers market is valued at approximately USD 6.19 billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 12.14% over the forecast period 2021-2027.
Rising adoption of personalized medicine, rising prevalence of neurological disorders, and increasing strategic developments by market players and government support are some of the factors that are expected to significantly contribute to the growth of the global neurological biomarkers market during the forecast period. In addition, technological innovations provide lucrative growth opportunities to the market. However, lengthy timelines for biomarker development and lack of reimbursement coverage are expected to hamper the growth of the global neurological biomarkers market during the forecast years.
Neurological disorders such as Alzheimer’s disease, dementia, brain tumors, migraines, and epilepsy constitute a major socioeconomic and health problem. Parkinson’s disease is Alzheimer’s disease and neurodegenerative illness which causes dementia, progressive loss of cognitive function, and movement difficulties. An increase in the prevalence of such diseases has increased the demand and adoption of neurological biomarkers for the early detection as well as treatment of different neurological disorders. For instance, according to Alzheimer’s Disease International, the total number of people experiencing dementia across the globe is expected to increase from 36 million people in 2010 to 66 million people by 2030 and further to 115 million people by 2050. This is expected to increase the demand and adoption of biomarkers for rapid detection as well as evaluation of patients experiencing neurological diseases.
Global Neurological Biomarkers Market Size study, by Application (Alzheimer’s Disease, Parkinson’s Disease, Multiple Sclerosis, Autism Spectrum Disorder, and Others), by Type (Genomic, Proteomic, Metabolomic, Imaging, and Others), by End-use (Hospital & Hospital Laboratories, Independent Clinical Diagnostic Centers, and Research Organizations and Others), and Regional Forecasts 2021-2027
The total market revenue is calculated on the basis of revenue generated through the consumption of neurological biomarkers. Major companies covered under the report include Abbott Laboratories, Bio-Rad Laboratories, Inc, Thermo Fisher Scientific Inc, F. Hoffman-La Roche Ltd, Johnson and Johnson services inc, Rules-Based Medicine – a Q2 Solutions Company, Quanterix, ADx Neurosciences, Banyan Biomarker, Inc., and Abcam Plc. Other popular regional players across various countries are also considered for revenue calculation.
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