Global Neurological Biomarkers Market, by Biomarker Type (Imaging Biomarkers, Metabolomics Biomarkers, Proteomic Biomarkers, and Genomics Biomarkers), by Application (Alzheimer’s Disease, Parkinson’s Disease, Multiple Sclerosis, Autism Spectrum Disorders, and Others), by End User (Hospital Laboratories, Clinical Diagnostic Centers, Research Organizations, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 8,979.6 million in 2021, and is expected to exhibit a CAGR of 14.7% during the forecast period (2021-2028).
Rising cases of neurological and psychiatric disorders such as clinical depression, Parkinson’s disease, Autism, Alzheimer’s disease, and others are expected to drive growth of the global neurological biomarkers market during the forecast period. For instance, according to MedScape, in 2019, the global prevalence of Parkinson’s disease was estimated to be 18-328 cases per 100,000 population per year. Moreover, according to the World health organization report 2020, about 50 million people around the world are suffering from dementia in 2019. The same source reveals that approximately 10 million new cases of dementia are reported every year, out of which most of the cases are associated with Alzheimer’s disease.
Market players are engaged in inorganic activities such as acquisitions of companies, which is expected to drive growth of the neurological biomarkers market. For instance, in 2019, Quanterix Corp., an American diagnostic tool company, announced acquisition of UmanDiagnostics AB, a Sweden-based diagnostic tool company. This acquisition will help Quanterix Corp. to expand its diagnostic products portfolio in the field of neurological diagnostics. UmanDiagnostics manufactures ELISA kits for detection of neurological biomarker-NfL associated with multiple sclerosis, Amyotrophic lateral sclerosis, etc.
Global Neurological Biomarkers Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 177 million cases and 3.8 million deaths due to Coronavirus (COVID-19) were reported up till June 20, 2021 across the globe.
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply in global neurological biomarkers market. The COVID-19 pandemic has affected the demand and supply of neurological biomarkers market in three main ways; by directly affecting the production and demand of analysis systems for identification of neurological biomarkers; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets. Supply chain and manufacturing activities of neurological biomarkers in India, China, and the U.S. are disrupted due to nationwide lockdowns.
According to an article published by Clinical trial arena in January 2021, around 84% of patients suffering from severe COVID-19 infection are reported to experience some kind of cognitive impairment such as mental confusion. This study reveals that COVID-19 patients are at a higher risk of acquiring a neurological disorder such as dementia and Alzheimer’s disease. Thus, COVID-19 pandemic is expected to increase the demand of neurological biomarkers for diagnosis of neurological conditions associated with COVID-19 infection.
Browse 33 Market Data Tables and 25 Figures spread through 174 Pages and in-depth TOC on Global Neurological Biomarkers Market, by Biomarker Type (Imaging Biomarkers, Metabolomics Biomarkers, Proteomic Biomarkers, and Genomics Biomarkers), by Application (Alzheimer’s Disease, Parkinson’s Disease, Multiple Sclerosis, Autism Spectrum Disorders, and Others), by End User (Hospital Laboratories, Clinical Diagnostic Centers, Research Organizations, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Neurological Biomarkers market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neurological-biomarkers-market-4586
Moreover, rapid research and development activities by private and public organizations to identify novel neurological biomarkers is expected to drive the neurological biomarkers market growth over the forecast period. For instance, a collaborative study was initiated by Ministero della Salute, Italy, Istituto Nazionale di Genetica Molecolare, Italy, and IRCCS Humanitas, Italy, in December 2020, which is expected to be completed by May 2024. This study investigates the potential use of L1 DNA repeats as a novel epigenetic neurological biomarker, to predict neurodevelopment disorders in childhood such as cognitive impairment and motor impairment.
Key Takeaways of the Neurological Biomarkers Market:
- The global neurological biomarkers market is expected to exhibit a CAGR of 14.7% over the forecast period (2021-2028). North America is expected to account for major market share over the forecast period (2021-2028), owing to rising number of product launches.
- For instance, in 2017, Quanterix Corporation, an American diagnostic tool company, launched its product SR-X Ultra-Sensitive Biomarker Detection System for quicker detection of neurological biomarkers. Launches of new products is expected to fuel the growth of neurological biomarkers market in North America region over the forecast period.
- Some of the major players operating in the global neurological biomarkers market include Abbott Laboratories, QIAGEN N.V., Myriad RBM, Thermo Fisher Scientific Inc., Athena Diagnostics, Bio-Rad Laboratories, Inc., AbaStar MDx, Inc., Acumen Pharmaceuticals, Banyan biomarkers, Inc., Alseres Pharmaceuticals, Inc., Proteome Sciences, Immunarray Pvt. Ltd., Quanterix Corporation, Diagenic ASA, and Psynova Neurotech
