Neurological Biomarkers Market: Research Organizations & Others Segment Is Expected To Grow At The Fastest CAGR
Neurological Biomarkers Industry Overview
The global neurological biomarkers market size was valued at USD 6.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.9% from 2020 to 2028. The market growth can be attributed to a rise in the prevalence of neurological diseases, such as migraines, dementia, Alzheimer’s disease, brain tumors, and epilepsy. In addition, technological advancements and the need for early diagnosis of neurological disorders are contributing to the market growth. According to the WHO, in 2016, epilepsy accounted for around 13 million disability-adjusted life years and more than 0.5% of the global burden of disease. Increasing cases of Alzheimer’s disease in older people are expected to fuel market growth.
For instance, according to the WHO, globally, approximately 50 million people have dementia and about 10 million new cases are reported every year. Furthermore, according to the Alzheimer’s Association, approximately 13.8 million people aged 65 years and above are estimated to suffer from Alzheimer’s dementia by 2050. It is estimated that about 5.8 million people in the U.S. aged 65 years and above were affected by Alzheimer’s dementia in 2020.
Gather more insights about the market drivers, restrains and growth of the Global Neurological Biomarkers market
Recent advancements in biomarkers, such as biomarker signatures are making neurological diseases more treatable. This has resulted in noninvasive testing, faster drug development, and early diagnosis. Furthermore, digital biomarkers provide various pharmaceutical companies with contextual and supplemental information to conclude clinical trial decisions. National Institute of Neurological Disorders and Stroke provides funding, such as development grants & cooperative agreements, for researchers conducting studies related to biomarker discovery, analytical validation, & clinical validation.
Thus, the presence of organizations offering funds at various stages of research is anticipated to drive market growth. For instance, the University of North Texas Health Science Center (HSC) was awarded around USD 45.5 million funds from the National Institutes of Health (NIH) to support research regarding health disparities in Alzheimer’s and brain aging. NIH is offering additional funds for biomarkers research for the ongoing Health and Aging Brain Among Latino Elders (HABLE) study.
The use of biomarkers is majorly limited to researchers for understanding the disease progression & pathology and pharmaceutical companies to develop therapeutics for neurodegenerative disorders by utilizing these tests for patient identification & assessment of drug tolerance in subjects. However, there are a few direct-to-consumer or commercial tests available in the market, such as APOE ε4, to predict the presence of a particular gene responsible for Alzheimer’s or related brain disease.
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Neurological Biomarkers Market Segmentation
Grand View Research has segmented the global neurological biomarkers market on the basis of type, application, end-use, and region:
Neurological Biomarkers Type Outlook (Revenue, USD Million, 2017 - 2028)
- Genomic
- Proteomic
- Metabolomic
- Imaging
- Others
Neurological Biomarkers Applications Outlook (Revenue, USD Million, 2017 - 2028)
- Alzheimer’s Disease
- Parkinson’s Disease
- Multiple Sclerosis
- Autism Spectrum Disorder
- Others
Neurological Biomarkers End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Hospital & Hospital Laboratories
- Independent Clinical Diagnostic Centers
- Research Organizations & Others
Neurological Biomarkers Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- August 2020: Johnson & Johnson Services, Inc. entered into an agreement with Enigma Biomedical Group for the evaluation of novel neuroimaging biomarkers-JNJ-64413739 and JNJ-64511070-to understand Alzheimer’s disease and other dementias.
Key Companies profiled:
Some prominent players in the global Neurological Biomarkers market include
- Abbott Laboratories
- Thermo Fisher Scientific, Inc.
- Bio-Rad Laboratories, Inc.
- Merck & Co., Inc.
- Johnson & Johnson Services, Inc.
- Banyan Biomarkers, Inc.
- Myriad Genetics, Inc.
- DiaGenic ASA
- Quanterix
Order a free sample PDF of the Neurological Biomarkers Market Intelligence Study, published by Grand View Research.
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