Global Neurological Biomarkers Market valuation to cross USD 14 billion by 2027

October 12, 2021

According to the research report titled ‘Global Neurological Biomarkers Market Size study, by Application (Alzheimer's, Parkinson's, Multiple Sclerosis, Autism Spectrum Disorder, Others), By Type (Genomic, Proteomic, Metabolomic, Imaging, Others), By End-use (Hospital & Hospital Laboratories, Independent Clinical Diagnostic Centers, Research Organizations and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global neurological biomarkers market was assessed at USD 6.1 billion in 2020 and is anticipated to be worth USD 14.3 billion by 2027, expanding at 12.9% CAGR between 2021-2027.

Increasing incidence of neurological diseases such as dementia, migraines, brain tumors, Alzheimer’s disease and epilepsy coupled with surging demand for early detection of such diseases are the key growth drivers for global neurological biomarkers market.

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For the unversed, Parkinson’s disease and Alzheimer’s disease are neurodegenerative illnesses which cause progressive loss of cognitive function, movement difficulties, and dementia. As per World Health Organization, epilepsy accounted for 0.5% of the global burden of illness in 2019. Thus, rising prevalence of Alzheimer’s disease among geriatric populace will aid revenue inflow as well.

While surging demand for customized medicine will facilitate towards the overall industry growth, stringent government rules regarding the commercial use of biomarkers and growing ethical problems regarding early detection of neurological diseases will act as challenges for businesses operating in this domain.

Based on application scope, worldwide neurological biomarkers industry is split into Parkinson’s, Alzheimer’s, autism spectrum disorder, multiple sclerosis, and others. As per end user spectrum, the business sphere is divided into independent clinical diagnostic centers, hospital & hospital laboratories, research organizations,  and others. Moving on to type, the market space is bifurcated into proteomic, genomic, imaging, metabolomic, and others.

Regionally speaking, North America held majority of global neurological biomarkers market share in the recent past owing to growing illness burden, rising research expenditure, and growing adoption of biomarkers for therapeutic and diagnostic development and prognostic reasons.

Meanwhile, Asia Pacific market is slated to expand rapidly between 2021-2027 due to growing number of clinical trials in emerging countries such as China and India, surging demand for targeted medicines in the central nervous system, and increased illness burden.

Leading companies formulating the competitive landscape of worldwide neurological biomarkers industry are Abbott Laboratories, Quanterix Corporation, Thermo Fisher Scientific Inc., Myriad RBM Inc., Bio-Rad Laboratories Inc., DiaGenic ASA, Merck & Co. Inc., Myriad Genetics Inc., Johnson & Johnson Services Inc., and Banyan Biomarkers Inc.

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