New York, Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest study on "Neurological Biomarker Market Size, Share, Growth, Trends and Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, Application, and End User," the global market was valued at USD 5.5 billion in 2019 and is projected to reach USD 14.4 billion by 2027; it is estimated to grow at a CAGR of 13.0% from 2020 to 2027. THERMO FISHER SCIENTIFIC INC and MYRIAD RBM are the notable market players in neurological biomarker market.
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Global Neurological Biomarker Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.5 billion in 2019 |
| Market Size Value by | USD 14.4 billion by 2027 |
| Growth rate | CAGR of 13.0% from 2020 to 2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 168 |
| No. of Tables | 75 |
| No. of Charts & Figures | 12 |
| Historical data available | Yes |
| Segments covered | Product, Application, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Neurological Biomarker Market: Competitive Landscape and Key Developments
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 are among the leading companies operating in the global neurological biomarker market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
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A few of the recent developments by the prominent players in the neurological biomarker market are as follows:
- 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.
- In March 2020, Thermo Fisher Scientific initiated the procedure for the acquisition of QIAGEN N.V. as a part of the business strategy. 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.
- In December 2019, Quest Diagnostics Incorporated acquired specific assets of Boston Clinical Laboratories related to clinical laboratory services business. Boston Clinical Laboratories is a Waltham-based regional provider of laboratory services.
- In July 2019, Quest Diagnostics Incorporated entered into a partnership with Catholic Health Services (CHS). CHS is an integrated health care delivery system that accounts for about a 24% market share on Long Island. Through this partnership, the company will be able to provide laboratory and supply chain expertise, other testing-related services.
- In April 2019, PerkinElmer Inc. acquired Cisbio Bioassays. Cisbio Bioassays has developed its proprietary HTRF technology, a TR-FRET assay platform that has application in Life Sciences. The extension of Cisbio has enabled life science researchers to have access to assay tools for various target types and biological configurations, small molecule, and biologic drug discovery procedures.
North America is the largest market for neurological biomarkers, with the US holding the largest market share, followed by Canada. The neurological biomarkers market is expected to grow due to increasing prevalence of neurological diseases, growing awareness regarding neurological conditions, and extensive R&D activities are among the few factors that are projected to accelerate the growth of the neurological biomarker market. In North America, the US holds a significant share and market growth in the country is primarily driven by a vast number of R&D activities, financial aid by governments and other private and non-private organizations, collaborations within pharmaceuticals and technology companies; and the increasing prevalence of neurological diseases. Furthermore, the implementation of regulatory policies for rare diseases is likely to offer significant opportunities for the growth of the market during the forecast period.
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The US health system witnesses a massive number of product launches for the treatment of chronic conditions and rare diseases, which is further driving the growth of the neurological biomarker market. In May 2020, Quanterix Corporation, a company digitizing biomarker analysis to advance the science of precision health, announced that it will expand its robust menu of ready-to-use Simoa kits to include tau phosphorylated at threonine 181 (p-tau181), a highly specific biomarker for the study of Alzheimer’s disease pathology in cerebral spinal fluid (CSF), serum, and plasma. Besides, the growing prevalence of neurological diseases is likely to demand neurological biomarkers for diagnosis and treatment of the disease. As per the Alzheimer’s Association, in 2020, an estimated 5.8 million Americans aged 65 or more are living with Alzheimer’s dementia, and the number is expected to reach 13.8 million by 2050. Thus, the growing prevalence of neurological diseases is likely to favor the growth of the market during the forecast period.
Rising Prevalence of Neurological Diseases
Neurological diseases contribute to a significant burden on health systems in terms of disease diagnosis, treatment, and management. Some of the major neurological disorders are epilepsy, Alzheimer’s disease, multiple sclerosis, spinal muscular atrophy (SMA), and Duchenne muscular dystrophy. According to the Global Burden of Disease Study, neurological disorders were the leading cause of disability-adjusted life-years (DALYs) and the second leading cause of deaths in 2016. The four most significant neurological diseases causing DALYs are stroke (42.2%), migraine (16.3%), Alzheimer’s, and other dementias (10.4%).
As per the data published by the National Institutes of Neurological Disorders and Stroke in 2019, around 7,000 rare neurological diseases have been registered in the US. Additionally, according to the same study, these conditions are responsible for a significant number of morbidity and mortality.
As per the 2019 Alzheimer’s disease Facts and Figures Report, there were 5.8 million Americans of all ages were suffering from Alzheimer’s dementia in 2019. Among 5.8 million patients, 81% of the patients were aged 75 years and above. According to the Global Burden Disease (GBD) 2017 and Disease and Injury Incidence and Prevalence report, 20 million people across the globe suffer from Schizophrenia. As per the Bio News Services, LLC, 7–10 million people across the globe suffer from Parkinson’s disease.
Thus, increasing prevalence of neurological diseases is a major factor likely to fuel the growth of the global neurological biomarker market during the forecast period.
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Global Neurological Biomarker Market: Segmental Overview
Based on product, the neurological biomarker market is segmented into proteomics biomarker, genomics biomarker, metabolomics biomarker, imaging biomarker, and others. The genomics biomarker segment held the largest share in 2019 and is anticipated to register the highest CAGR during the forecast period. Based on application, the neurological biomarkers market is segmented into Alzheimer’s disease, Parkinson's disease, schizophrenia, Huntington's disease, spinal muscular atrophy, and others. The Alzheimer’s disease segment held the largest share in 2019 and is estimated to register the highest CAGR during the forecast period. Based on end user, the neurological biomarkers market is segmented into pharmaceutical and biotechnology companies, clinical diagnostics, and research organizations. The pharmaceutical and biotechnology companies segment held the largest share in 2019 and is expected to register the highest CAGR during the forecast period.
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