Increasing Prevalence of Neurological Disorders Drives Market Growth
Despite all the advances in neurology, towards the end of the 20th century (“Decade of the Brain”), there are major deficiencies in the understanding of the pathomechanism of several neurologic disorders as well as ability to diagnose and treat these disorders. Biotechnologies are utilised in neurology to address some of these deficiencies. Novel biomarker identification for neurologic disorders will address the current shortcomings in their diagnosis and therapeutics. With the introduction of digital technologies in neurology, digital biomarkers are also being used in analytic epidemiology, clinical trials as well as in the practice of neurology - disease prevention, diagnosis, and disease management. One of the primary factors driving the growth of neurological biomarkers market is the prevalence of neurological illnesses.
Increased use of neurological biomarkers for identifying the normal biological and pathological processes for therapeutic intervention, as well as the expansion in biobanks for addressing unmet needs in oncology, neurology, and cardiovascular disease, is driving the market growth. Increased personalised medicine and the development of additional neurological biomarkers provide market participants with more profitable opportunities during the forecast period. Over the projected period, the rising number of neurological and mental illness patients is expected to drive growth in the neurological biomarkers market.
Mounting Number of Depression Cases to Uplift Market Prospects
The other key drivers for the neurological biomarkers market are the technological advancements in surgical equipment, an increasing number of patients with neurological diseases, an aging population, an increase in healthcare expenditure for brain disorders, increased awareness about various neurological diseases and surgical options, and an increase in research and development activities. An estimated 22.6 million people per year suffer from neurological illnesses or traumas that necessitate the skills of a neurosurgeon, with 13.8 million requiring surgery. The growing number of neurosurgeries is propelling the growth of the neurological biomarkers market. Another factor increasing the demand for the neurological biomarkers market is the growing cases of depression.
Factors such as overfeeding, malnourished, sedentary, lack of sunlight, sleep deprivation, and social isolation are all rising. These lifestyle changes all contribute to poor physical health and impact the occurrence and management of depression. Depression affects around 280 million people worldwide. Depression is a widespread illness globally, affecting an estimated 3.8 percent of the population, including 5.0 percent of adults and 5.7 percent of persons over 60. The growing prevalence of depression will increase the demand for neurological biomarkers to avoid further neurological damage.
Genomic Biomarkers Capture a Significant Market Share on Account of the Personalised Medicine Boom
In the forecast period, genomic biomarkers will hold the largest share in neurological biomarkers market. Genomic biomarkers provide exciting prospects for creating tailored treatments and diagnostics based on an individual's distinct genetic variants and illness propensity. The rise in popularity of tailored pharmaceuticals, an increase in R&D spending, and technological improvements connected with proteomics components are driving the expansion of the proteomics market. Array comparative genomic hybridisation (CGH), gene expression profiling, whole-genome association studies using single nucleotide polymorphisms (SNPs), and whole-genome resequencing are some methods used to detect the presence of study genomic biomarkers for the identification of disease-associated DNA sequence variants. The rising prevalence of cancer and other disorders is another major factor in the global proteomics market. Proteomics research is underway, and it can help doctors understand how proteins behave in a highly dynamic environment, such as in cancer patients. It is owing to the ability of the science of proteomics to gather important information in the form of biomarkers.
Higher Burden of Neurological Illnesses Strengthens North America’s Top Market Positioning
North America will hold the largest market share in the forecast period and is predicted to increase substantially over the forecast period. The region's dominance is partly due to its relatively high neurological illness burden, acceptance of biomarkers in diagnostics, therapeutic development, and prognostic reasons, and a boost in research funding. Twenty million Americans have some neuropathy, and one in every sixteen households in the US has a person with brain damage. The growing prevalence of neuropathy in the US will contribute to the regional market’s growth. The increased product releases, as well as increased demand for biomarkers, are likely to have a beneficial impact on the regional market. The increasing government initiatives for neurological disorder management over the forecast period are expected to fuel the growth of the worldwide neurological biomarkers market. The World Health Assembly (WHA) supported the global action plan on the public health response to dementia 2017-2025 in 2017 to establish a framework for improving dementia awareness, supporting neuroscience research and innovation, and making dementia medicines more accessible.
During the forecast period, Asia Pacific is predicted to develop fastest. The expanding number of clinical trials in emerging nations such as India, and China, as well as the rising illness burden and growing need for targeted therapies in the central nervous system, are expected to fuel regional market expansion. The Asia Pacific biomarkers market trends, such as the increasing number of contract research companies and the low cost of clinical trials, combined with the expanding usage of advanced medical imaging technologies, are expected to boost the region's biomarkers market share. Japan accounts for a significant percentage of the Asia Pacific region's overall neurological biomarkers market. Japan is one of the emerging markets for biomarker development, owing to the government's increased healthcare spending and the country's growing R&D activity.
Global Neurological Biomarkers Market: Competitive Landscape
Participants in the market are introducing new products and forming collaborations, alliances, and partnership agreements. In November 2021, Fujirebio Europe NV launched two new Alzheimer's Disease (AD) immunoassays based on cerebrospinal fluid (CSF) using its Innotest platform. Following a collaboration agreement inked with Adx Neurosciences NV, the company's first product launch was in September 2020. In December 2020, The Uniklinik RWTH Aachen positively interpreted the collaboration with SphingoTec GmbH ("SphingoTec") for research and biomarker authentication into clinical routine. Routine measurements of the ground-breaking biomarkers provide organ-specific information for watching critical care situations such as sepsis and acute kidney injury and supporting clinical decisions to progress patient outcomes.
Few of the players in the neurological biomarkers market include Abbott; Thermo Fisher Scientific, Inc.; Bio-Rad Laboratories, Inc.; Merck & Co., Inc.; Johnson & Johnson Services, Inc.; BANYAN BIOMARKERS, INC.; Myriad Genetics, Inc.; DiaGenic ASA; and Quanterix
Global Neurological Biomarkers Market is Differentiated as below:
By End-use Outlook
Key Elements Included In The Study: Global Neurological Biomarkers Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology