Neurological Biomarkers Market Growth Drivers, Business Strategies and Future Prospects 2021-2028
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| Neurological Biomarkers Market |
Market Overview:
The global Neurological Biomarkers Market is estimated to be valued at US$ 8,979.6 Mn in 2021 and is expected to exhibit a CAGR of 14.7% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights. Neurological biomarkers are measurable substances that indicate the presence of a neurological disorder or disease. These biomarkers play a crucial role in the diagnosis, prognosis, and treatment of various neurological conditions. The need for accurate and early diagnosis of neurological disorders is driving the demand for neurological biomarkers. Moreover, the advantages associated with biomarker-based diagnostics, such as real-time monitoring, personalized treatment, and cost-effectiveness, are further contributing to market growth.
Market Key Trends:
The key trend in the neurological biomarkers market is the growing adoption of liquid biopsy techniques for neurological disorder diagnosis. Liquid biopsy, a non-invasive diagnostic method, involves the analysis of bodily fluids such as blood or cerebrospinal fluid to detect biomarkers associated with neurological diseases. This approach eliminates the need for invasive procedures and provides a more convenient and cost-effective solution for diagnosis. Liquid biopsy techniques are gaining traction due to their potential to detect biomarkers at early stages of neurological disorders, enabling timely intervention and improved patient outcomes. The development of advanced technologies, such as Next-Generation Sequencing (NGS) and Digital Polymerase Chain Reaction (dPCR), has significantly enhanced the accuracy and sensitivity of liquid biopsy techniques, further fueling their adoption in the neurological biomarkers market.
Segment Analysis:
The neurological biomarkers market can be segmented based on type, application, end-user, and region. In terms of type, the market is dominated by genetic biomarkers. Genetic biomarkers are important indicators for various neurological disorders such as Alzheimer's disease, Parkinson's disease, and Huntington's disease. These biomarkers play a crucial role in diagnosis, prognosis, and personalized treatment of neurological disorders. Due to advancements in genetic testing technologies and increased understanding of genetics in neurology, the genetic biomarkers segment is expected to dominate the market.
In terms of application, the neurological biomarkers market can be segmented into Alzheimer's disease, Parkinson's disease, multiple sclerosis, and others. Among these, Alzheimer's disease holds the largest market share. The increasing prevalence of Alzheimer's disease globally, coupled with the growing elderly population, is driving the demand for biomarkers for early diagnosis and better management of the disease. This is anticipated to fuel the growth of the Alzheimer's disease segment.
Based on end-user, the neurological biomarkers market is segmented into hospitals, diagnostic centers, research institutes, and others. Hospitals hold a significant share in the market due to the availability of advanced diagnostic facilities and the increasing number of patients seeking neurological care in hospital settings.
Key Takeaways:
The global Neurological Biomarkers Market Size is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period. This growth can be attributed to various factors including the increasing prevalence of neurological disorders, advancements in biomarker research, and the rising demand for personalized medicine in neurology.
In terms of regional analysis, North America is the fastest-growing region in the neurological biomarkers market. This can be attributed to the presence of key market players, the high prevalence of neurological disorders in the region, and the availability of advanced healthcare infrastructure. North America is followed by Europe, which also holds a significant market share. Asia Pacific is expected to witness rapid growth in the coming years due to the increasing awareness about neurological biomarkers, rising healthcare expenditure, and the growing geriatric population.
Key players operating in the 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. These key players are focusing on strategies such as product development, partnerships, and collaborations to strengthen their market position and expand their product portfolio.
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