The global Neurological Biomarkers Market size is expected to reach USD 16.14 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.9% from 2020 to 2028. Increasing funding for the R&D of neurological biomarkers to boost the development of new drugs is expected to accelerate market growth. Moreover, the introduction of novel innovative products for the diagnosis of neurological biomarkers is expected to propel market growth over the forecast period.
The
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.
Increasing
product launches are also expected to drive market growth. For instance, in
January 2021, Abbott received FDA 510K clearance for its rapid handheld
traumatic brain injury test that measures UCH-L1 and GFAP biomarkers. The
results of this test are available within 15 minutes, and it helps clinicians
assess the need to perform a CT scan. The rapid turnaround time of this test
will help physicians plan and deliver treatment on time.
In
August 2018, Olink Proteomics AB introduced a new biomarker panel Olink NEURO
EXPLORATORY for the expansion of a portfolio of high-quality protein assays.
This product includes a high-performance assay for neurofilament light
polypeptide, a significant biomarker for traumatic brain injury and
degenerative neurological diseases.
However,
the lack of reimbursement coverage for the biomarkers impedes the
market growth. Currently, only certain, restricted forms of biomarker tests for
dementia symptoms are covered by Medicare and other health insurance programs
and their use must be justified based on the symptoms and specific requirements
of the individual.
The
reimbursement for Alzheimer’s disease is also not provided by most of the
insurance providers, such as the Blue Cross and Blue Shield Association. The
reimbursement coverage for neurological biomarker testing in developing
countries, such as India and China, is even lesser, as these countries have low
insurance penetration and very little awareness about biomarker testing.
Related Press
Release@ Neurological
Biomarkers Market Report
Neurological Biomarkers Market Report Highlights
- Increasing
collaborations and public-private partnerships for research initiatives
may fuel market growth
- For
instance, in February 2018, MJFF in collaboration with the NIH and five
life-sciences companies provided USD 24 million as a research grant for
the development of neurological biomarkers
- In 2020, the
proteomic biomarkers segment accounted for the largest market share and is
anticipated to maintain its dominance over the forecast period
- The
Parkinson’s disease segment led the market in 2020. An increasing number
of clinical trials for Parkinson’s disease drugs and the growing
prevalence of the disease is expected to drive the segment growth in the
years to come
- North
America was the largest regional market in 2020 owing to the high disease
burden, acceptance of biomarkers for diagnostic, prognostics, & drug
development purposes, and increase in research funding
- Asia Pacific
is anticipated to witness the fastest CAGR over the forecast period owing
to a rising number of clinical trials being conducted in developing
countries, such as India and China, increasing disease burden, and growing
need for targeted drugs in the central nervous system
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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