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Central Nervous System Biomarkers Global Market Rising Trends, Industry Size, Share Report, Growing Demand and Business Opportunities And Forecast 2024-2033
Central Nervous System Biomarkers Global Market
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According to The Business Research Company's, The central nervous system biomarkers market size has grown rapidly in recent years. It will grow from $5.01 billion in 2023 to $5.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to rise in concerns regarding neurological disorders, high prevalence of central nervous system illnesses, growth in demand for enhanced diagnosis and treatment, improved healthcare infrastructure, rise in aging population.
The central nervous system biomarkers market size is expected to see strong growth in the next few years. It will grow to $8.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing prevalence of neurological disorders, growing demand for personalized medicine, rising geriatric population, increasing focus on early diagnosis, growing demand for non-invasive diagnostic tools. Major trends in the forecast period include new technological advancements, strategic collaborations between biotechnology companies, pharmaceutical companies, and other stakeholders, growth in research on cerebrospinal fluid (csf) and blood-based biomarkers, utilization of ai and machine learning algorithms.
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Market Drivers and Trends:
The rise in neurological illnesses is expected to propel the growth of the central nervous system biomarker market going forward. Neurological illnesses, also known as neurological disorders, refer to a broad range of conditions that affect the brain, spinal cord, and nerves throughout the body. These disorders can arise from various causes, including genetic factors, infections, autoimmune responses, degenerative processes, tumors, vascular issues, and traumatic injuries. In neurological disorders, central nervous system (CNS) biomarkers aid clinical diagnosis, determine illness risk or prognosis, assess disease stage, and track treatment response. They play a significant role in understanding these diseases and their ability to be treated. For instance, in April 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, Alzheimer's disease affected an estimated 6.7 million Americans aged 65 and older. This number is expected to nearly triple to 14 million by 2060. Moreover, the number of people living with the disease doubles every five years after age 65. Therefore, the rise in neurological illnesses drives the growth of the central nervous system biomarker market.
Innovative drug approvals are a key trend gaining popularity in the central nervous system biomarker market. Major companies operating in the central nervous system biomarkers market are focused on developing innovative drugs and getting approval to strengthen their position in the market. For instance, in January 2022, Denovo Biopharma LLC, a US-based clinical-stage biopharmaceutical company, announced the US Food and Drug Administration's (FDA) approval and authorization of the company's investigational new drug (IND) application of DB104 (liafensine) for the treatment of treatment-resistant depression (TRD). It is the first biomarker-guided global CNS clinical trial for TRD. Additionally, it could help identify patients who are more likely to respond to liafensine, which could lead to more personalized treatment decisions. Liafensine is a novel compound that works by increasing levels of dopamine and norepinephrine in the brain.
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Major Key Players of the Market:
F. Hoffmann-La Roche AG, Novartis AG, Siemens Healthineers, Thermo Fisher Scientific Inc, Abbott Laboratories, Merck KGaA, Eurofins Scientific, Charles River Laboratories International Inc., PerkinElmer Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Axon Neuroscience SE, Alector Inc., Oryzon Genomics S.A., Abastar Mdx Inc., Banyan Biomarkers Inc., Avacta Group PLC, Geno Technology Inc., Anavex Life Sciences Corp., Alseres Pharmaceuticals Inc., Aposense Ltd., Applied Neurosolutions Inc., C2N Diagnostics, Alzheon Inc., DiaGenic ASA, Abiant Inc., Avid Radiopharmaceuticals Inc. , Acumen Pharmaceuticals Inc. , Cassava Sciences Inc., Denali Therapeutics.
Central Nervous System Biomarkers Market 2024 Key Insights:
• The central nervous system biomarkers market size is expected to see strong growth in the next few years. It will grow to $8.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• The Surge In Neurological Illnesses And The Central Nervous System Biomarker Market
• Innovative Drug Approvals Shape The Central Nervous System Biomarker Landscape
• North America was the largest region in the central nervous system biomarkers market in 2023
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