Central Nervous System (CNS) Biomarkers Market to exhibit 10.42% CAGR 2018-2024
CNS biomarkers are mainly measurable biological indicators which are used to diagnose or forecast disease, monitor disease development, and estimate treatment response. It assists in understanding the development of chronic diseases, its relationship with environmental chemicals, and identifies subjects who are at high risk of developing the disease. In 2017 the global central nervous system (CNS) market was valued USD 3.9 Bn and is projected to grow immensely at USD 7.9 Bn by 2024 with a CAGR of 10.42% as per a study provided by DecisionDatabases.com.
The CNS biomarkers market is basically growing on the ground of emerging proteomics and genomics techniques across the healthcare sector. Also, the growing disorder related to lifestyle habits and chronic disease has raised the demand for CNS biomarker worldwide.
Moreover, some of the other market trends such as growing development in proteomics, genomics, and imaging system, increasing R&D for CNS biomarkers along with the growing investments from the government and players, are expected to drive the CNS biomarkers market. Furthermore, the growth in various diseases such as cardiovascular diseases (CVD), cancer, coronary heart disease (CHD), and other heart-related disorder is also another major factor which is in favor of the market growth.
Currently, the CNS biomarker market is experiencing rapid expansion with the discovery of new applications and the development of existing technologies which is likely to provide new opportunity growth to the market. The market is also projected to grow on the ground of favorable government policies and regulations, FDA’s approval to CNS biomarker drugs, and successful clinical trials of several biomarkers. Additionally, the rise in adoption of CNS biomarkers in developed and emerging countries has also enhanced the market growth. At the same time, innovation in technology in the CNS biomarker diagnostics enables to expand CNS biomarker market which in turn are giving rise to the growth of CNS biomarker market. Also, the players strategically invest in research and development for innovative and technological advancements and focus on partnerships with domestic players to expand their outlets which is another factor serving as a key driver.
The report “Global Central Nervous System (CNS) Biomarkers Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017-2024
” studies the geographical growth and projects North America as the leading region in the global CNS biomarker market followed by Europe. The major drivers of the North America market are the rising adoption of CNS biomarkers due to rise in lifestyle oriented diseases such as Cancer, CVD, CHD, Stroke and other heart diseases. Also, the growing geriatric population base in the United States with lifestyle-related disorders plays a vital role in this market. Asia-Pacific is also expected to be the fastest growing market owing to enhancing healthcare infrastructure, varied large patient pool, and growing healthcare facilities in the region. Growing focus on the improved standard of living, infrastructural development and favorable government policies are also some of the factors that are driving the APAC market.
On the flip side, the high cost associated with CNS biomarkers tests and diagnosis which is limiting the number of patients to avail the services along with the unfavorable reimbursement policies in several potential countries is the key factor limiting the market growth.
Some of the key players active in the CNS biomarker market include Great Lakes NeuroTechnologies, Alseres Pharmaceuticals Inc., Acumen Pharmaceuticals Inc., Aposense, Banyan Biomarkers Inc., DiaGenic ASA, Avacta Life Sciences Limited, Innovative Neurotechnologies Inc., Merck & Co. Inc. and Thermo Fisher Scientific Inc., amongst others.
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