Global Central Nervous System Biomarkers Market - Segmented by Type of CNS Biomarkers, Applications, End-user and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global central nervous system biomarkers market is expected to register a CAGR of 15.5% during the forecast period. A biomarker is used to measure the biological state, presence of diseases and effects of treatments. With the advent of proteomics and genomics, the demand of central nervous system (CNS) biomarkers has increased.
High Demand Due to Growing Lifestyle-Related Disorders
With growing disorders related to lifestyle habits and chronic diseases, the demand for CNS biomarkers has increased globally, which in turn, is driving this market. Neurological and heart-related disorders have growing multi-fold in the past two decades; diseases, such as cardiovascular disorders, stroke, diabetes, blood pressure, coronary heart diseases, and others. This has led to growing demand for CNS biomarker for early detection and diagnosis of diseases.
Other factors such as increasing development in proteomics, genomics, and imaging system, increasing R&D with the number of clinical trials for CNS biomarkers as well as growing investments from the government and players, with favorable policies of the government are expected to drive the CNS biomarkers market.
The unclear reimbursement policies in several potential countries, especially in the emerging market region is one of the major hurdles for the growth of this market. The coverage and reimbursement policies in every healthcare system varies across payers, which limits the access to expert guidance to patients by physicians. In most of the Organization for Economic Co-operation and Development (OECD) countries, regulatory and reimbursement procedures are not well adapted for biomarkers-based diagnostic tests as they are unable to reflect the complexities associated with these tests. Therefore, these factors hamper the growth of this market.
Another major factor is the high cost associated with CNS biomarkers tests and diagnosis particularly in developing countries, limiting the number of patients to avail the services. Thus, impeding the growth of this market.
The United States is to Hold a Major Market Share
With a well-established healthcare infrastructure and healthy healthcare expenditure in North America, particularly in the United States, due to favorable government policies, the CNS biomarkers market is expected to have the largest market share in this region. A growing geriatric population in the United States with lifestyle related disorders plays a vital role in this market. As per the US Census Bureau, nearly 20% of US population is expected to be 65 years and above by 2030. Asia-Pacific is also expected to be the fastest growing market due to improving healthcare infrastructure, diversified large patient pool, and emerging healthcare facilities in the region.
Key Developments in the Market
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