The market is estimated to grow with a CAGR of 12. 4% from 2020-2027. The market is expected to witness a substantial growth due to driving factors such as rising prevalence of neurological disorders and progressive research in neurological biomarkers.
New York, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Neurological Biomarkers Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product ; Application ; End User" - https://www.reportlinker.com/p05974366/?utm_source=GNW
However, the complications associated with the use of neurological biomarkers are expected to hinder the market growth.
In addition, rising awareness regarding benefits of early diagnosis is expected to provide growth opportunities to the market players for developing new biomarkers whereas, the patient inclination toward personalized/precision medicine is expected to be a prevalent trend in the market.
Biomarkers are the molecules that indicate about the presence of a disease.The biomarkers of the neurological diseases were not that accessible in earlier days, however the advancements in the technology have enabled to track the health condition of the brain by measuring the biomarkers.
This helps in the earlier detection of a disease, less invasive diagnostics and enables faster drug development and is expected to be the effective treatment.
Rapid developments in healthcare and drug discovery sector are leading to the introduction of new therapeutic solutions for the treatment of neurological diseases. Authorities such as World Health Organization, National Institute of Neurological Disorders and Stroke, and National Institutes of Health are taking constructive steps to encourage the research activities and find a remedy for neurological disease treatment.
Neurological diseases are commonly occurring diseases in Europe, and neurologists are focused toward management of these diseases in most European countries. The European Academy of Neurology (EAN) is conducting a research project to estimate the current situation regarding neurological diseases and the care of neurology patients in Europe
According to the European Academy of Neurology, the prevalence of neurological diseases in European Union is approximately 307,859,199.Furthermore, the data by Institute of Health Matrix and Evaluation states that more than half of the European population ranging up to 60% suffers from a neurological disease.
The high prevalence of these diseases is expected to augment the growth of the market over the coming years.
The Burden of Stroke in Europe report conducted by King’s College London for the Stroke Alliance for Europe, the incidence of stroke is around 88,922 cases of stroke, which are 51.7 strokes per 100,000 inhabitants annually in Germany. The prevalence of stroke in Germany was around 526,774, accounting for 338.5 strokes per 100,000 inhabitants. The country also has a significant mortality rate of stroke, i.e. 75,861 deaths due to stroke per year. Furthermore, the increasing cases of brain tumour in the region are also primarily responsible for market growth. For instance, as per the data of 2019 Lancet Neurol; 18: 376–93, approximately 6,359 cases of brain and central nervous system (CNS) cancer were reported in the country in 2016.
Thus, increasing prevalence of neurological diseases is a major factor driving the growth of the Europe neurological biomarker market during the forecast period.
The COVID-19 pandemic effect on neurology patients is high in terms of fear, anxiety, and psychological distress.Among all European countries, Spain, Italy, Germany, France, and the UK are most affected due to the increasing number of coronavirus cases and deaths associated with it.
As per the World meter, in UK, Spain, Italy, Germany, and France, the number of cases is 291,409; 289,787; 236,142; 186,795; 155,561; and 279,856 respective and number of deaths is high.
Based on product, in 2019, the genomic biomarkers segment held the largest share of the market and is expected to grow at the fastest CAGR during the forecast period.This segment is likely to witness a lucrative growth owing to increasing awareness among consumers regarding benefits of genetic medicines as well as technological advancements in the field of neurological biomarkers.
In addition, the trend shift towards adoption of gene counseling and genetic analysis for diagnostic purposes is also likely to augment the growth of the segment. The genetic biomarkers are significant modalities that directs towards a more personalized approach of predispositions and medical analysis.
Some of the significant secondary sources for neurological biomarkers market included in the report are the World Health Organization (WHO), National Health Service (NHS), Biomarker Research and Imaging for Neuroscience (BRAIN), European Commission (EC), and others.
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