by The neurological biomarkers market is estimated to be valued at US$ 8,979.6 Mn in 2023 and is expected to exhibit a CAGR of 14.7% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The neurological biomarkers market offers various products that aid in the diagnosis, prognosis, and monitoring of neurological disorders. These biomarkers are used to measure changes in the brain or nervous system associated with specific diseases, providing valuable insights for personalized treatments. The use of neurological biomarkers has gained significant importance in recent years due to the increasing prevalence of neurological disorders, such as Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis. Additionally, technological advancements in biomarker detection techniques, such as genomics, proteomics, and imaging, have further fueled the market growth.
Market Dynamics:
The global neurological biomarkers market is driven by two major factors. Firstly, the rising prevalence of neurological disorders, including Alzheimer’s disease and Parkinson’s disease, is contributing to the increased demand for effective diagnostic and monitoring tools. As the aging population continues to grow globally, the incidence of neurological disorders is expected to rise, driving the market growth. Secondly, technological advancements in biomarker detection techniques have revolutionized the field of neurology. Advanced imaging techniques, such as PET scans and MRI, offer enhanced visualization of brain structures and abnormalities, aiding in early disease detection and monitoring. Additionally, developments in genomics and proteomics have enabled the identification of specific biomarkers associated with neurological disorders, facilitating personalized treatment approaches. These drivers are expected to propel the growth of the neurological biomarkers market in the coming years.
SWOT Analysis:
Strength:
The neurological biomarkers market has a strong demand due to the increasing prevalence of neurological disorders and the growing focus on early diagnosis and personalized medicine. The advancements in technology and the development of innovative biomarkers also contribute to the strength of the market.
Weakness:
One weakness of the neurological biomarkers market is the high cost associated with biomarker development and testing, which can limit its accessibility and adoption. In addition, there is a lack of standardized biomarkers and inconsistent validation processes, which pose challenges in the market.
Opportunity:
The neurological biomarkers market has the opportunity for significant growth as the demand for biomarker-based diagnostic tests and personalized medicine continues to rise. There is also potential for collaborations and partnerships between pharmaceutical companies and biomarker developers to accelerate the development and commercialization of biomarker-based therapies.
Threats:
One threat to the neurological biomarkers market is the stringent regulatory guidelines and approval processes for biomarker-based diagnostic tests and therapies. Additionally, the market faces competition from alternative diagnostic technologies and approaches, such as imaging techniques and genetic testing.
Key Takeaways:
The Global Neurological Biomarkers Market Demand is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period of 2023-2030, due to increasing prevalence of neurological disorders and the demand for early diagnosis and personalized medicine.
In terms of regional analysis, North America is the fastest growing and dominating region in the neurological biomarkers market due to the presence of a well-established healthcare infrastructure, high healthcare expenditure, and significant investments in research and development.
Key players operating in the neurological biomarkers market include Abbott Laboratories, QIAGEN N.V., Myriad RBM, Thermo Fisher Scientific Inc., Athena Diagnostics, Bio-Rad Laboratories, Inc., AbaStar MDx, Inc., Acumen Pharmaceuticals, Banyan Biomarkers, Inc., Alseres Pharmaceuticals, Inc., Proteome Sciences, Immunarray Pvt. Ltd., Quanterix Corporation, Diagenic ASA, and Psynova Neurotech. These key players contribute to the market growth through product advancements, collaborations, and strategic initiatives.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
