February 22, 2024
Neurological Biomarkers Market

The Global Neurological Biomarkers Market is Driven by Rising Prevalence of Neurological Disorders

Neurological biomarkers are tools that help accurately diagnose and monitor the progression of neurological disorders. Neurological conditions like Alzheimer’s disease, Parkinson’s disease, Epilepsy and Multiple sclerosis disrupt normal functioning of the nervous system causing severe impairment. With rising sedentary lifestyles and increase in life expectancy, the prevalence of neurological diseases is growing rapidly. Biomarkers help clinicians detect the onset of disease pathology even before clinical symptoms appear. They can also help assess treatment response in clinical trials of new drugs and devices. Some common neurological biomarkers include proteins in cerebrospinal fluid like amyloid-beta 42 and tau, fluid biomarkers indicating neuronal injury like NfL and GFAP, and brain imaging biomarkers that detect pathophysiological changes.

The global Neurological Biomarkers Market is estimated to be valued at US$ 11813.64 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One major trend driving the neurological biomarkers market growth is technology advancements enabling non-invasive and minimally invasive methods of biomarker detection. Companies are developing novel imaging techniques like positron emission tomography (PET), magnetic resonance imaging (MRI), digital biomarkers from smart devices that can detect neurological changes from a distance without invasive procedures. Nanotechnology enabled fluid biomarkers detecting neurological damage with high sensitivity and specificity are also gaining traction. Along with new AI powered algorithms for data analysis, these advanced methods are improving clinical confidence in biomarker tests and expanding commercial applications from early screening to prognosis and management across the globe. Standardization of practices and regulatory approval for commercial use will further accelerate neurobiomarker adoption in clinical settings and potentially alter treatment paradigms over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. High capital requirements for R&D and navigating regulatory standards poses a barrier for new companies.

Bargaining power of buyers: Individual consumers have low bargaining power as the market has many established players. However, large laboratories and hospitals can negotiate on price and demand customized solutions.

Bargaining power of suppliers: Suppliers of raw materials and core technologies have moderate bargaining power due to the specialized nature of inputs required. Established players try to maintain control over critical suppliers.

Threat of new substitutes: Threat from substitutes is low as biomarkers offer accurate, non-invasive diagnosis compared to alternatives. However, substitute technologies continue to emerge.

Competitive rivalry: The market has major global players competing on innovation.

Key Takeaways

The Global Neurological Biomarkers Market Share is expected to witness high growth. The global Neurological Biomarkers Market is estimated to be valued at US$ 11813.64 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

North America currently dominates the market due to increasing prevalence of neurological disorders and growing R&D activities. Europe and Asia Pacific are also profitable regions with increasing demand. Asia Pacific is fast growing due to growing medical tourism, healthcare reforms and economic growth in countries like China and India.

Key players: Key players operating in the Neurological Biomarkers market are Knauf Gips KG, LafargeHolcim, National Gypsum Company, Saint-Gobain Group, Yoshino Gypsum Co., Ltd., ACG Materials, Anhydritec, BNZ Materials Inc., American Gypsum, Gyptec Iberica. These players are focusing on developing personalized biomarker-based diagnostics and treatments through collaborations.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it