by Neurological biomarkers are compounds found in biological fluids or tissues such as blood, urine, or cerebrospinal fluid that are indicators of normal or abnormal processes in the nervous system. They play a vital role in the diagnosis and evaluation of neurological disorders such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, and epilepsy, thereby enabling early diagnosis and prompt treatment.
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 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of biomarkers as a diagnostic tool is expected to accelerate the growth of the neurological biomarkers market over the forecast period. Biomarkers enable non-invasive and objective testing for the diagnosis of neurological disorders and diseases. Since these tests are simple blood or urine tests, they are highly convenient compared to expensive diagnostic techniques such as CT and MRI scans. The increasing adoption of personalized medicine along with growing awareness about the utility of biomarkers in early diagnosis and monitoring the efficacy of treatment are some other factors expected to drive the growth of the neurological biomarkers market.
Segment Analysis
The global neurological biomarkers market is divided into multiple segments based on product, disease indication, and geography. On the basis of product, the diagnostic segment is expected to dominate the market owing to early diagnosis of diseases. Rising focus on developing biomarker-based diagnostic tests for neurological conditions is resulting in the growth of this segment.
Key Takeaways
The global Neurological Biomarkers Market Share is expected to witness high growth during the forecast period from 2023 to 2030. 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 5.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises North America region currently dominates the neurological biomarkers market and is expected to continue its dominance during the forecast period. Factors such as presence of major players in the region, high healthcare expenditure, and increasing investments in research activities are driving the growth of neurological biomarkers market in North America.
Key players related content comprises Key players operating in the neurological biomarkers market are ABB, EDF, Enel SPA (Enel), General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation. These players are focusing on new product launches and partnerships with biotechnology companies to strengthen their presence in the market.
