by Neurological biomarkers are measures of biological changes or processes that are used in the diagnosis or management of neurological disorders. Some commonly used neurological biomarkers include protein biomarkers, genetic biomarkers, and imaging biomarkers. Neurological disorders like Alzheimer’s disease, Parkinson’s disease, traumatic brain injury, and stroke alter the levels of certain proteins or genes in the cerebrospinal fluid (CSF) or blood, which help in diagnosis. Imaging biomarkers utilize techniques like MRI, CT scans, PET scans to detect changes in the brain structure related to neurological diseases.
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 Dynamics:
Increasing prevalence of neurological disorders is a key driver augmenting the growth of neurological biomarkers market. As per the World Health Organization (WHO), neurological disorders affect over 1 billion people worldwide each year. Conditions like Alzheimer’s and other dementias, stroke, migraine, and neurological disorders in relation to HIV/AIDS pose a major global health burden. Rising geriatric population who are more susceptible to neurological conditions further fuels the demand for biomarkers to detect, diagnose, and manage such diseases. Another driver is the high unmet clinical need for reliable tools to diagnose diseases like Alzheimer’s at an early stage when treatment can be most effective. Neurological biomarkers help in improved and definitive diagnosis which drives their increased adoption.
SWOT Analysis
Strength: The neurological biomarkers market has strong growth potential due to the increasing prevalence of neurodegenerative diseases. Biomarkers help in early disease detection and improve treatment outcomes. Furthermore, technological advancements have increased biomarker accuracy and reproducibility.
Weakness: High costs associated with biomarker discovery, validation and commercialization pose challenges. Limited awareness in developing nations regarding biomarkers also hinders market growth.
Opportunity: Untapped growth opportunities exist in emerging economies with rising healthcare expenditures. Further research can aid discovery of novel biomarkers for rare neurological disorders.
Threats: Stringent regulations can delay biomarker approvals. Data privacy laws pose risks around genomic and imaging biomarkers.
Key Takeaways
The global Neurological Biomarkers Market Share is expected to witness high growth. Neurodegenerative diseases place immense burden and their incidence is rising worldwide. Biomarkers help detect diseases early and facilitateprecision medicine approaches for improved management. The market size is projected to increase from US$ 11813.64 Mn in 2023 to over US$ 20 Bn by 2030 at a CAGR of 5.3%.
Regional analysis
North America dominated the neurological biomarkers market in 2023 due to advanced healthcare infrastructure and presence of key market players in the region. However, Asia Pacific is anticipated to witness the highest CAGR during the forecast period owing to increasing healthcare spending, large patient pool and rising awareness about biomarkers. China, India and Japan are likely to be most lucrative Asian countries.
Key players
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, Korea Electric Power Corporation, Siemens AG, and Yokogawa Electric Corporation
