by Neurological biomarkers help in detecting and diagnosing several neurological disorders like Alzheimer’s, Parkinson’s, multiple sclerosis, among others. They aid in measuring and tracking the progression of neurological diseases. Biomarkers are used to check the effects of new drugs and therapies during clinical trials.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:
Increasing research on neurodegenerative diseases is expected to drive the neurological biomarkers market growth over the forecast period. Neurodegenerative diseases like Alzheimer’s and Parkinson’s severely impact the aging population. Rising prevalence of such diseases has increased focus on developing effective diagnostic and treatment methods. Biomarkers help researchers better understand disease pathways and track treatment responses during clinical trials of new drugs. Various types of biomarkers including imaging, protein, and genetic are being explored for early and accurate detection of neurodegenerative conditions. Growing R&D investments by pharmaceutical companies and research institutes in this area will augment the demand for neurological biomarkers during the forecast period.
SWOT Analysis
Strength: Neurological biomarkers help in early and accurate diagnosis of neurological diseases like Alzheimer’s and Parkinson’s. They enable personalized treatment and care management.
Weakness: High costs associated with biomarker discovery, validation and clinical adoption. Regulatory and reimbursement challenges for commercialization of new biomarkers.
Opportunity: Increasing prevalence of neurological disorders drives the need for improved diagnostics. Biomarkers support drug development and precision medicine approach.
Threats: Ethical issues related to genomic and clinical data integration and sharing. Substitution threat from alternative diagnostics technologies like imaging and neurophysiological tests.
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.
The North America region currently dominates the global neurological biomarkers market due to growing geriatric population, high healthcare expenditure and presence of major market players in the region. Asia Pacific region is expected to grow at fastest CAGR during the forecast period owing to increasing incidence of neurological disorders, rising healthcare spending and growing medical tourism in the region.
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 new product launches, partnerships, agreements and expansion strategies to gain competitive edge in the market and meet the growing demand for neurological biomarkers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
