The global Neurological Biomarkers Market is estimated to be valued at US$ 11813.64 Mn or Million in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurological biomarkers include proteins, genes, and other molecules found in cerebrospinal fluid, blood, urine or other tissues that can help diagnose and predict treatment responses for neurological conditions like Alzheimer’s disease, Traumatic Brain Injury, depression, and other central nervous system disorders. These biomarkers help monitor disease progression and treatment effectiveness.
Market key trends:
One of the key trends in the neurological biomarkers market size is the increasing focus on liquid biopsy-based biomarkers. Liquid biopsy technique helps capture neurological biomarkers from easily accessible body fluids like blood, urine and CSF outside the brain, which makes sample collection non-invasive for patients. This technique has potential to transform early disease diagnosis and monitoring of treatment response through simple blood tests. Biomarkers detected in blood using liquid biopsy shows promise for early detection of conditions like Alzheimer’s disease before cognitive decline occurs.
The neurological biomarkers market is seeing significant growth due to rising prevalence of neurological disorders and increasing research and development activities in this field. Biomarkers help improve disease diagnosis and accelerate drug development process for these conditions. However, lack of definitive disease biomarkers remains a challenge for few neurological diseases.
SWOT Analysis
Strength: The neurological biomarkers market has strong growth prospects owing to rising prevalence of neurological disorders such as Alzheimer’s disease and Parkinson’s disease. Biomarkers help in early and accurate diagnosis of these conditions.
Weakness: High costs associated with biomarker development and regulatory approvals pose major challenges especially for small companies. Technical issues related to sample collection, analysis and data validity also limit the adoption of biomarkers.
Opportunity: Untapped growth opportunities exist in emerging markets due to improving healthcare infrastructure and increasing healthcare spending. Collaboration between pharmaceutical companies and diagnostic firms also provides lucrative opportunities.
Threats: Stringent regulatory framework for diagnostic approval delays market access. Reimbursement issues create economic barriers, limiting adoption of high-cost biomarkers especially in developing nations. Intense competition among existing players also poses threats.
Key Takeaways
The global neurological biomarkers market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing prevalence of neurodegenerative disorders globally. North America currently dominates the market owing to rising neurological disease burden and availability of advanced healthcare settings for biomarker development and adoption.
Regional analysis
North America is expected to continue dominating the global neurological biomarkers market during the forecast period, owing to rising geriatric population, high healthcare expenditure, and presence of key market players in the region. The Asia Pacific region is anticipated to exhibit the fastest growth over 2023-2030 due to improving healthcare infrastructure, increasing healthcare spending by both government and private players, and growing medical tourism in the region.
Key players
Key players operating in the neurological biomarkers market are 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. Major players are focused on new product launches, expansion to emerging markets and collaborations with drug developers to gain higher market shares.