June 19, 2024
Neurological Biomarkers Market

Neurological Biomarkers Market Poised To Garner Significant Growth By 2030

The neurological biomarkers market is gaining traction owing to increasing prevalence of neurological disorders. Neurological biomarkers refer to biological indicators found in blood, cerebrospinal fluid, or other tissues that provide information about normal or abnormal neurological processes. Biomarkers play a crucial role in identifying neurological disorders such as Alzheimer’s disease, traumatic brain injury, epilepsy, stroke and others in early stages.

Growing incidences of neurological diseases coupled with rising demand for early diagnosis is a key factor fueling the demand for neurological biomarkers. Additionally, technological advancements in precision medicine and genomics are facilitating the development and validation of novel biomarkers which is further augmenting market growth.

The Global neurological biomarkers market is estimated to be valued at US$ 13,609.32 Mn in 2024 and is expected to exhibit a CAGR of 5.9%  over the forecast period from 2024 to 2030.

Key Takeaways

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. The companies are developing innovative biomarkers and engaging in strategic collaborations to expand their market presence. For instance, in 2022, Myriad Neuroscience launched a new liquid biopsy platform to discover, develop and validate fluid-based biomarkers for brain health.

The key opportunities in the Neurological Biomarkers Size include emerging economies presenting significant growth potential, with increasing healthcare expenditure. Moreover, growing investments by private and public organizations for biomarker research is supporting market expansion. For example, in 2022 the National Institute of Neurological Disorders and Stroke (NINDS) announced funding of US$26 million for advanced precision medicine research through its Biomarkers Alterations Detection in Aging and Neurodegenerative Disorders (BAND-ND) program.

The rising demand for biomarkers in clinical trials is also fueling market growth globally. Major market players are focusing on geographic expansion and collaborations with regional partners for global market penetration.

Market Drivers

The increasing prevalence of neurological disorders owing to rapidly aging population is a major market driver. It is estimated that around 50 million people worldwide suffer from Alzheimer’s disease. Moreover, technological advancements in omics technologies such as genomics, proteomics and metabolomics are facilitating early and accurate disease diagnosis, thereby augmenting market revenues during the forecast period.

PEST Analysis

Political: Regulatory policies and standards pushed by FDA and other government bodies related to neurological biomarker development positively impact the market growth. Approvals for biomarkers help boost their commercialization.

Economic: Rising healthcare spending coupled with growing aging population suffering from neurological disorders drive the demand for advanced diagnostic tools like neurological biomarkers.

Social: Increasing awareness about early disease diagnosis and availability of personalized treatment options encourage adoption of biomarkers for conditions like Alzheimer’s, Parkinson’s, depression etc.

Technological: Ongoing R&D activities focus on identifying novel biomarkers through advances in ‘-omics’ technologies like proteomics and neuroimaging. Assays with high sensitivity and specificity for improved diagnostic accuracy garner attention.

The geographical regions where the neurological biomarkers market in terms of value is concentrated include North America and Europe. This can be attributed to presence of advanced healthcare infrastructure, higher adoption of modern medical technologies, rising incidence of neurological conditions, and growing government funding for biomarker research.

The Asia Pacific region is anticipated to witness the fastest growth over the forecast period. Rapidly developing healthcare sector, rising geriatric population base, increasing investments by market players, and growing awareness about neurological biomakers are some key factors driving the demand. Additionally, improving research capabilities and regulatory approvals would foster regional market expansion.

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