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 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The neurological biomarkers market involves use of biomarkers related to diseases of central nervous system like Alzheimer’s disease, Parkinson’s disease, traumatic brain injury and neurological cancer. Biomarkers are measurable indicators of biological state or condition. It can be used as diagnostic and prognostic tools for neurological disorders. Biomarkers help in early and accurate diagnosis, staging of disease, drug development and treatment monitoring. Major biomarkers in this market are protein biomarkers like beta-amyloid, tau, alpha-synuclein and others.
Market key trends:
One of the key trends in neurological biomarkers market size is growing demand for non-invasive diagnostic tests. Conventional diagnostic tests like lumbar puncture for cerebrospinal fluid analysis is an invasive procedure. Non-invasive diagnostic tests using biomarkers from blood, urine, saliva and other body fluids are gaining popularity as they are painless and safer alternatives. Companies are focusing on development of tests using protein and nucleic acid based biomarkers from easily accessible body fluids. This is expected to drive the growth of non-invasive diagnostic segment in this market. Another major trend is increased funding and investments in biomarker research. Both government and private organizations are investing heavily in identification and validation of novel biomarkers for neurological conditions. This is helping in translation of biomarker research into clinical applications and commercial diagnostic tests.
Threat of new entrants: The neurological biomarkers market is highly consolidated with considerable R&D and capital investments required for new entry, posing a low threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as biomarkers can aid in disease diagnosis and prognosis leading to personalized treatment plans.
Bargaining power of suppliers: The bargaining power of suppliers is also moderate as key players have established supplier networks for inputs and there are no major suppliers dominating the market.
Threat of new substitutes: The threat of new substitutes is low as neurological biomarkers are indispensable for neurological disease diagnosis and management with no close substitutes available.
Competitive rivalry: The competitive rivalry in the neurological biomarkers market is high among the major players.
The global neurological biomarkers market size is expected to reach US$ 18,813.64 Mn by 2030, exhibiting a CAGR of 14.% over the forecast period. Increasing prevalence of neurological disorders and growing application of biomarkers in disease diagnosis and drug development are expected to drive the market.
Regionally, North America dominated the neurological biomarkers market and accounted for the largest revenue share in 2023 owing to increasing R&D investments and growing adoption of advanced diagnostic technologies in the region. However, Asia Pacific region is anticipated to witness the fastest CAGR during the forecast period propelled by rising healthcare expenditure, large patient pool and improving healthcare infrastructure in major Asian countries.
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.