Neurological biomarkers are molecular indicators that are found in the biological medium, including blood, cerebrospinal fluid, and tissues. They provide information about normal biological processes, pathogenic processes, or responses to therapeutic or other interventions. Growing demand for neurological biomarkers in the diagnosis of Alzheimer's disease, Parkinson's disease, brain tumors, multiple sclerosis, stroke, traumatic brain injury, and other neurological disorders is expected to drive the growth of the neurological biomarkers market. Rapid diagnosis and accurate assessment of neurological disorders can improve patient management, clinical decisions and facilitate early interventions in disease management.
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 Opportunity:
The increasing approval of new neurological biomarker diagnostic tests by regulatory bodies provides a significant opportunity in the market. For instance, in April 2022, Anthropic, a AI safety startup, received Breakthrough Device Designation from FDA for its brain implant to detect biomarkers linked to neurodegenerative diseases like Alzheimer’s. Regulatory approval of new diagnostic tests will help in early detection of neurological disorders at an early stage and aid researchers in development of targeted therapies and drugs. This is expected to drive the overall growth of neurological biomarkers market during the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements for R&D and getting regulatory approvals. Established brands have significant customer loyalty and economies of scale.
Bargaining power of buyers: Buyers have medium bargaining power due to the availability of substitute medical tests. However, biomarkers help in early disease diagnosis and treatment monitoring, attracting customers.
Bargaining power of suppliers: Suppliers have low to medium bargaining power since they provide specialized medical testing services and equipment. However, the presence of many global supplier reduces their power.
Threat of new substitutes: Threat of substitutes is medium as alternative diagnostic methods exist. However, biomarkers can detect diseases at an early stage and are growing in demand.
Competitive rivalry: The market is competitive due to the large presence of global key players. Companies compete on innovation, quality, and service.
SWOT Analysis
Strengths: Biomarkers help early disease diagnosis, precision medicine and reduce healthcare costs. Growing biotech industry and R&D expenditures support market growth.
Weaknesses: High capital requirements, lack of reimbursement policies in developing nations, complex regulatory approval process. Specificity and sensitivity issues exist for some biomarkers.
Opportunities: Scope for biomarkers in neurodegenerative diseases, cancer, and personalized medicine. Emerging economies provide lucrative growth prospects.
Threats: Intense competition, substitutes like imaging tests, economic slowdowns impacting healthcare budgets. IP protection and data security are growing challenges.
Key Takeaways
The Global Neurological Biomarkers Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market size for neurological biomarkers is projected to reach US$ 11813.64 Mn by 2024.
North America dominates the market currently due to increasing R&D spending and faster adoption of advanced medical technologies. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to rising cases of neurological disorders, growing medical infrastructure and spending. The Asia Pacific neurological biomarkers market is projected to witness the highest growth during the forecast period. Growing healthcare expenditures, rising neurological disease prevalence, increasing collaborations between local pharma companies and diagnostic labs are driving the demand. Japan, China and India are the major revenue contributors. India is expected to growth at over 8% CAGR between 2023-2030 supported by low-cost manufacturing advantages and a large patient pool.
Key players related content: 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. Key players are focusing on new product launches, partnerships, and manufacturing expansion strategies to consolidate their market presence.
For more insights, Read- https://www.ukwebwire.com/neurological-biomarkers-market-trends-size-and-share-analysis-2/
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