Neurological biomarkers are used for diagnosis of various neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis. These biomarkers help in measuring changes in the brain due to neurological conditions. They are indicator or substance that can be detected in body fluids such as cerebrospinal fluid, blood, and urine and tissues. Neurological biomarkers play an important role in developing novel therapies by identifying potential drug targets.
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 opportunity in diagnosis of neurological disorders is expected to drive the growth of neurological biomarkers market over the forecast period. Neurological disorders are common but often misdiagnosed. Biomarkers help in early and accurate diagnosis of various disorders such as Alzheimer's disease at pre-dementia stages when treatment can slow progression and temporarily manage symptoms. For example, biomarkers such as amyloid beta 42, total tau and phosphorylated tau in cerebrospinal fluid (CSF) are widely used in diagnosis of Alzheimer's disease in early stages. Biomarker testing enables diagnosis with more than 90% accuracy. Accurate diagnosis using biomarkers is expected to facilitate early intervention and management of neurological disorders, thereby driving the demand for neurological biomarkers.
Porter's Analysis
Threat of new entrants: The neurological biomarkers market requires huge R&D investments and regulatory approvals which makes the entry difficult for new players.
Bargaining power of buyers: The buyers have less bargaining power as the market is highly consolidated with a few large players.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of many substitute materials and technologies.
Threat of new substitutes: New and advanced technologies for biomarker discovery and diagnostic tests pose a threat to the conventional technologies.
Competitive rivalry: The market competition is high among the key players to gain greater market share by expanding their product portfolio through continuous R&D.
SWOT Analysis
Strength: Large customer base and wide global presence particularly in developed markets; Strong focus on R&D and new product development.
Weakness: High R&D costs and stringent regulatory environment increases the compliance burden; Dependence on few key markets for growth.
Opportunity: Rising incidence of neurological disorders globally offers huge growth potential; Growing demand for non-invasive diagnostic techniques.
Threats: Expiry of patents opens up competition; Reimbursement issues related to high cost biomarkers limits adoption.
Key Takeaways
The Global Neurological Biomarkers Market Growth is expected to witness high supported rising neurological disease burden. The neurological biomarkers market size for 2023 is projected to reach US$ 11813.64 Mn registering a CAGR of 5.9% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the global neurological biomarkers market owing to established healthcare infrastructure, wide awareness levels and stringent regulatory guidelines for approval of biomarkers. Asia Pacific is anticipated to grow at the fastest rate attributed to large unmet needs, increasing healthcare spending and favorable government initiatives to boost healthcare delivery.
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. Knauf Gips KG is one of the leading players focusing on R&D activities to develop innovative products and gain competitive advantage.
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