July 18, 2024

Neurological Biomarkers Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Neurological Disorders

The Neurological Biomarkers Market is estimated to be valued at US$ 8,979.6 Mn in 2021 and is expected to exhibit a CAGR of 14.7% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Neurological Biomarkers Market deals with the identification and measurement of specific molecules or substances in the body that indicate the presence of neurological disorders. These biomarkers play a crucial role in the early diagnosis, monitoring, and treatment of various neurological conditions such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, and others. The market offers a wide range of products, including imaging biomarkers, biochemical biomarkers, and genetic biomarkers, which are used by healthcare professionals for accurate disease diagnosis and management.

Market Dynamics:
The increasing prevalence of neurological disorders worldwide is a major driver for the growth of the Neurological Biomarkers Market. According to the World Health Organization (WHO), neurological disorders affect millions of people globally, leading to significant morbidity and mortality. The rising burden of these disorders has created a need for early diagnosis and effective treatment options, driving the demand for neurological biomarkers.

Additionally, the growing focus on personalized medicine is expected to boost market growth. Neurological biomarkers allow healthcare professionals to tailor treatment plans based on an individual’s genetic makeup, enabling more effective and targeted therapies. This approach has gained traction in recent years as it offers better patient outcomes and reduces healthcare costs.

In conclusion, the Neurological Biomarkers Market is poised for significant growth due to the rising prevalence of neurological disorders and the increasing focus on personalized medicine. The development of innovative biomarkers and advancements in biomarker testing technologies are expected to further drive market expansion in the coming years.
Segment Analysis:

One segment of the neurological biomarkers market is based on the type of biomarker. Among the different types of biomarkers, protein biomarkers dominate the market. Protein biomarkers are currently the most widely used biomarkers for neurological disorders due to their reliability and accuracy in detecting and diagnosing various conditions. Proteins such as amyloid beta, tau, and alpha-synuclein are commonly used as biomarkers for Alzheimer’s disease, Parkinson’s disease, and other neurological disorders. These protein biomarkers are known to have a strong correlation with the presence and progression of these diseases, making them essential tools for early detection and monitoring of neurological conditions.

PEST Analysis:

Political: The regulatory landscape plays a significant role in the neurological biomarkers market. Governments and regulatory bodies have a crucial role in approving and overseeing the use of biomarkers for diagnostics and treatment. Policies and regulations related to the approval, reimbursement, and pricing of biomarkers can impact the market dynamics.

Economic: The economic factors influencing the neurological biomarkers market include healthcare expenditure, research and development funding, and affordability of diagnostic tests. Increasing healthcare spending, particularly in emerging economies, and growing investment in R&D activities are expected to drive the market growth.

Social: The social factors influencing the market include the awareness and acceptance of biomarker-based diagnostics among healthcare professionals and patients. Rising awareness about the benefits of early detection and personalized medicine is expected to fuel the demand for neurological biomarkers.

Technological: Advancements in technology, such as genomics, proteomics, and molecular diagnostics, have revolutionized the field of biomarker discovery and detection. Newer technologies offer improved sensitivity, specificity, and cost-effectiveness, which contribute to the growth of the neurological biomarkers market.

Key Takeaways:

The global Neurological Biomarkers Market Size is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period of 2021-2028. The increasing prevalence of neurological disorders, coupled with the growing demand for early and accurate diagnosis, is driving market growth. Furthermore, advancements in biomarker discovery techniques and the development of novel biomarkers are further propelling market expansion.

In terms of regional analysis, North America is the fastest-growing and dominating region in the neurological biomarkers market. The region’s dominance can be attributed to factors such as the presence of a well-established healthcare infrastructure, high healthcare spending, and extensive R&D activities. Additionally, the region’s favorable reimbursement policies and increasing awareness about neurological disorders contribute to market growth.

Key players operating in the neurological biomarkers market include 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.

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