The 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.
Market Overview: The neurological biomarkers market size comprises products used for diagnostic and therapeutic purposes for various neurological disorders such as Alzheimer's disease, Parkinson's disease, Multiple Sclerosis, Depression, and others. Biomarkers play a crucial role in drug development, diagnosis, and monitoring disease progression. Advancements in biomarker discovery and validation have positively impacted the neurological biomarkers market. Market Dynamics: Rising incidence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, and depression is a key factor driving the growth of the neurological biomarkers market. Alzheimer's disease affects over 5.8 million people in the United States and is projected to triple by 2050. Biomarkers help in early and accurate diagnosis of such neurological disorders. Further, increasing research activity in biomarker discovery and drug development is also boosting the market growth. Additionally, development of novel fluid and imaging biomarkers is further expected to supplement market expansion over the forecast period. SWOT Analysis Strength: Neurological biomarkers offer non-invasive diagnostic capabilities for neurological disorders which enhances patient care and outcomes. They help in early disease detection and better management of treatment processes. Neurological biomarkers aid in developing customized treatment strategies based on individual patient's condition. Weakness: High costs associated with biomarker discovery, validation and commercialization hinders widespread adoption. Sensitivities and specificities of some biomarkers need further improvement. Opportunity: Increasing prevalence of neurological disorders such as Alzheimer’s, Parkinson's, autism, etc. is driving the need for biomarkers. Technological advancements in ‘omics’ and imaging techniques will facilitate commercialization of novel biomarkers. Threats: Stringent regulatory framework for approval delays product launch. Competition from alternative diagnostic modalities can hamper market growth. Key Takeaways The global Neurological Biomarkers market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing prevalence of neurological disorders such as Alzheimer's disease, multiple sclerosis, Parkinson's disease, etc. Neurological disorders impose severe healthcare burden due to their complex nature. Biomarkers aid early-stage diagnosis and help optimize treatment outcomes. Regional analysis: North America dominated the neurological biomarkers market in 2023 and is expected to maintain its lead position during the forecast period. This is attributed to rising geriatric population, availability of advanced healthcare facilities and presence of key industry players in the region. Asia Pacific exhibits highest growth due to growing patient pool, rising healthcare spending and increasing government initiatives to modernize healthcare infrastructure. 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. Key players are focused on new product launches, geographic expansion and mergers & acquisitions to garner greater market share. Get more insights on this topic: https://www.trendingwebwire.com/neurological-biomarkers-market-size-and-outlook-2023-2030/
0 Comments
Leave a Reply. |
Archives
February 2024
Categories |