Neurological biomarkers are indicators of biological states or conditions related to neurological diseases and disorders. They help in detecting neurological conditions as well as monitoring the effectiveness of therapeutic interventions. Biomarkers play a crucial role in diagnosis and prognosis of neurological disorders such as Parkinson's disease, Alzheimer's disease, schizophrenia, multiple sclerosis and epilepsy. Growing prevalence of these neurological disorders has increased the demand for accurate diagnostic and prognostic tools which is propelling the demand for neurological biomarkers.

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 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing demand for neurological disease diagnosis is one of the major trends fueling the growth of the neurological biomarkers market. Biomarkers help in early and accurate diagnosis of neurological disorders. For instance, amyloid-β and tau biomarkers are commonly used in diagnosis of Alzheimer's disease. Similarly, dopamine metabolite biomarkers are used in diagnosis of Parkinson's disease. Growing geriatric population which is highly susceptible to age-related neurological disorders also contributes to the increasing demand for neurological biomarkers for diagnosis and disease management. Advancements in biomarker detection technologies further support the growth of this market.

SWOT Analysis

Strength: The neurological biomarkers market possesses growing research and development activities for neurological disorders. Biomarkers help in early diagnosis and prediction of treatment outcomes.
Weakness: High capital requirements for research and development in neurological biomarkers. Limited healthcare reimbursement policies pose challenges.
Opportunity: Rising incidence of neurological disorders creating demand for improved diagnostics. Growing focus on precision medicine offers scope for biomarker discovery.
Threats: Stringent regulatory processes for approval of biomarkers delays market access. Limitations in biomarker discovery and validation affects commercialization.

Key Takeaways

The global Neurological Biomarkers Market Share is expected to witness high growth. 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 5.3% over the forecast period 2023 to 2030.

North America dominates the market currently due to growing elderly population, high healthcare spending and presence of key market players. However, Asia Pacific region is expected to grow at a higher CAGR during the forecast period due to increasing healthcare expenditure, rising neurological disorders and growing biotechnology industry.

Key players operating in the neurological biomarkers market are ABB, EDF, Enel SPA (Enel), General Electric (GE), The Tata Power Company Limited, Mitsubishi Hitachi Power Systems Inc., Toshiba Corporation, Korea Electric Power Corporation, Siemens AG, and Yokogawa Electric Corporation. These key players are focusing on new product launches, collaborations and expanding presence in emerging markets through strategic initiatives to strengthen their market position.

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