by The global 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:
Neurological biomarkers are measurable indicators that can be used to diagnose and monitor neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis. These biomarkers provide important information about the physiological and pathological processes occurring in the central nervous system. The use of neurological biomarkers in research and clinical practice has gained significant traction in recent years, as they offer several advantages such as early diagnosis, monitoring disease progression, and evaluating treatment efficacy. The increasing prevalence of neurological disorders, coupled with the need for accurate and timely diagnosis, is expected to drive the demand for neurological biomarkers in the coming years.
Market Key Trends:
One key trend in the neurological biomarkers market is the growing focus on the development of novel biomarkers for specific neurological conditions. Researchers and companies are investing in the discovery and validation of biomarkers that can accurately diagnose and monitor specific diseases. For example, biomarkers such as amyloid beta and tau proteins are being studied for their potential as diagnostic markers for Alzheimer’s disease. This trend is driven by the need for more accurate and specific biomarkers that can improve the accuracy of diagnosis and enable personalized treatment approaches.
Porter’s Analysis:
Threat of New Entrants: The Neurological Biomarkers market faces a moderate threat of new entrants. The high initial investment required for research and development and regulatory approvals acts as a barrier for new entrants. However, the growing demand for effective diagnostic tools and the presence of untapped opportunities attract new players into the market.
Bargaining Power of Buyers: The bargaining power of buyers in the Neurological Biomarkers market is moderate. Buyers have the ability to choose from a variety of products offered by different manufacturers. However, the critical nature of neurological disorders and the limited availability of specialized biomarker tests give some power to the suppliers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the Neurological Biomarkers market is moderate. The market is driven by technological advancements, and suppliers with innovative biomarker testing solutions hold significant power. However, the presence of multiple suppliers and the availability of substitutes limit the individual power of suppliers.
Threat of New Substitutes: The threat of new substitutes in the Neurological Biomarkers market is low. The market relies on specific biomarker tests for accurate diagnosis, and there are limited alternatives available. Additionally, the increasing prevalence of neurological disorders and the need for personalized medicine further decrease the threat of substitutes.
Competitive Rivalry: The competitive rivalry in the Neurological Biomarkers market is high. The market is characterized by the presence of several key players offering a wide range of biomarker testing solutions. These players compete in terms of product innovation, quality, and pricing. The high growth potential of the market fuels intense competition among market players.
Key Takeaways:
The global Neurological Biomarkers Market Size is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period. This growth is primarily driven by the increasing prevalence of neurological disorders, the need for early and accurate diagnostic tools, and advancements in biomarker testing technology.
North America is expected to be the fastest-growing and dominating region in the Neurological Biomarkers market. This can be attributed to the presence of key market players, a well-established healthcare infrastructure, and high awareness about neurological disorders.
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. These players focus on product development, partnerships, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
In conclusion, the Neurological Biomarkers market is poised for significant growth due to the increasing demand for accurate diagnostic tools for neurological disorders. The market is characterized by intense competition among key players, with North America emerging as the dominant region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
