Neurological biomarkers help in identifying biological changes in the brain associated with neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis. These biomarkers help in early disease diagnosis and prediction of disease progression through minimally invasive procedures such as MRI scans, analysis of cerebrospinal fluid and blood tests. The use of neurological biomarkers is increasing due to rising prevalence of neurological diseases globally, coupled with increasing healthcare spending to streamline disease diagnosis and management.
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:
Artificial intelligence is playing a major role in neurological biomarker discovery and development. AI techniques such as machine learning and deep learning algorithms are being used to analyze complex neurological biomarker and biomarker pattern data derived from various datasets such as MRIs, genomics, proteomics and CSF/blood proteomic profiles. AI enabled biomarker discovery can accelerate the process of identifying novel neurological disease biomarkers from large and complex biological datasets. This is expected to boost neurological biomarker research and development over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. Significant capital requirements and technical expertise are needed to effectively compete in this market.
Bargaining power of buyers: The bargaining power of buyers is high as there are many players operating in this market providing similar neurological biomarkers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are substitute suppliers available.
Threat of new substitutes: The threat of new substitutes is high as rapid technological advancements can lead to development of new alternative diagnostic methods.
Competitive rivalry: The competitive rivalry in the market is high due to presence of large number of global as well as regional players.
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.
Regional analysis: North America is expected to hold largest share in the neurological biomarkers market due to increasing adoption of biomarker discovery and development activities for various neurological conditions. Asia Pacific market is expected to grow at fastest rate during the forecast period owing to rising healthcare expenditure and improving R&D infrastructure in the region.
Key players: 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.
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