Meticulous Research® has published a detailed research report titled “Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031.” The report indicates that the neurogenomics market is expected to reach $4.68 Billion by 2031, achieving a CAGR of 16.6% from 2024 to 2031.
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The growth of the neurogenomics market is driven by several key factors, including the declining costs of sequencing, the increasing prevalence of neurological disorders, and the growing use of advanced sequencing technologies in diagnostics and precision medicine. Additional growth drivers include rising pharmaceutical R&D investments, improvements in regulatory and reimbursement frameworks for gene sequencing, increasing healthcare expenditures, and heightened funding for research activities. Furthermore, the rising demand for early detection and prevention of neurological disorders, advancements in neurogenomics products, and government initiatives that encourage the use of sequencing in clinical and research applications contribute to market expansion.
However, significant challenges remain, such as the high prices of neurogenomics products, low chances of identifying actionable mutations for precision medicine, and ethical and legal issues surrounding sequencing-based diagnostics.
Additionally, the increasing adoption of targeted therapies, the growth of emerging economies, and rising awareness of neurological disorders are expected to create opportunities for stakeholders. However, challenges such as the dynamic regulatory landscape, limited expertise and sequencing capabilities of smaller laboratories, a shortage of sequencing professionals, and significant capital investments required for sequencing setups are notable barriers to growth.
Key Players
The neurogenomics market is characterized by moderate competition, with various large and small regional and local players. Key players in this sector include:
- Illumina, Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- QIAGEN N.V. (Netherlands)
- Agilent Technologies, Inc. (U.S.)
- Revvity, Inc. (U.S.)
- Pacific Biosciences of California Inc. (U.S.)
- Danaher Corporation (U.S.)
- Oxford Nanopore Technologies Plc. (U.K.)
- MGI Tech Co., Ltd. (China)
The neurogenomics market is segmented based on offerings, applications, end users, and geographical regions.
Offerings
Among the offerings analyzed in this report, the next-generation sequencing (NGS) segment is expected to lead, projected to capture a 63.9% market share in 2024. This dominance is primarily attributed to the high prevalence of neurological disorders, rising healthcare costs, and extensive initiatives aimed at improving diagnostic and treatment methods through NGS.
Applications
In the applications segment, the research applications category is expected to dominate, anticipated to hold a 61.6% market share in 2024. The rapid integration of advanced solutions such as next-generation sequencing (NGS), PCR, and microarrays in academic and research institutions, along with significant investments in genomics research and rising demand for personalized medicine, contribute to this segment’s growth.
End Users
Among the end users assessed, the pharmaceutical and biotechnology companies segment is projected to dominate, capturing a 44.6% market share in 2024. Increased R&D expenditures by pharmaceutical and biotechnology firms will facilitate the adoption of advanced solutions like next-generation sequencing, microarrays, and PCR technologies, while the high incidence of neurological disorders enhances this segment’s performance.
Geography
Geographically, North America is projected to retain a dominant position, expected to hold a 47.2% market share in 2024. This growth is largely driven by rising R&D expenditures in the pharmaceutical and biotechnology sectors, the presence of major market players, supportive government initiatives for genomics research, expanding applications of sequencing in research, and the increasing prevalence of neurological diseases, combined with a favorable reimbursement environment.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/neurogenomics-market-6019
Key Questions Answered in the Report:
- What is the revenue generated from the neurogenomics market globally, based on offering, application, and end user?
- At what rate is the demand for neurogenomics solutions projected to grow globally for the next five to seven years?
- What are the historical market size and growth rate for the neurogenomics market?
- What are the major factors impacting the growth of this market?
- What are the major opportunities for existing players and new entrants in the market?
- Which offering, application, and end-user segments are expected to create major traction for the players in this market?
- Who are the major players in the neurogenomics market? What are their specific product offerings in this market?
- What are the recent developments in the neurogenomics market? What are the impacts of these strategic developments?
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