Neurogenomics Market: Growth Trends, Size, Share, & Forecast Analysis
Meticulous Research® has published a comprehensive research report titled “Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031.” This report indicates that the neurogenomics market is set to reach $4.68 Billion by 2031, with an expected CAGR of 16.6% from 2024 to 2031.
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The growth of the neurogenomics market can be attributed to various factors, including the declining costs of sequencing, the increasing prevalence of neurological disorders, and the growing utilization of advanced sequencing technologies in diagnostics and precision medicine. In addition, rising pharmaceutical R&D expenditures, improvements in regulatory and reimbursement scenarios for gene sequencing, increasing healthcare spending, and a surge in funding for research activities are contributing to this growth. The increasing need for early detection and prevention of neurological disorders, advancements in neurogenomics technologies, and government initiatives promoting sequencing in clinical and research applications further bolster market expansion.
However, significant challenges exist, including the high costs of neurogenomics products, low chances of identifying actionable mutations for precision medicine, and ethical and legal issues surrounding sequencing-based diagnostics, which may hinder growth.
Moreover, the increasing adoption of targeted therapies, the rise of emerging economies, and heightened awareness of neurological disorders are expected to present opportunities for market stakeholders. On the other hand, challenges such as the dynamic regulatory landscape, limited expertise and sequencing capabilities of smaller laboratories, a shortage of professionals in sequencing, and significant capital investments required for sequencing setups pose notable barriers to growth.
Key Players
The neurogenomics market is moderately competitive, featuring a mix of 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 reviewed in this report, the next-generation sequencing (NGS) segment is projected to hold a significant position, anticipated to capture 63.9% of the market share in 2024. This dominance is driven by 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 hold a prominent position with 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
For end users, the pharmaceutical and biotechnology companies segment is anticipated to lead with a 44.6% market share in 2024. Increased R&D expenditures by pharmaceutical and biotechnology firms facilitate the adoption of advanced solutions like next-generation sequencing, microarrays, and PCR technologies, while the high incidence of neurological disorders further enhances this segment's performance.
Geography
Geographically, North America is expected to maintain a dominant position, anticipated to hold a 47.2% market share in 2024. This growth is attributed to 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, along with a favorable reimbursement landscape.
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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