Neurogenomics Market Outlook: Size, Share, & Forecast Trends
Meticulous Research® has published an in-depth research report titled “Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031.” According to the findings, the neurogenomics market is projected to reach $4.68 Billion by 2031, reflecting a CAGR of 16.6% between 2024 and 2031.
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The expansion of the neurogenomics market is fueled by a variety of factors, including decreasing sequencing costs, the rising prevalence of neurological disorders, and the growing adoption of advanced sequencing technologies in diagnostic and precision medicine applications. Other contributing factors include increasing pharmaceutical R&D spending, improvements in regulatory and reimbursement scenarios for gene sequencing, rising healthcare investments, increased research funding, a heightened need for early detection and prevention of neurological disorders, advancements in neurogenomics technologies, and government initiatives promoting sequencing in clinical and research environments.
However, the market does face several challenges, including the high costs of neurogenomics products, low chances of identifying actionable mutations for precision medicine, and various ethical and legal issues related to sequencing-based diagnostics.
In addition, the increasing trend of targeted therapies, emerging economies, and rising awareness of neurological disorders are expected to create significant opportunities for stakeholders. Nonetheless, challenges such as the dynamic regulatory landscape, limited expertise and sequencing capabilities of smaller labs, a shortage of sequencing professionals, and substantial capital investments necessary for sequencing setups could impact growth.
Key Players
The neurogenomics market is moderately competitive, featuring numerous large and small regional and local players. The key players in the neurogenomics market 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 market can be segmented based on offerings, applications, end users, and geography.
Offerings
Among the offerings examined in this report, the next-generation sequencing (NGS) segment is expected to maintain a dominant position, holding a 63.9% market share in 2024. This dominance is driven by the significant prevalence of neurological disorders, escalating healthcare costs, and substantial initiatives aimed at enhancing diagnostic and treatment methodologies through NGS.
Applications
In terms of applications, the research applications segment is expected to capture the largest market share, estimated at 61.6% in 2024. The swift adoption of advanced solutions such as next-generation sequencing (NGS), PCR, and microarrays in academic and research institutions, alongside considerable investments in genomics research and the increasing demand for personalized medicine, are key factors driving this segment.
End Users
Among the end users assessed in this report, the pharmaceutical and biotechnology companies segment is projected to hold a leading position with a 44.6% market share in 2024. Elevated R&D expenditures by pharmaceutical and biotechnology companies support the adoption of advanced solutions like next-generation sequencing, microarrays, and PCR technologies, alongside a high incidence of neurological disorders contributing to the segment's success.
Geography
In terms of geographic distribution, North America is anticipated to dominate, with a 47.2% market share in 2024. The growth of this market can be primarily attributed to rising R&D expenditures in the pharmaceutical and biotechnology sectors, the presence of major market players in the region, supportive government initiatives for genomics research, expanding applications of sequencing in research, a growing prevalence of neurological diseases, and 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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