Meticulous Research® has launched a detailed report entitled “Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031.” The report forecasts that the neurogenomics market will reach a remarkable $4.68 Billion by 2031, growing at a CAGR of 16.6% between 2024 and 2031.
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The growth of the neurogenomics market is supported by a range of factors, such as lower sequencing costs, an increasing number of neurological disorder cases, and a growing use of advanced sequencing technologies in diagnostic procedures and precision medicine. Other key growth drivers include rising R&D investments in pharmaceuticals, improvements in regulatory and reimbursement conditions for gene sequencing, higher healthcare expenditures, increased funding for research, the rising demand for early detection and prevention of neurological disorders, ongoing technological innovations in neurogenomics products, and various government initiatives promoting sequencing applications in clinical and research contexts.
Despite these growth drivers, the market faces several challenges. These include the high costs associated with neurogenomics products, limited potential for identifying actionable mutations for precision medicine, and various ethical and legal challenges surrounding sequencing diagnostics.
Furthermore, the rising trend of targeted therapies, expanding emerging economies, and growing awareness of neurological disorders are expected to generate significant opportunities for market stakeholders. However, challenges such as the dynamic regulatory landscape, a lack of expertise and sequencing capabilities among small to medium-sized labs, a shortage of sequencing professionals, and the significant capital investments necessary for establishing sequencing infrastructures could hinder growth.
Key Players
The neurogenomics market is characterized by moderate competition, featuring a combination of both large and small regional and local players. Key market players in neurogenomics 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 geographic location.
Offerings
Among the offerings assessed in this report, the next-generation sequencing (NGS) segment is anticipated to hold a dominant market position with a 63.9% share by 2024. This dominance can be attributed to the significant prevalence of neurological disorders, increasing healthcare expenditures, and various initiatives aimed at enhancing diagnostic and treatment methods through next-generation sequencing.
Applications
Regarding applications, the research applications segment is projected to capture the largest share of the market, estimated at 61.6% by 2024. The rapid integration of advanced solutions such as next-generation sequencing (NGS), PCR, and microarrays in academic and research institutions, alongside significant investments in genomics research and the growing demand for personalized medicine, drive this segment's growth.
End Users
For end users, the pharmaceutical and biotechnology companies segment is expected to dominate, capturing 44.6% of the market share in 2024. Increased R&D investments by pharmaceutical and biotechnology companies facilitate the integration of advanced solutions such as next-generation sequencing, microarrays, and PCR technologies, alongside a high incidence of neurological disorders contributing to this segment's success.
Geography
Geographically, North America is anticipated to hold the largest share, estimated at 47.2% of the market by 2024. This growth is largely 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, an increasing prevalence of neurological diseases, and a favorablereimbursement 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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