Neurogenomics Market: Size, Share, Forecast, & Trend Analysis

Meticulous Research®, a leading global market research firm, has published a new report titled “Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031.” According to this report, the global neurogenomics market is projected to reach $4.68 billion by 2031, growing at a CAGR of 16.6% from 2024 to 2031.

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The growth of the neurogenomics market is primarily driven by the declining costs of sequencing, the rising prevalence of neurological disorders, and the increasing use of advanced sequencing technologies in disease diagnostics and precision medicine. Additional factors contributing to this growth include rising pharmaceutical R&D expenditures, improvements in regulatory and reimbursement frameworks for gene sequencing, growing healthcare expenditures, increased funding for neurogenomics research, and the need for early detection and prevention of neurological disorders. Furthermore, technological advancements in neurogenomics products and government initiatives supporting sequencing for clinical and research purposes are expected to further propel market expansion.

However, several factors are restraining market growth, such as the high costs of neurogenomics products, limited positive actionable mutations for precision medicine, and ethical and legal concerns surrounding sequencing-based diagnostics.

On the other hand, the rising adoption of targeted therapies, increasing awareness of neurological disorders, and emerging markets are expected to create significant growth opportunities for market stakeholders. Nevertheless, challenges such as the dynamic regulatory environment, limited sequencing capabilities in small and medium-sized laboratories, a shortage of sequencing professionals, and the high capital investments required for sequencing setups pose hurdles to market growth.

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Key Players

The neurogenomics market is moderately competitive, with both large multinational corporations and smaller regional players. The major companies in the 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.), and MGI Tech Co., Ltd. (China).

Market Segmentation

The neurogenomics market is segmented by offering, application, end user, and geography.

1. Offering: The next-generation sequencing (NGS) segment is expected to dominate the market in 2024, accounting for 63.9% of the total market share. This is due to the high prevalence of neurological disorders, rising healthcare costs, and initiatives to enhance diagnostic and treatment methods using NGS technology.
2. Application: In 2024, the research applications segment is projected to hold the largest share of the market, with 61.6%. This is driven by the increasing adoption of advanced solutions such as NGS, PCR, and microarrays in academic and research institutions, along with substantial investments in genomics research and a growing demand for personalized medicine.
3. End User: The pharmaceutical and biotechnology companies segment is anticipated to account for 44.6% of the market share in 2024. Elevated R&D expenditures by pharmaceutical and biotech firms, combined with the growing incidence of neurological disorders and the adoption of advanced technologies like NGS and microarrays, are key factors driving the dominance of this segment.

Geographic Analysis

Geographically, North America is expected to lead the global neurogenomics market, holding 47.2% of the market share in 2024. The region’s growth is attributed to high R&D spending in the pharmaceutical and biotechnology sectors, the presence of major industry players, supportive government initiatives for genomics research, expanding applications of sequencing in research, and an increasing prevalence of neurological diseases. Additionally, the region benefits from a favorable reimbursement landscape, further bolstering its market position.

Conclusion

In conclusion, the neurogenomics market is set for rapid growth, fueled by advances in sequencing technologies, increasing research investments, and rising awareness of the importance of early diagnosis and precision medicine in treating neurological disorders. As major players continue to innovate and expand their offerings, the market is expected to evolve, presenting new opportunities for growth, particularly in emerging markets and targeted therapies. However, companies must navigate challenges such as regulatory complexities and the high cost of sequencing technologies to fully capitalize on this market’s potential.

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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?

About Meticulous Research®

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