China Neurogenomics Market Set to Reach $562.1 Million by 2031

China Neurogenomics Market Set to Reach $562.1 Million by 2031

Meticulous Research® has published a new report titled, ‘China Neurogenomics Market—Opportunity Analysis & Industry Forecasts to 2031.’ According to this report, the China neurogenomics market is projected to reach $562.1 million by 2031, growing at a CAGR of 19.4% from 2024 to 2031.

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The market growth is driven by factors such as the declining costs of sequencing, a rising prevalence of neurological disorders, increasing use of advanced sequencing technologies in diagnostics and precision medicine, higher pharmaceutical R&D spending, and favorable regulatory and reimbursement scenarios for gene sequencing. Additional factors contributing to growth include rising healthcare spending, increased research funding, advancements in neurogenomics products, and government support for sequencing applications in clinical and research settings.

Despite the promising growth potential, the market faces some challenges. These include the high cost of neurogenomics products, limited success in identifying actionable mutations for precision medicine, and ethical and legal issues surrounding sequencing-based diagnoses.

Opportunities for growth in the China neurogenomics market include the increasing adoption of targeted therapies, expanding awareness of neurological conditions, and potential growth in emerging markets. However, the evolving regulatory landscape, lack of sequencing expertise in smaller labs, and the significant capital investment required for sequencing technology continue to pose challenges for market expansion.

Key Players

The China neurogenomics market is moderately competitive, with key players including: China neurogenomics market are 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

By Offering: In 2024, the Next-generation Sequencing (NGS) segment is expected to dominate the China neurogenomics market, accounting for 64.1% of the market share. The widespread prevalence of neurological disorders, ongoing initiatives to advance diagnostic and treatment methods using NGS, and rising healthcare expenditures are key factors contributing to this dominance. Additionally, the NGS segment is projected to experience the fastest growth during the forecast period.

By Application: The research applications segment is forecasted to lead the market in 2024, representing 61.4% of the China neurogenomics market. High investments in genomics research, rapid adoption of advanced technologies such as NGS, PCR, and microarrays by academic and research institutes, and the growing demand for personalized medicine are driving the segment’s leadership. This segment is also expected to register the fastest growth during the forecast period.

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By End User: In 2024, the pharmaceutical and biotechnology companies segment is expected to hold the largest share of the China neurogenomics market at 44.5%. Factors driving this segment’s growth include significant R&D spending, the adoption of advanced sequencing technologies, and the high incidence of neurological disorders. However, the academic and research institutes segment is predicted to witness the fastest growth throughout the forecast period.

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