Neurogenomics Market to Reach $4.68 Billion by 2031

 Meticulous Research®—a leading global market research company, published a research report titled ‘Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031’. According to this latest publication, the neurogenomics market is expected to reach $4.68 Billion by 2031, at a CAGR of 16.6% from 2024 to 2031.

The growth of the neurogenomics market is driven by the declining costs of sequencing, the increasing prevalence of neurological disorders, the growing utilization of advanced sequencing technologies in disease diagnostics & precision medicine, increasing pharmaceutical R&D expenditures, improvements in regulatory & reimbursement scenarios for gene sequencing, rising healthcare expenditures, increasing funding for research activities, the growing need for the early detection & prevention of neurological disorders, technological advancements in neurogenomics products, and government initiatives promoting the use of sequencing in clinical & research applications. However, the high prices of neurogenomics products, the low chances of identifying positive actionable mutations for precision medicine, and ethical & legal issues related to sequencing-based diagnosis are factors restraining the growth of this market.

Furthermore, the increasing adoption of targeted therapies, emerging economies, and rising awareness regarding neurological disorders are expected to generate growth opportunities for market stakeholders. However, the dynamic regulatory landscape, the limited expertise & sequencing capabilities of small & medium-sized laboratories, the shortage of sequencing professionals, and the high capital investments required for sequencing setups are major challenges impacting the growth of the neurogenomics market.

Key Players

The neurogenomics market is moderately competitive due to the presence of many large and small-sized regional and local players. The key players operating in the 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). The neurogenomics market is segmented based on offering, application, end user, and geography.

Among the offerings studied in this report, the next-generation sequencing (NGS) segment is anticipated to hold the dominant position, with a share of 63.9% of the market in 2024. The significant prevalence of neurological disorders, increasing healthcare costs, and extensive initiatives aimed at enhancing diagnostic and treatment methods through next-generation sequencing (NGS) are key factors driving the segment's dominance in the neurogenomics market.

Among the applications studied in this report, the research applications segment is anticipated to hold the dominant position, with a share of 61.6% of the market in 2024. The swift integration of advanced solutions such as next-generation sequencing (NGS), PCR, and microarrays in academic and research institutions, substantial investments in genomics research, and the increasing demand for personalized medicine are driving the segment's dominance in the neurogenomics market.

Among the end users studied in this report, the pharmaceutical & biotechnology companies segment is anticipated to hold the dominant position, with a share of 44.6% of the market in 2024. Elevated R&D expenditures by pharmaceutical and biotechnology companies, which facilitate the adoption of advanced solutions such as next-generation sequencing, microarrays, and PCR technologies, along with the high incidence of neurological disorders, are key factors contributing to the dominance in the neurogenomics market.

Among the geographies studied in this report, North America is anticipated to hold the dominant position, with a share of 47.2% of the market in 2024. The growth of this market can be primarily attributed to rising R&D expenditures in the pharmaceutical and biotechnology sector, the presence of major market players in the region, supportive government initiatives for genomics research, expanding applications of sequencing-based research, the increasing prevalence of neurological diseases, and a favorable reimbursement landscape.

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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?

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