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Several factors are driving the growth of the neurogenomics market, including reducing costs of sequencing, an increasing prevalence of neurological disorders, and a growing use of advanced sequencing technologies in diagnostics and precision medicine. Additionally, rising pharmaceutical R&D expenditures, improvements in regulatory and reimbursement frameworks for gene sequencing, increasing healthcare investments, heightened funding for research activities, a growing need for early detection and prevention of neurological conditions, technological advancements in neurogenomics products, and government initiatives promoting sequencing applications in clinical and research contexts all contribute to market growth.
However, the market does face several challenges that could hinder its growth. These challenges include the high costs of neurogenomics products, the limited potential for identifying actionable mutations for precision medicine, and various ethical and legal issues surrounding sequencing-based diagnostics.
Furthermore, the rising adoption of targeted therapies, expanding emerging economies, and increasing awareness regarding neurological disorders are expected to create significant growth opportunities for market stakeholders. Nevertheless, the dynamic regulatory landscape, limited expertise and sequencing capabilities of smaller labs, a shortage of qualified sequencing professionals, and the high capital investments required for sequencing setups remain substantial challenges.
Key Players
The neurogenomics market is characterized by moderate competition due to the presence of various large and small regional and local players. 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 is segmented based on offerings, applications, end users, and geographic regions.
Offerings
From the offerings analyzed, the next-generation sequencing (NGS) segment is anticipated to hold the largest market share at 63.9% in 2024. This is attributed to the high prevalence of neurological disorders, rising healthcare costs, and significant initiatives aimed at improving diagnostic and treatment methods through NGS.
Applications
Regarding applications, the research applications segment is projected to capture the largest market share of 61.6% in 2024. The rapid integration of advanced solutions such as next-generation sequencing (NGS), PCR, and microarrays in academic and research institutions, coupled with substantial 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 with a 44.6% market share in 2024. Increased R&D investments by pharmaceutical and biotechnology firms facilitate the adoption of advanced solutions like 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 projected to hold a significant share, estimated at 47.2% of the market by 2024. This growth is primarily driven by increasing 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, a rising prevalence of neurological diseases, and a favorable reimbursement environment.
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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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