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The driving forces behind the growth of the neurogenomics market include several critical factors such as decreasing sequencing costs, a surge in neurological disorder prevalence, and an increased adoption of advanced sequencing technologies for diagnostics and precision medicine. Additional contributors to market growth are growing pharmaceutical R&D investments, improvements in regulatory and reimbursement frameworks concerning gene sequencing, rising healthcare expenditure, increased funding for research, a growing necessity for early detection and preventive measures for neurological disorders, advancements in neurogenomics technologies, and government initiatives that promote sequencing in clinical and research settings.
Nevertheless, certain challenges pose risks to market expansion. These include high costs of neurogenomics products, limited opportunities to identify actionable mutations for precision medicine, and various ethical and legal issues linked to sequencing-based diagnostics.
Moreover, the rising adoption of targeted therapies, burgeoning emerging economies, and heightened awareness of neurological disorders are likely to create growth opportunities for market participants. Nonetheless, challenges such as a dynamic regulatory landscape, limited expertise and sequencing capabilities in small to medium-sized laboratories, a shortage of skilled sequencing professionals, and the significant capital investment necessary for sequencing infrastructure could impede market growth.
Key Players
The neurogenomics market remains moderately competitive, featuring a mix of both large and small regional and local players. The prominent 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 can be segmented based on offerings, applications, end users, and geography.
Offerings
Among the offerings analyzed, the next-generation sequencing (NGS) segment is expected to dominate the market, capturing a 63.9% share by 2024. This dominance is attributed to the high prevalence of neurological disorders, rising healthcare expenses, and significant initiatives focused on advancing diagnostic and therapeutic approaches via NGS.
Applications
In the applications segment, research applications are forecasted to maintain a leading market position with a 61.6% share in 2024. The rapid 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 factors for this segment's growth.
End Users
Examining end users, the pharmaceutical and biotechnology companies segment is projected to dominate with a 44.6% market share in 2024. Elevated R&D investments by these companies, facilitating the adoption of advanced solutions like next-generation sequencing, microarrays, and PCR technologies, coupled with a high incidence of neurological disorders, contribute to this segment's leading position.
Geography
Regionally, North America is expected to hold the largest market share, accounting for 47.2% in 2024. The growth in this market 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 for sequencing-based research, the rising incidence of neurological diseases, and a favorablereimbursement 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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