Meticulous Research® has unveiled an extensive research report titled “Neurogenomics Market—Global Opportunity Analysis & Industry Forecast to 2031.” According to the findings, the neurogenomics market is projected to achieve $4.68 Billion by 2031, with a CAGR of 16.6% from 2024 to 2031.

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The growth trajectory of the neurogenomics market is driven by various factors, including the falling costs of sequencing, the growing prevalence of neurological disorders, and the increased adoption of advanced sequencing technologies in diagnostics and precision medicine. Other factors contributing to this growth encompass rising pharmaceutical R&D investments, improvements in regulatory and reimbursement frameworks for gene sequencing, escalating healthcare expenditures, and increased funding for research activities. The pressing need for early detection and prevention of neurological disorders, advancements in neurogenomics products, and government initiatives supporting sequencing in clinical and research applications further bolster market expansion.

Despite these positive indicators, the market faces challenges, such as the high costs of neurogenomics products, the low likelihood of discovering actionable mutations for precision medicine, and ethical and legal issues related to sequencing-based diagnostics.

Furthermore, the rising adoption of targeted therapies, the emergence of developing economies, and increased awareness regarding neurological disorders are anticipated to provide growth opportunities for stakeholders. However, challenges such as a dynamic regulatory landscape, limited expertise and sequencing capabilities of smaller laboratories, a shortage of skilled professionals in sequencing, and substantial capital investments required for sequencing setups present notable obstacles to growth.

Key Players
The neurogenomics market is moderately competitive, comprising a variety of large and small regional and local players. Key players in this field 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 neurogenomics market is segmented based on offerings, applications, end users, and geographical regions.

Offerings
Among the offerings evaluated, the next-generation sequencing (NGS) segment is expected to lead the market, anticipated to hold 63.9% of the market share in 2024. This dominance is driven by the high incidence of neurological disorders, rising healthcare costs, and significant initiatives aimed at enhancing diagnostic and treatment methods through NGS.

Applications
In the applications segment, the research applications category is anticipated to be the largest, expected to capture a 61.6% market share in 2024. The rapid integration of advanced solutions such as next-generation sequencing (NGS), PCR, and microarrays within academic and research institutions, along with substantial investments in genomics research and increasing demand for personalized medicine, will drive this segment's growth.

End Users
For end users, the pharmaceutical and biotechnology companies segment is projected to dominate, with an anticipated 44.6% market share in 2024. Increased R&D expenditures by pharmaceutical and biotechnology firms will facilitate the adoption of advanced solutions such as next-generation sequencing, microarrays, and PCR technologies, while the high incidence of neurological disorders enhances this segment's success.

Geography
In terms of geography, North America is expected to retain a leading position, projected to capture 47.2% of the market share in 2024. This growth is attributed to increased 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, and the rising prevalence of neurological diseases, coupled with a favorable reimbursement landscape.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/neurogenomics-market-6019

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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