Neurogenomics Market Size, Share, Forecast, & Trends Analysis by Offering (NGS [Kits {Library Prep, QC, DNA Extraction}, Systems], PCR, Microarrays {Protein, DNA, RNA, Tissue}, Software) Application (Research, Clinical) End User - Global Forecast to 2031

The Neurogenomics Market was valued at $1.37 billion in 2023. This market is expected to reach $4.68 billion by 2031 from an estimated $1.59 billion in 2024, at a CAGR of 16.6% during the forecast period from 2024 to 2031.

Neurogenomics Market Size & Forecast

The growth of the neurogenomics market is driven by several factors, including decreasing sequencing costs, the rising prevalence of neurological disorders, and the increasing adoption of advanced sequencing technologies for disease diagnostics and precision medicine. Additional drivers include increased pharmaceutical R&D expenditures, improvements in regulatory and reimbursement frameworks for gene sequencing, rising healthcare expenditures, and increased funding for research activities. There is also a growing emphasis on early detection and prevention of neurological disorders, along with technological advancements in neurogenomics products and government initiatives that promote the use of sequencing in both clinical and 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.

Additionally, 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.

Neurogenomics Market Growth Drivers

Growing Utilization of Advanced Sequencing Technologies in Disease Diagnostics & Precision Medicine

Precision medicine is an innovative approach to patient care that tailors treatment methods based on an individual's genetic makeup while also accounting for genetic changes related to disease and lifestyle factors. This emerging strategy for disease treatment and prevention recognizes the variability in genes, environments, and lifestyles among individuals. By minimizing guesswork and trial-and-error in medication selection, precision medicine helps physicians address challenges related to variable diagnostic capabilities and develop treatment strategies based on broader demographic insights.

Additionally, precision medicine offers a more comprehensive view of a patient's health. In clinical neurogenomics workflows, it enhances predictive and preventive care through targeted therapies. Key benefits of precision medicine for neurological conditions include reduced reliance on trial-and-error prescriptions, prevention of adverse drug reactions, improved patient adherence to treatment due to fewer side effects, decreased prescriptions for unnecessary medications in non-responder patients, and optimized drug development costs.

Increasing Prevalence of Neurological Disorders

According to The Lancet Neurology’s 2021 report, neurological conditions affected 43% of the global population or approximately 3.4 billion individuals. In that year, these conditions accounted for 443 million years of healthy life lost due to disability, illness, and premature death (measured in disability-adjusted life years), making them the leading contributors to the global disease burden, surpassing cardiovascular diseases. Key contributors to neurological health loss included migraine, neonatal encephalopathy, stroke, diabetic neuropathy, Alzheimer’s disease, and other dementias.

In 2021, pediatric and neurodevelopmental conditions were expected to represent about one-fifth of the total neurological burden globally, equivalent to 80 million years of healthy life lost. Diabetic neuropathy emerged as the fastest-growing neurological condition, with cases more than tripling since 1990, reaching 206 million in 2021, largely due to the global increase in diabetes. Additionally, new conditions such as neurological complications from COVID-19—including cognitive impairment and Guillain-Barré syndrome—now account for over 23 million cases (Source: World Health Organization, March 2024 Report).

In 2021, central and western sub-Saharan Africa were the regions with the highest nervous system burden, while high-income Asia-Pacific and Australasia had the lowest burden. According to a major analysis from the Global Burden of Disease, Injuries, and Risk Factors Study (GBD) 2021, published in The Lancet Neurology journal, in 2021, 3.4 billion people suffered a nervous system condition. Thus, the rising prevalence of neurological disorders is expected to boost the demand for advanced neurological solutions, driving the growth of the neurogenomics market.

Neurogenomics Market Opportunity

Increasing Adoption of Targeted Therapies

Targeted therapies are being increasingly adopted in neurogenomics studies due to several factors, including their ability to target specific cells, their efficacy and safety, and the increasing number of targeted therapies being approved by the FDA. Also, in neurogenomics, targeted therapies can restrict disease progression in the early phases. NGS has a major application in cancer diagnosis and targeted therapies based on biomarkers. The use of targeted therapies is expected to boost the demand for neurogenomics solutions, generating market growth opportunities in the long run.

Neurogenomics Market Trend

The capability to sequence the genes of any organism for clinical and research purposes has transformed public health. Portable handheld sequencing devices are driving future market growth by making sequencing more affordable, user-friendly, and faster, eliminating the need for large clinical laboratory facilities. Real-time sequencing allows researchers and clinicians to access data swiftly and respond promptly. Portable nanopore-based sequencers can sequence an entire genome for under USD 1,000. These devices work by passing the DNA molecule through a nanopore—a small protein embedded in a membrane. As the DNA moves through the nanopore, it connects with an adaptor, initiating an electric current that is recorded and displayed as a graph. Consequently, the increasing adoption of portable sequencers is expected to significantly boost the neurogenomics market.

Neurogenomics Market Analysis: Key Findings

The Next-generation Sequencing (NGS) Segment to Dominate the Neurogenomics Market in 2024

By offering, the neurogenomics market is segmented into NGS, PCR, microarray, and software & services. In 2024, the Next-generation Sequencing (NGS) segment is expected to account for the largest share of 63.9% of the neurogenomics market. This segment’s substantial market share is primarily attributed to the recurring demand for consumables, increasing sequencing-based clinical & research applications of neurogenomics, and the growing preference for sequencing-based diagnostics.

Moreover, the NGS segment is also expected to record the highest CAGR during the forecast period due to the increasing demand for NGS consumables, the higher accuracy of NGS compared to other sequencing technologies, and the increasing number of genomics projects based on sequencing.

The Research Applications Segment to Dominate the Neurogenomics Market in 2024

By application, the neurogenomics market is segmented into research applications and clinical applications. The research applications segment is further segmented into functional studies, target identification, variant discovery, and transcription factor binding analysis. In 2024, the research applications segment is expected to account for the larger share of 61.6% of the neurogenomics market. This segment’s large share is attributed to the extensive use of NGS, PCR, and microarray solutions in research to identify specific genes and their sequences to gain a better understanding of the mechanisms underlying complex neurological diseases such as Parkinson's disease, Alzheimer's disease, Amyotrophic Lateral Sclerosis (ALS), and psychiatric disorders.

Moreover, the research applications segment is expected to record the higher CAGR during the forecast period due to the rising demand for advanced research solutions among laboratories to develop treatments for neurological conditions, the increasing demand for personalized medicine, and research studies to identify specific gene mutations in complex neurological diseases such as Alzheimer’s disease and Parkinson’s disease.

The Pharmaceutical & Biotechnology Companies Segment to Dominate the Neurogenomics Market in 2024

By end user, the neurogenomics market is segmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, and academic & research institutes. In 2024, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of 44.6% of the neurogenomics market. This segment’s large share is primarily attributed to pharmaceutical & biotechnology companies’ high adoption of advanced technologies for research, the high availability of capital for research, increasing research for drug discovery, and the widening applications of NGS.

However, the academic & research institutes segment is expected to record the highest CAGR during the forecast period due to the rising number of research centers, increasing private & government funding for neurogenomics research, and the increasing utilization of advanced solutions by academic & research institutes.

Geographical Analysis

In 2024, North America is expected to account for the largest share of 47.2% of the neurogenomics market. The growth of this market is primarily attributed to the increasing R&D expenditures in the pharmaceutical & biotechnology sector, the presence of leading sequencing solutions providers in the region, favorable government initiatives for genomics research, growing applications of sequencing-based research, increasing prevalence of neurological disorders, and favorable reimbursement scenario in the region.

Moreover, the market in Asia-Pacific is slated to register the highest CAGR of 17.9% during the forecast period. Countries in the Asia-Pacific region, particularly China and India, are expected to provide significant growth opportunities for vendors in this market. Many nations in this area are intensifying their efforts to improve the healthcare sector, resulting in increased investments aimed at enhancing healthcare accessibility, infrastructure, and drug discovery programs. Additional key factors driving growth in the region include the rising incidence and prevalence of neurological disorders, the growing adoption of advanced diagnostic and therapeutic technologies, and supportive government initiatives for the healthcare sector.

Neurogenomics Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of 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).

Neurogenomics Industry Overview: Latest Developments from Key Industry Players

• In March 2023, Illumina launched the Illumina Complete Long Read Prep, Human assay, compatible with the Illumina NovaSeq X Plus, NovaSeq X, and NovaSeq 6000 Sequencing Systems. This assay enables access to both long- and short-read data using a single instrument, offering enhanced flexibility for a range of genomic applications.
• In September 2022, Illumina launched the NovaSeq 6000 Dx, the first FDA-registered and CE-marked IVD high-throughput sequencer. This release also included the Illumina Complete Long-Reads, XLEAP-SBS Chemistry, NextSeq 1000/2000 Roadmap, and the NovaSeq X Series (NovaSeq X and NovaSeq X Plus).
• In October 2023, Thermo Fisher Scientific, Inc. (U.S.) acquired Olink Proteomics AB, a Sweden-based company specializing in advanced proteomics discovery and development. Olink operates across the Americas, Europe, and Asia-Pacific, expanding Thermo Fisher's capabilities in the field of proteomics.
• In March 2022, Thermo Fisher Scientific, Inc. (U.S.) launched the Ion Torrent Genexus Dx Integrated Sequencer, an automated Next-generation Sequencing (NGS) platform capable of delivering results within a single day.

Neurogenomics Market Research Summary

Key questions answered in the neurogenomics market report: