Optogenetics Market Forecast and CAGR
According to the latest research by Fact.MR, the Optogenetics market is expected to witness steady growth during the study period 2021-2031. The market is currently is in a nascent stage, with an optimistic outlook in the longer run. Although lack of awareness about the optogenetics technology may limit its adoption, technological advancements and an increase in behavioral disorders are expected to provide new avenues for market growth.
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What is Driving Demand for Optogenetics?
In Neuroscience, optogenetics is used to study neural activity with the combination of genetic engineering and optical tools. Optogenetics allows researchers to conduct a variety of studies to better understand neuronal circuits in both abnormal and normal behavior. Owing to its ability to provide spatial and temporal specificity for cell targets, optogenetics has an edge over the other conventional techniques. Currently, the market is in its infancy, but significant research and development studies and technological advancements will aid the market growth in the coming few years. Also, rising behavioral disorders are expected to offer lucrative opportunities in the near future.
Rise in research and development activities to fuel Growth of Optogenetics
Advancements through support from a various public and private institution, industry leaders is one of the important factor responsible for market growth. For instance, Bionic Sight administered the first patient in Phase 1 / Phase 2 clinical trial for its optogenetics treatment, The Company has begun its trials in March 2020. Also, Retro sense in 2016 has completed the low-dose cohort in a clinical study of novel gene therapy application of optogenetics. Thus, growing research and development will lead to the development of new products, which is anticipated to create a positive impact on the market growth.
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US and Canada Optogenetics Market Outlook
The growth in the U.S. and Canada market is attributed to the growing number of serious behavioral disorders such as Parkinson’s, depression, schizophrenia, and other neurological psychiatric disorders. Estimates by the Parkinson’s Foundation states that currently 1 million people are suffering from Parkinson’s disease and is expected to reach 1.2 million by 2030, also, approximately 60,000 Americans are diagnosed with PD each year. Thus, growing cases of Parkinson’s disorder will demand a better treatment option, which will augment the growth of the optogenetics market in this region.
Europe Demand Outlook for Optogenetics
Similar to, U.S., the growth of optogenetics in the European region is driven by the growing behavioral disorders. Further, technological advancements and the growing number of clinical trials for applications other than neuroscience are further supporting the growth of the European Optogenetics market. For instance, Genesight Biologics has its potential candidate, GS030 in phase 2/3 of clinical trials. This product is being tested for the safety and efficacy of people suffering from Retinitis Pigmentosa.
Who are the Key Manufacturers of Optogenetics?
Some of the leading players operating in the optogenetics market include
- Genesight Biologics
- Coherent Inc.
- Scientifica
- A Judges Scientific plc Company
- Bionic Sight
- Teledyne Photometrics
- The Jackson Laboratories
- Thorlabs Inc.
As part of the key growth strategy, these companies significantly focused on investing in R&D, as a result the companies are receiving break through therapy/orphan drug designation which aids in accelerating their ongoing clinical trials.
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