Optogenetics Market Size is slated to witness substantial consumption from the period 2022 to 2028 on account of rising penetration in the field of neuroscience. There have been significant advances in optogenetics, including wireless microchips to provide a convenient treatment for conditions, like depression and Parkinson’s disease. Optogenetics is primarily a neuromodulation approach that deals with controlling neural activity using light. In consequence, the emergence of several advanced technologies, along with the soaring deployment of multimodal imaging will positively anchor the market forecast.
The growing adoption of LEDs, ultrafast laser tools, and ytterbium-based lasers will also play a key role in the industry progression. However, the dearth of awareness related to the tools, and the unavailability of genetic reagents may restrict the optogenetics market growth to some extent.
Based on light equipment, the optogenetics market revenue from the light-emitting diode (LED) segment will rise through 2028. The growth can be attributed to the rising penetration of effective LED therapies in the treatment of neurological and cutaneous diseases. As they can be easily integrated into upright as well as inverted microscopes, LEDs are opted in a large number of optogenetic experiments to offer sufficient output power for the stimulation of all optogenetic probes.
Given their optimum reliability, smaller size, affordability, and ease of control, LEDs can be easily synchronized with the electrophysiological equipment. The increasing requirement for light instruments and the influx of fiber-coupled LEDs are other factors contributing to the segment growth.
In terms of application, the demand for optogenetics in neuroscience will expand with the upsurge in the number of supportive government initiatives and R&D activities. The surging prevalence of neurological diseases has paved the path for a higher number of advancements in neuroscience. Numerous optical techniques are increasingly preferred over pharmaceutical and electrical methods in the study of neuroscience, considering their optimum speed and accuracy along with limited damages to tissue. It also allows maximum temporal resolution to analyze specific neural circuit operations in different diseases.
Regionally, North America is anticipated to record a substantial remuneration for the optogenetics market due to the increasing instances of Parkinson's disease. According to the Parkinson’s Foundation, over 60,000 Americans are diagnosed with the disease each year. It has also been reported that close to one million people in the country live with Parkinson's disease. The surging need for light therapy treatment to cater to the rising chronic pain cases coupled with the higher adoption of optogenetic devices, in academic and research labs will spur the market expansion.
Some of the major optogenetics companies include Gensight Biologics, Laserglow Technologies, Shanghai Laser & Optics Century Co. Ltd., Noldus Information Technology, Addgene, Scientifica, Coherent Inc., Thorlabs Inc., and Cobolt Inc.
These firms are working on targeted marketing ventures, including partnerships, acquisitions, and mergers, to increase their geographical footprint. They are also working on new product launches and approvals to sustain the escalating market competition.
For instance, in October 2021, GenSight Biologics announced that GS030, its clinical trial which combines AAV2-based gene therapy with optogenetics for the treatment of Retinitis Pigmentosa (RP) received the Fast Track Designation from the U.S. FDA (Food & Drug Administration).
The COVID-19 pandemic had a profoundly negative impact on the global economy and gave way for multiple roadblocks within the business landscape. However, market witnessed lucrative expansion owing to the growing activities in the medical and pharma fields, to limit the spread of the virus. The increasing strides of innovations in the treatment of infectious diseases also influenced the market progression amidst the crisis. However, the rising occasions of halts in non-essential therapies among various healthcare settings to tend to the COVID-19 patients brought about a slightly negative influence on the market, to some extent.
The optogenetics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:
Market, by Product
Market, by Application
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