Optogenetics Market size is predicted to expand at a steady rate during the forecast period of 2023-2032 as this technique is finding robust use in the field of neuroscience. Optogenetics is undergoing significant improvements, such as incorporating wireless microchips to offer a convenient way to treat neurological disorders, including depression and Parkinson’s disease.
The growing adoption of LEDs, ytterbium lasers, and ultrafast laser tools will also contribute to the industry progress. However, many patients are not aware of the numerous benefits offered by these tools in treating chronic medical conditions. Also, genetic reagents are not easily available, which may hinder optogenetics industry gains over the coming years.
Based on product, optogenetics market is bifurcated into light instruments, actuators, and sensors. The industry revenue from the light-emitting diode (LED) segment will increase considerably by 2032. The robust demand for LED instruments in the healthcare sector can be attributed to the growing usage of effective LED therapies in the treatment of cutaneous and neurological diseases.
The prevalence of cutaneous diseases is rising at a significant rate across the world. According to the Skin Cancer Foundation, 1 in 5 individuals in the U.S. will being diagnosed with skin cancer by the time they turn 70 years old. Since LEDs can be easily integrated into upright as well as inverted microscopes, they are used in many optogenetic experiments to offer sufficient output power to stimulate all optogenetic probes.
Given their positive attributes, such as smaller size, reliability, ease of control, and affordability, LEDs can be easily synchronized with electrophysiological devices. More healthcare professionals are opting for light instruments to treat a wide range of mental and physical disorders. Moreover, high influx of fiber-based LEDs is another factor that will positively influence the optogenetics market forecast.
In terms of application, global optogenetics industry is segmented into neuroscience, retinal disease treatment, behavioral tracking, and others. The neuroscience segment is expected to capture a sizeable market share by 2032. Optogenetics is being increasingly adopted in neuroscience, thereby prompting governments to introduce a wide range of initiatives to promote research in neurodegenerative disorders. For example, the U.K. government announced its decision to invest USD 455.3 million in projects that improve the understanding and treatment of a variety of neurodegenerative diseases, such as Parkinson’s disease dementia, Pick’s Disease, and frontotemporal dementia.
The incidence of neurological ailments is also surging steadily every year. Nearly 14.7 million people in the U.K. are affected by a host of brain diseases, with at least 600,000 being diagnosed with these conditions each year. This factor has played a vital role in creating opportunities for advancements in neuroscience. Optical techniques are being increasingly preferred over pharmaceutical and electrical methods in neuroscience due to their accuracy, optimum speed, and ability to cause less damage to tissues. These features will enhance the use of optogenetics in neuroscience.
North America optogenetics market share is anticipated to grow at a considerable pace during the analysis timeframe as cases of Parkinson’s disease are increasing across the region. As per data by the Parkinson’s Foundation, more than 60,000 Americans are diagnosed with this neurodegenerative disorder every year. This scenario has boosted the adoption of light therapy treatments to treat these ailments. Optogenetic devices are being widely used in research and academic labs as well, which will drive the market outlook.
Some of the major companies operating in optogenetics market include Laserglow Technologies, Shanghai Laser & Optics Century Co. Ltd. (SLOC), GenSight Biologics, Scientifica, Addgene, Noldus Information Technology, Cobolt Inc. (now known as HUBNER Photonics Inc.), Thorlabs Inc., and Coherent Inc., among many others.