Optogenetics Market Surging at 17% CAGR; Prevalence of Behavioral Disorders Drives Market Growth: Fact.MR Study
Fact.MR – A Market Research and Competitive Intelligence Provider: The optogenetics market is expected to grow in the assessment period due to technological advancements and increasing behavioral disorders which are providing avenues for market growth. A new forecast by Fact.MR estimates that optogenetics market revenues will nearly double in the period of 2021-2031 with a five-year compound annual growth rate (CAGR) of 17%.
In Neuroscience, optogenetics is used to study neural activity by combining genetic engineering and optical tools. Optogenetics enables researchers to conduct a wide range of studies in order to better understand neuronal circuits in both abnormal and normal behavior. Optogenetics has a benefit over other conventional techniques due to its high ability to provide spatial and temporal specificity for cell targets. Thus, demand in prevalence of abnormal disorders will expand optogenetics market.
According to the Parkinson's Foundation, there are currently 1 million people suffering from Parkinson's disease, further it is expected to rise to 1.2 million by 2030. It is also estimated that 60,000 Americans are diagnosed with Parkinson's disease per year. As a result of the increasing number of cases of Parkinson's disease, a better treatment option will be required, boosting the growth of the optogenetics market in this region.
"One of the important factor responsible for market expansion is advancements facilitated by various public and private institutions, as well as industry leaders. Thus, increasing research and development will lead to development of new products, which is anticipated to create a positive impact on the market growth", said by Fact MR analyst.
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- The growth in the Canada market is attributed to the growing number of serious behavioral disorders.
- Technological advancements, and growing number of clinical trials for applications other than neuroscience are further supporting the growth of European Optogenetics market.
- U.S. dominates the global optogenetics market due to increasing inclination towards better treatments.
- Increasing investment in product development has escalated the growth of the optogenetics market in the U.K.
- Rising behavioral disorders will offer lucrative opportunities in coming years.
- Ongoing technological advancements will fuel the expansion of the optogenetics market.
- Increasing expansion of advanced healthcare infrastructure in developing economies will spur the market growth.
- Lack of skilled professionals for the procedures restricts the growth of the optogenetics market.
- Lack of awareness about the optogenetics treatments hampering growth of market.
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Key players are focusing on investing in research and development activities as a part of key strategy. As a result, companies are gaining drug designation break through therapy which aids in accelerating their ongoing clinical trials. For instance,
- Genesight Biologics has GS030 in phase 2/3 of clinical trials as a potential break through. This product is being tested for safety and efficacy of people suffering from Retinitis Pigmentosa.
- Bionic Sight conducted the first patient in a Phase 1 / Phase 2 clinical trial for its optogenetics treatment in March 2020.
- Retro sense accomplished the low-dose cohort in a clinical study of novel gene therapy application of optogenetics in 2016.
Some of the leading players operating in the optogenetics market include Genesight Biologics, Coherent Inc.,Scientific Judges Scientific Plc Company, Bionic Sight, Teledyne Photometric, Jackson Laboratories, and Thorlabs Inc.
More Insights on the Optogenetics Market
Fact.MR offers unbiased analysis of optogenetics Market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (Light Emitting Diodes (LEDs) and Laser), on the basis of opsins (halorhod opsin, channelrhod opsins, and archaerhod opsin), on the basis of sensors (calcium sensors awquorin, cameleon, and others), on the basis of end users (hospitals and specialty clinics), and region (North America, Latin America, Europe,East Asia, South Asia, Oceania,Middle East and Africa)
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