Analysis of Optogenetics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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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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.
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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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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.
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.
Some of the leading players operating in the optogenetics market include
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.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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The optogenetics market is likely to grow at a CAGR of 17.30% during the forecast period
The market is expanding since an increasing number of labs have adopted this advanced technology for research purposes.
Manufacturers are likely to find the most opportunities in the United States.
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