Portland, OR, June 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Optogenetics Market by Optogenetic Tool (Light Source, Actuators, and Sensors), by Application (Neuroscience, Retinal Disorders, Behaviour Tracking, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global optogenetic market generated $114.05 million in 2022 and is anticipated to generate $196.30 million by 2032, witnessing a CAGR of 5.6% from 2023 to 2032.
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Prime determinants of growth
Increase in demand for neuroscience research and technological advancement in optogenetics drive the growth of the global optogenetics market. However, high cost of optogenetic tools is hampering the optogenetics market growth. On the contrary, increase in awareness about the potentials of optogenetics among researchers is expected to offer remunerative opportunities for the expansion of the optogenetics market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $114.05 million |
| Market Size in 2032 | $196.30 million |
| CAGR | 5.6% |
| No. of Pages in Report | 216 |
| Segments Covered | Optogenetic tools, Applications, and Regions |
| Drivers | Increase in demand for neuroscience research Technological advancement in optogenetics |
| Opportunities | Increase in awareness about the potentials of optogenetics among researchers |
| Restraints | High cost of optogenetic tools |
Covid-19 Scenario
- The COVID-19 outbreak had a negative impact on the growth of the global Optogenetics Market.
- The COVID-19 pandemic created several challenges for the optogenetics market, such as disruption in clinical research, production, development, and supply of optogenetic tools which affected the growth of the medical device business of companies.
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The actuators segment to maintain its leadership status throughout the forecast period
Based on optogenetic tool, the actuators segment held the highest market share in 2022, accounting for nearly half of the global optogenetics market revenue and is estimated to maintain its leadership status throughout the forecast period. It is also projected to manifest the highest CAGR of 6.1% from 2023 to 2032, owing to advancement in actuator technology and increasing demand for more advanced and precise optogenetic tools.
The retinal disorder segment to maintain its leadership status throughout the forecast period
Based on application, the retinal disorder segment held the highest market share in 2022, accounting for more than two-fifths of the global optogenetics market revenue and is estimated to maintain its leadership status throughout the forecast period. It is also projected to manifest the highest CAGR of 6.1% from 2023 to 2032 period, due to increase in incidence of cancer and surge in demand for diagnostic procedure.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global optogenetics market revenue and is likely to dominate the market during the forecast period, owing to surge in neuroscience research, presence of key players, and availability of high-quality healthcare system & modern medical technologies. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.7% from 2023 to 2032, owing the presence of a large patient population, growing awareness about potential of optogenetics, and increase in healthcare funding.
Leading Market Players: -
- Bruker Corporation
- Coherent, Inc.
- Elliot Scientific Ltd.
- GenSight Biologics
- Laserglow Technologies
- Mightex
- Prizmatix
- Profacgen
- Shanghai Laser & Optics Century Co., Ltd.
- Thorlabs Inc.
The report provides a detailed analysis of these key players of the global optogenetics market. These players have adopted different strategies such as product launch, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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