Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Optogenetics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global optogenetics market has grown rapidly in recent years. It will grow from $31.9 billion in 2023 to $36.81 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. North America was the largest region in the optogenetics market in 2023. The growth observed in the historical period can be attributed to factors such as the rise in neurological disorders, increased funding in life sciences, advancements in drug discovery and development, the mapping of neural circuits, the application of optogenetics in drug screening, and progress in neurophotonics.
The optogenetics market is expected to see rapid growth in the next few years. It will grow to $63.33 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of therapeutic applications, increased focus on clinical trials and translation, extending applications into non-neuronal cells, the utilization of optogenetics in brain-machine interfaces, and the development of novel light-sensitive proteins. Major trends expected in this period include advancements in optogenetic tools and technologies, collaborations with pharmaceutical companies, the integration of optogenetics in drug discovery and development, the expansion of applications into non-neural cell types, and the integration of optogenetics with other imaging technologies.
The optogenetics market is anticipated to experience growth due to the rising prevalence of Parkinson's disease (PD) and epilepsy worldwide. In December 2022, The Parkinson's Foundation reported a significant increase in annual PD diagnoses to nearly 90,000, up from the previous estimate of 60,000. The number of individuals living with PD in the U.S. is expected to rise to 1.2 million by 2030 from 930,000 in 2020, driving the growth of the optogenetics market.
The optogenetics market is also fueled by increased funding for neuroscience research, which involves the scientific study of the nervous system, including the brain and peripheral nerves. In March 2023, the National Institutes of Health (NIH) reported approximately $11.3 billion in funding for neuroscience in fiscal year 2022, with projections indicating an expected increase to $12.1 billion by 2023. This increased funding is expected to drive the growth of the optogenetics market.
A prevailing trend in the optogenetics market is the emphasis on developing innovative systems, a strategy gaining traction among major companies in the industry. These companies are actively engaged in creating advanced tools and systems for optogenetics, incorporating state-of-the-art technologies to maintain their market standing. For instance, in June 2022, Bruker Corporation, a prominent US-based manufacturer of optogenetic tools, introduced NeuraLight 3D Ultra. This innovative product is an enhanced 3D holographic stimulation module designed to support cutting-edge neuroscience and optogenetics research applications, particularly tailored for use with Bruker's Ultima 2Pplus Multiphoton Microscope. NeuraLight 3D Ultra facilitates in-depth functional research on neural networks and brain computation through its advanced 3D holographic photostimulation capabilities.
Major players in the optogenetics market are also directing their efforts towards the development of advanced products, with a focus on three-photon (3P) imaging solutions, aiming to gain a competitive edge and boost revenue. The three-photon imaging solution represents an integrated and versatile ultrafast laser system meticulously crafted for advanced three-photon imaging in neuroscience research. Additionally, it offers functionalities for two-photon photostimulation and imaging in optogenetics applications. For instance, in June 2022, Coherent, Inc., a leading US-based company specializing in laser equipment, launched the Monaco 1300 - an all-in-one ultrafast 1300 nm light source. This cutting-edge device is specifically designed for three-photon (3P) imaging, featuring a switchable secondary output at 1035 nm to cater to two-photon (2P) photostimulation and imaging applications. The Monaco 1300, a single-box ultrafast laser, is engineered for 3-photon microscopy at 1300 nm and 2-photon optogenetics at 1035 nm, providing options for average power (1.5 W or 2.5 W), a pulse width of less than 50 fs, and various repetition rate choices (1, 2, or 4 MHz). This technological advancement equips researchers and businesses with advanced capabilities for precise imaging and optogenetic applications in the microscopy field. The comprehensive package of the Monaco 1300 includes the option for the widely favored Total Power Control (TPC) feature, allowing dynamic power attenuation and rapid optical gating on-the-fly.
In September 2021, Novartis AG, a Switzerland-based pharmaceutical giant, undertook the acquisition of Arctos Medical AG for an undisclosed amount. This strategic move is geared towards enhancing Novartis' presence in ophthalmology, strengthening its position in AAV-based gene therapy, and providing innovative treatments for patients experiencing severe vision loss. Arctos Medical, based in Switzerland, specializes in gene therapy and is particularly focused on optogenetic therapies.
Report Scope
Markets Covered:
- By Product: Lasers; Actuators; Sensors.
- By Application: Neuroscience; Behavioral Tracking; Retinal Disease Treatment; Other Applications.
- By End User: Hospitals and Clinics; Diagnostics Centers; Research Centers; Other End Users.
Companies Mentioned: Elliot Scientific Ltd.; Shanghai Laser & Optics Century Co. Ltd.; GenSight Biologics; Danaher Corporation; Coherent Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- Elliot Scientific Ltd.
- Shanghai Laser & Optics Century Co. Ltd.
- GenSight Biologics
- Danaher Corporation
- Coherent Inc.
- Thorlabs Inc.
- Prizmatix Ltd.
- Bruker Corporation
- Judges Scientific plc
- Merck KGaA
- The Jackson Laboratory
- Noldus Information Technology BV
- Applied Genetic Technologies Corporation
- Circuit Therapeutics Inc.
- Bionic Sight LLC
- Teledyne Photometrics
- Campden Instruments
- Nanoscope Therapeutics Inc.
- Laserglow Technologies
- Hubner Group
- Novartis
- AbbVie
- Physical Sciences Inc.
- Ray Therapeutics
- OptoGenTech
- opto biolabs
- Neurolux
- Ugenex Therapeutics
- Scientifica
- Cobolt Inc.
- Inscopix
- Mightex Systems
For more information about this report visit https://www.researchandmarkets.com/r/9n8ttc
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