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Optogenetics Market Size, Growth, Industry Analysis, Outlook 2033
Optogenetics Market Size
According to The Business Research Company's, The optogenetics market size 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%. The growth in the historic period can be attributed to rise in neurological disorder, increased funding in life sciences, drug discovery and development, mapping neural circuits, optogenetics in drug screening, neurophotonics advances.
The optogenetics market size 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 growth in the forecast period can be attributed to therapeutic applications, clinical trials and translation, expansion into non-neuronal cells, optogenetics in brain-machine interfaces, development of novel light-sensitive proteins. Major trends in the forecast period include advancements in optogenetic tools and technologies, collaborations with pharmaceutical companies, optogenetics in drug discovery and development, expansion into non-neural cell types, integration with other imaging technologies.
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Market Drivers and Trends:
The rising cases of parkinson's disease and epilepsy across are expected to propel the growth of the optogenetics market going forward. Parkinson's disease (PD) is defined as a degenerative condition of the brain that causes motor symptoms including slow movement tremors, rigidity, and imbalance in addition to other problems such as cognitive decline, mental health issues, sleep issues, pain, and sensory disturbances. Epilepsy is a brain condition that results in seizures. In optogenetic therapy, proteins that respond to specific wavelengths of light are used to treat Parkinson's disease. These proteins can be produced using gene therapy techniques to either activate or inactivate when exposed to specific types of light, ultimately leading to the normalization of brain function in Parkinson's disease (PD). For instance, In December 2022, according to The Parkinson's Foundation, a US-based organization dedicated to improving the lives of individuals affected by Parkinson's disease, there was a sharp rise in annual Parkinson's disease diagnoses to nearly 90,000, up from the previous estimate of 60,000. Moreover, the number of people living with PD in the U.S. is expected to increase to 1.2 million by 2030 from 930,000 in 2020. Therefore, a rise in cases of Parkinson's disease & epilepsy across the world is driving the growth of the optogenetics market forward.
The development of innovative systems is the key trend gaining popularity in the optogenetics market. Major companies operating in the optogenetics market are developing innovative optogenetics tools and systems with cutting-edge technologies to sustain their position in the market. For instance, in June 2022, Bruker Corporation, a US-based optogenetics tool manufacturer company launched NeuraLight 3D Ultra, an enhanced 3D holographic stimulation for optogenetics module to support advanced neuroscience and optogenetics research applications on Bruker's Ultima 2Pplus Multiphoton Microscope. NeuraLight 3D Ultra offers cutting-edge 3D holographic photostimulation tailored for in-depth functional research on neural networks and brain computation.
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Major Key Players of the Market:
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
Optogenetics Market 2024 Key Insights:
• The optogenetics market will grow to $63.33 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• Optogenetics Market Surges As Therapeutic Approach For Parkinson's Disease And Epilepsy Cases Soar Worldwide
• Innovative 3D Holographic Stimulation Systems Propel Optogenetics Market
• North America was the largest region in the optogenetics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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