Published: January 2024 | Report Code: 12846 | Available Format: PDF
The global optogenetics market revenue is estimated at USD 580.7 million in 2023, which is set to showcase a CAGR of 4.4% between 2024 and 2030, reaching USD 772.7 million by 2030. The growth of the market is attributed to the expanding application area of optogenetics in the field of neurosciences as a potential diagnostic tool, driven by the advancements in technology and a surge in the use of multimodal imaging techniques. Moreover, the growing prevalence of neurological disorders due to several infections, genetic factors, spinal cord injuries, brain injuries, and several congenital irregularities is driving the global market.
Optogenetics is a novel research method that has the potential to revolutionize neurosciences and greatly enhance the understanding of how the human brain works. In addition to this, it is used for the modulation of neural circuits with a high degree of accuracy and specificity. The technology has transformed neurosciences in the last decade by permitting scientists to control the functioning of some specified neurons during experiments on living organisms.
Moreover, such novel approaches offer several advantages over traditional methods, such as higher spatial and temporal precision for cell targeting. Further, the market will grow due to the rising incidence of depression and anxiety-related problems, Parkinson’s disease, and other neurological disorders. Moreover, the quick advancements in the field of neural connectivity, wireless microchips, detectors, and imaging tools, such as MRI, CT, and PET, which are allowing doctors to precisely evaluate organs and tissues for diseases, are accelerating the market expansion.
In addition, the growing disposition of healthcare and research professionals toward optogenetic-driven therapeutic techniques, because of their cellular, geographical, and temporal precision, is assisting in the market’s expansion. Moreover, the growing healthcare expenditure, rising neurosciences research and development activities, and strategic partnerships among market players, biopharmaceutical companies, and government and regulatory authorities to support the launch of novel drugs for neurological disorders, are also creating a vast opportunity for this market.
Over the years, the incidence of the neurological disorders has risen globally. Apart from the rising incidence of such chronic diseases, the stressful lives and financial problems are likely to boost the demand for the diagnosis and treatment of psychiatric problems; here, optogenetics plays a role in monitoring the behavior of people with such issues. Around 20% of the world’s children and adolescents have psychiatric problems, and the number is rising day by day, with suicide being the major second-leading cause of death among 15–29-year-olds. In post-conflict environments, one in five people suffer from a mental illness. Moreover, 6% of the population has had a neurological disorder at some time.
Mental disorders appear primarily as abnormalities in thought, feelings, or behavior, either producing distress or impairing function. The U.S. National Library of Medicine estimates that there are more than 600 different neurological illnesses, many of which affect the mind too. Alzheimer’s and Parkinson’s are two of the most-well-known neurodegenerative illnesses. They are the most-common causes of dementia, being diagnosed in 60–70% of these cases. Further, the World Health Organization estimates that more than 55 million people worldwide currently have dementia, with 10 million new cases found every year.
By light equipment, the laser category dominates the market, with around 60% revenue, in 2023, and the situation will remain unchanged over this decade. This laser technique is widely used in biotechnology and neurosciences for delivering focused optical maser radiations to the targeted area. Moreover, with technological advancements, compact, portable laser sources are now available for clinical and diagnostic laboratories. These new-generation devices have a user-friendly design, operational life of more than 10,000 hours, durability, and reliable performance.
The light-emitting diode (LED) category will show the faster growth over the forecast period, owing to the advantages of LEDs, including low price and easier control. They are being used in implants to allow for the delivery of untethered light. Moreover, the rising investments in advanced medical technologies, research initiatives, and product launches in this field will aid in the category’s growth in the future.
By actuator, the channelrhodopsin category accounts for the largest revenue share in 2023, and it will continue being dominant till 2030. They typically enable the fast depolarization of neurons, when they are exposed to light, by directly stimulating ion channels. Blue lights excites channelrhodopsin, whereupon it permits non-specific cation influx to penetrate into cells. This is the first widely accepted optogenetic tool and a cation channel activated by blue light. Moreover, at physiological pH, it displays higher conductance, and it travels well into the membrane.
By end user, the hospitals & clinics category accounts for the largest revenue share in 2023, and it will continue to be the largest till the decade end. This is because the first choice of patients with neurological conditions is a hospital, due to the several advantages these places offer, including comprehensive diagnostic and therapeutic support, comfort-inducing physical environment, high-quality services, advanced equipment, and trained staff. Moreover, hospitals have various kinds of settings for different procedures and ample funds to continuously advance their infrastructure.
Additionally, the majority of the patients have either social security insurance and other medical benefits, which almost all major hospitals around the world consider and comply with. With an increase in the cost of hospital services, people are increasingly purchasing health insurance. Apart from the favorable reimbursement scenario, the growing number of government initiatives to provide quality treatments to neurological disease patients drives the footfall at hospitals and well-equipped clinics.
Further, the psychiatrist offices category will showcase the fastest growth over the forecast period. This will be due to the sedentary lifestyles, stressful lives, and growing depression and Parkinson’s incidence. People with such conditions require proper counseling to be able to perform daily activities. This is why an increasing number of people are consulting psychiatrists for dealing with their stress and other mental issues.
Market Size in 2023
USD 580.7 Million
Market Size in 2024
USD 598.1 Million
Revenue Forecast in 2030
USD 772.7 Million
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Light Equipment; By Sensor; By Actuator; By Application; By End User; By Region
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North America has been the largest market, with around 55% value share, in 2023, and the forecast period will not see any change in this scenario. Additionally, the larger share of the U.S. in the regional market is due to the increasing incidence of serious behavioral conditions, including Parkinson’s and schizophrenia. Moreover, the growth in funding by the federal government for mental wellbeing enhancement and the adoption of advanced neurological technologies are propelling the market in the region.
According to the Parkinson’s Foundation, over 1 million people in the U.S. are living with this disease, and this number will reach 1.2 million by 2030. This is because 90,000 people are diagnosed with it every year in the country. The surging cases of Parkinson’s disease will create a vast demand for better treatment options, which will augment the growth of the market.
Canada also makes a significant contribution to the market of North America due to the growing adoption of advanced technologies for neurological diagnosis and treatment, rising healthcare expenditure, and surging income of people.
Europe is another significant market because of the growing incidence of behavioral disorders. Moreover, the rising number of clinical trials of this technology for several applications is supporting the growth of the European optogenetics market. For instance, in February 2023, GenSight Biologics announced encouraging efficacy signals and favorable safety data during the PIONEER Phase I/II clinical trial after a 1-year post-gene therapy administration of GS030, an optogenetic candidate for the treatment of retinitis pigmentosa.
The strategic and research initiatives of the key players are another significant factor for the growth of the market. For instance, in June 2020, Bionic Sight LLC announced that it has administered BS01 to the first patient as part of its phase 1/2 clinical trial of this optogenetic gene therapy for retinitis pigmentosa. This trial aims to explore the possibility of using BS01 to allow patients to detect motion, light, and shapes, with the final aim of complete eyesight restoration.
This fully customizable report gives a detailed analysis of the optogenetics market from 2017 to 2030, based on all the relevant segments and geographies.
The estimated revenue of the market for optogenetics is USD 580.7 million in 2023.
By 2030, the optogenetics industry will likely value USD 772.7 million.
The laser bifurcation dominates the light equipment segment of the market for optogenetics.
The optogenetics industry is primarily driven by the increasing incidence of neurological and psychiatric disorders.
Neurosciences applications contribute the highest revenue to the market for optogenetics.
APAC is the fastest-growing optogenetics industry by region.
Governments’ R&D initiatives to enhance mental health are important for the growth of the market for optogenetics.
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