Optogenetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Optogenetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Optogenetics Market was valued at USD 522.5 million in 2021, and it is expected to reach USD 648.41 million by 2027, registering a CAGR of 3.86% during 2022-2027.

The ongoing COVID-19 pandemic globally is expected to have a significant impact on the optogenetics market. According to the article published by PUS University in February 2022, by Shanet Suzan Alex, SARS-CoV-2 causes neurological abnormalities as well as respiratory symptoms, with an 85% occurrence rate in Alzheimer's patients. Furthermore, as per the same source, SARS-CoV-2 infiltrated COVID-19 patients' cognitive centers, causing Alzheimer's-like phenotypes in those with no underlying conditions and exacerbating Alzheimer's neuropathology in those with Alzheimer's and autism. As a result of the COVID-19 associated with neurological disorders, the rate of mortality has increased, and the market has been significantly impacted.

The major factors driving the growth of the market include the scope of optogenetics as a potential diagnostic tool in the field of neurosciences, the rapid growth of advanced technologies, and the increasing use of multimodal imaging. In the last few years, optogenetics technology has revolutionized neuroscience by allowing researchers to control specific neurons in experimental animals. The ability to control neurons has revealed information about brain pathways involved in diseases such as depression, obsessive-compulsive disorders, Parkinson's disease, and other conditions. In neural research, optogenetic methods for monitoring synaptic activity have proven to be extremely useful in the number of neurological diseases.

It allows researchers to study how the neurological activity patterns within specific brain cells give rise to thoughts, behaviors, and memories at an unprecedented precision level. Thus, it helps to find cures and treatments for neurological and psychiatric disorders, such as depression, addiction, schizophrenia, and Parkinson's disease. For instance, according to the article published in the Nature communication in May 2020, titled ”Deep brain stimulation-guided optogenetic rescue of parkinsonian symptoms” the precision of optogenetics holds the promise of improved normalization of circuits that are dysfunctional in Parkinson's disease as well as its diagnosis, while the use of light rather than electricity (as in deep brain stimulation) may reduce the risk of unintended effects caused by non-specific influences. Thus, the used of optogenetics in the diagnosis of the Parkinson's diseases proven to be a potential tools used of diagnosis of the brain activity in the Parkinson's diseases.

Also, rising cases of the neurological disorder such as Parkinsons, Alzeimers, Epilepsy, Duntington diseases expected to boost the market. According to the Parkinson's Foundation 2020, approximately 1.2 million people in the United States are estimated to suffer from Parkinson's disease by 2030. In addition, according to the Alzheimer Society of Canada 2021, over 500,000 Canadians were living with dementia. By 2030, this number is expected to rise to 912,000. Furthermore, the Public Health Agency of Canada News release 2019, stated that on average, nine seniors are diagnosed with dementia every hour in Canada. According to the National Institutes of Health in May 2020, the estimated investment for neurosciences to be USD 10,353 million in 2021. This was a significant increase from the 2020 figures of USD 10,353 million. The increase in the amount of investment in the field of neuroscience is expected to boost the demand for optogenetics usage since it is a novel method to identify neurological diseases. This is expected to boost the market growth.​

However, lack of awareness and high cost of technology are the major restraining factor for the growth of the market over the forecast period.

Key Market TrendsLight-emitting Diode (LED) Segment is Expected to Hold a Major Market Share in the Optogenetics Market

LEDs are found to surpass lasers in every aspect, as they are cheaper, smaller, more reliable, and easier to control. They are being incorporated into implants, allowing untethered light delivery. Factors such as investment in technology, product launches, and research studies in the segment are expected to drive the segmental growth subsequently driving the market. For instance, In February 2020, a project was launched with a EUR 3.6 million grant to treat neurological conditions such as Alzheimer’s and Huntington’s disease by making brain cells controllable with red light. A laser can control the neurons and boost cognition. Simultaneously, brain cells activity can be monitored non-invasively using a spectrometer. Thus, the launch of such projects promotes technological innovation and advancement in the studied market, thus contributing to the market growth.

Additionally, in January 2021, SYMBXX initiated two clinical trials, in Adelaide, Australia and Toronto, Canada for developing laser light therapies to reduce the debilitating symptoms of Parkinson’s disease. The clinical trials focused at seeking regulatory approvals will drive the studied market during the study period. Moreover, according to a study “Ultrafast laser based transient perforation of cellular membranes for in-vivo neuromodulation” published in January 2022, near-infrared ultrafast laser micro irradiation platform can be used for delivering gene encoding for neuroprotective and anti-angiogenic Pigment epithelium-derived factor (PEDF) molecule to retina that exhibited protection from different insults. The research studies expanding the scope of laser will also contribute to the market growth.

Therefore, due to the above stated factors the studied market is anticipated to witness a notable growth during the study period.

North America is Expected to Dominate the Market Over The Forecast Period

North America is expected to lead the market, owing to the increase in the use of optogenetic devices, primarily in academic and research labs, the high burden of chronic diseases in the region coupled with the collaborations and new product launches by the key market players in the region.

Increasing government initiatives for the neurological field is one of the key factors for the growth of the market. Increasing funding allows multiple players to enter the market and provide innovative solutions to cater to the need of the patient. For instance, as per the National Center for Chronic Disease Prevention and Health Promotion (January 2021), 6 in 10 adults in the United States have a chronic disease and 4 in 10 adults have two or more chronic diseases and these conditions are posing around USD 3.8 trillion of healthcare costs on the country’s healthcare system every year that is expected to have a significant impact on the growth of the studied market.

Similarly, according to the report published by Alzheimer's Impact Movement in July 2020, more than 5 million Americans are living with Alzheimer’s and an estimated 16 million are providing unpaid care. Alzheimer’s is estimated to cost the nation USD 305 billion in 2020 including USD 206 billion in Medicare and Medicaid payments. Increasing patient population requires more care which increases the demand for optogenetics products. Thus, increasing the growth of the market. Additionally, Collaborations and agreements are another reason for the growth of the market. For instance, in September 2021, NeuroLux, Inc. announced its exclusive partnership with TSE Systems, under which the company will integrate their wireless technology with TSE System’s IntelliCage and PhenoMaster platforms, providing optogenetic, pharmacology, telemetry, and other capabilities for cutting edge behavioral neuroscience research. Such collaborations increases innovation due to synchronization of key players resources which increases the growth of the market in the upcoming future.

Similarly, in June 2021, Nanoscope Therapeutics Inc., a clinical-stage biotechnology company that is developing gene therapies for the treatment of retinal diseases announced that vision improvements for all evaluated advanced retinitis pigmentosa (RP) patients persisted through one year following a single intravitreal injection in a Phase 1/2a clinical study with Multi-Characteristic Opsin (MCO) to retinal cells. Such studies improves the advantages of the usage of optogenetics which increases the growth of the market.

Hence, all the aforementioned factors have helped in the growth of the market.

Competitive Landscape

The optogenetics Market is moderately consolidated, owing to the presence of various small and large players. Some of the market players are Hubner group (Cobolt Inc.), Coherent Inc., Gensight Biologics, Laserglow Technologies, Noldus Information Technology, Shanghai Laser & Optics Century Co. Ltd, and Thorlabs Inc.

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Companies

Hubner group (Cobolt Inc.)
Coherent Inc.
Gensight Biologics
Laserglow Technologies
Noldus Information Technology
Judges Scientific Plc (Scientifica)
Shanghai Laser & Optics Century Co. Ltd
Bruker Corporation
Thorlabs Inc.