The optogenetics market size in Europe was worth USD 5.09 billion in 2022 and is estimated to be worth USD 10.87 billion by the end of 2027, growing at a CAGR of 16.40% from 2022 to 2027.
Growing support from the government and non-government organizations is a crucial driving factor for the European optogenetics market to grow during the forecast period. The rise in the number of people suffering from various psychiatric disorders is escalating market demand. The introduction of new methods in neuroscience technology where optogenetics technology plays a crucial role in curing psychiatric conditions like depression, addiction, and other disorders is propelling the market's demand. In addition, increasing incidences of neurological problems across the region are accelerating the growth rate of the optogenetics market. Also, awareness of the availability of different treatment procedures among individuals is expanding the market's demand.
Increasing investments in infrastructure development in hospitals and clinics, growing awareness through campaigns, and digital advertisement are estimated to drive more growth possibilities to the European market. Furthermore, pharmaceutical companies are developing innovative products favoring the end-users and rising research centers to develop novel drug targets to enhance the growth rate of the optogenetics market in Europe. In addition, increasing disposable income in urban areas and the emergence of the latest technology in the medical sector are expected to favor the market's growth rate during the forecast period.
However, the lack of skilled professionals in monitoring and analyzing the reports, especially in undeveloped countries, is slowly restraining the market demand. Furthermore, the cost for installation and maintenance of the equipment needs massive amounts, which is impossible for small-scale enterprises. This is degrading the growth rate of the European optogenetics market. Furthermore, frequent changes in the economic strategies by the government have remained a challenging factor for the market players. Besides, rising complications after the treatment procedures in a few people inhibit the demand of the market.
This research report on the European optogenetics market has been segmented & sub-segmented into the following categories:
By Sensor Type:
By Light Equipment:
Regionally, Europe comes second in terms of region-wise revenue, following North America in the Global market. The European optogenetics market is expanding as firms collaborate to create innovative technologies on the optogenetics platform. The use of optogenetics in behavioral and neurological research, technological advancements in optogenetics, and the development of ultrafast laser tool technology are all driving the optogenetics market forward. Furthermore, Behavioural diseases and an increasing number of clinical trials for applications other than neuroscience are fuelling the European Optogenetics market's expansion.
The UK optogenetics market is estimated to be growing at a prominent CAGR during the forecast period. The rise of the optogenetics market in the United Kingdom has been accelerated by increased investment in product development. It enables researchers to examine how the neurological activity patterns within specific brain cells give rise to ideas, behaviors, and memories with a previously unattainable level of accuracy. As a result, it contributes to discovering cures and treatments for neurological and psychiatric problems like depression, addiction, schizophrenia, and Parkinson's disease. In addition, Optogenetics has an advantage over other conventional techniques since it can give spatial and temporal selectivity for cell targets. The market is still in its initial phases, but considerable research and development studies and technical developments will help it grow in the next few years.
Researchers are now putting concrete strategies to cure neurological ailments by forming partnerships with pharmaceutical companies to assist them in using optogenetics in animal studies to find novel therapeutic targets for human diseases. Optogenetics has a distinct edge over other neuromodulation approaches in terms of temporal specificity and cellular accuracy. As a result, the expansion of the optogenetics market has been aided by increased research in neurology and brain sciences. The prospect of optogenetics as a diagnostic tool in the field of neurology, as well as the rapid advancement of advanced technologies and the expanding use of multimodal imaging, are driving market growth in this region.
KEY MARKET PLAYERS:
A few notable companies in the European optogenetics market profiled in this report are Coherent Inc., Noldus, Thorlabs Inc., Cobalt Inc., Scientifica, Bruker, Laserglow technologies, Regenxbio Inc., Gensight, Addgene, UPenn Vector Core, and Jackson Laboratories.
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