Market Challenges And Opportunities

Global Ontogenetic Market Drivers:

Rise in burden of neurological disorders to boost market growth

One of the key factors expected to boost growth of the global ontogenetic market over the forecast period is the rise prevalence of neurological disorders around the world. For instance, in neural research, optogenetic methods for monitoring synaptic activity proved to be extremely useful in a variety of neurological diseases. As per the Alzheimer's Disease International (ADI), someone in the world develops dementia every 3 seconds. There are over 55 million people around the world living with dementia in 2020. This number will almost double every 20 years, reaching 78 million in 2030 and 139 million in 2050, driving the market growth.

Increase in research and development to underpin market growth

Another factor which is driving the growth of the global ontogenetic market is the rise in research & development and government initiatives to encourage research. For instance, due to the increase in research activities on optogenetics as a potential tool for the diagnosis and treatment of various neurological diseases, the market is expected to witness robust growth, as optogenetic have proved to be extremely useful for the diagnosis and treatment of many neurological diseases. According to the study published in September 2019 in Frontier Neurology, optogenetics is an indispensable tool for the diagnosis and treatment of epilepsy, a neurological disorder.

Global Ontogenetic Market Opportunities:

Technological advancements in the field of ontogenesis are expected to provide significant growth opportunities for players in the global ontogenetic market. For instance, several advancements in the field of ontogenesis are assisting research on optogenetics. According to the study published in May 2019 by the National Institutes of Health, optogenetics could be more fully integrated with other technologies used to study brain circuits, such as electrophysiology and calcium or voltage imaging, in addition to producing bigger, faster, and stronger opsins. This in turn is expected to aid in the growth of the global ontogenetic market.

Growing geriatric population across the globe is expected to offer lucrative growth opportunities for players in the global ontogenetic market. For instance, neurological diseases are more common in adults, affecting people 60 years of age and older. According to the World Health Organization (WHO), over 20% of adults aged 60 and over suffer from a mental or neurological disorder and 6.6% of all disability among people aged 60 and over is attributed to both mental and neurological disorders. Thus, with the growing geriatric population, the usage of optogenetics for the treatment and diagnosis of neurological diseases is also increasing.

Global Ontogenetic Market Restraints:

Lack of awareness to hamper the growth of the market

Another factor which is hampering the growth of the ontogenetic market is the lack of awareness. Optogenetics is a new field, and it is yet to establish itself, in terms of both technology and number of laboratories that use it. The technology is currently limited to only a few labs in North America and Europe. However, with the increase in awareness among the researchers in the Middle East, Africa, and some of the Asian countries about the technology, the use of this novel technology is also increasing rapidly, driving the growth of the market.

High cost of technology to hinder growth of the market

One of the key factors expected to hamper the growth of the global ontogenetic market is the high cost of technology and lack of skilled personnel. For instance, pharmaceutical companies require highly skilled professionals to develop/operate optogenetic equipment. Moreover, technologically advanced equipment and the cost required for research and development result in huge costs for the market players. Similarly, the high labor cost required for the manufacturing of final equipment is restraining the growth of the global ontogenetic market.