The Ontogenetic Market is Estimated To Witness High Growth Owing To Increasing Funding For Neuroscience Research

 

The global Ontogenetic Market is estimated to be valued at US$ 567.3 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2028 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Ontogenetic products are used for observing development process of organisms and cell populations. They offer non-invasive and real time details about structural changes and gene expressions during growth and maturation phases.

Market key trends:
Development of advanced microscopy techniques is one of the major trends driving the ontogenetic market growth. Technological advancements like multiphoton microscopy, super resolution microscopy and light sheet fluorescence microscopy enable high resolution 3D and 4D ontogenetic imaging. They provide structural and functional details with high sensitivity and specificity. Growing applications of these advanced microscopy techniques in developmental biology, neuroscience and genetics are augmenting the demand of ontogenetic market.
Segment Analysis
The ontogenetic market can be segmented based on product, application and end-user. Based on product, the ontogenetic market can be categorized into laser, lamps, LED lights and others. The laser segment dominated the global market in 2022 owing to widespread adoption of lasers for various biomedical applications such as ophthalmology, dermatology and others. However, the LED lights segment is expected to grow at the fastest CAGR owing to benefits such as compact size, low power consumption and longer operational life of LED lights.

Key Takeaways
The global ontogenetic market size was valued at US$ 567.3 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period. Growth of the market is attributed to increasing demand for non-invasive and minimally invasive aesthetic procedures.

Regional analysis indicates that North America dominates the ontogenetic market currently owing to significant adoption of advanced aesthetic technologies and presence of major market players in the region. However, Asia Pacific is anticipated to grow at the fastest rate during the forecast period. Factors such as rising medical tourism in countries such as India, China and South Korea along with increasing awareness about aesthetic treatments are expected to fuel the market growth.

Key players operating in the ontogenetic market include Coherent Inc., Thorlabs Inc., Bruker Corporation, Laserglow Technologies, GenSight Biologics S.A, Hubner group (Cobolt Inc.), Judges Scientific Plc (Scientifica), Noldus Information Technology, and Shanghai Laser & Optics Century Co. Ltd. Major players are focusing on new product launches, expansion of manufacturing facilities and acquisitions for strengthening their market position. For instance, in 2022, Thorlabs Inc. acquired Optics Balzers AG to enhance its optics manufacturing capabilities.