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:
The ontogenetic market comprises products used in studies related to ontogeny, which is the developmental history of an organism through its different stages of life. This includes microscopic imaging instruments such as confocal microscopes, super-resolution microscopes, and multi-photon microscopes; electrophysiology instruments such as electroencephalography (EEG) and magnetoencephalography (MEG) systems used to record brain activity; genetic engineering devices used for gene expression analysis; neuro-behavioral testing equipment; and cell imaging systems. These products are widely adopted across academic research institutes and CROs conducting studies related to developmental neuroscience.
Market key trends:
One of the key trends in the ontogenetic market is the increasing adoption of multiphoton microscopy. Multiphoton microscopes provide deeper tissue penetration, minimal photodamage, and intrinsic optical sectioning. These advantages have resulted in their widespread use in developmental biology studies. Moreover, the market is witnessing increased funding from private and government bodies for neuroscience research. For instance, the US Government through National Institute of Health and European Commission is investing heavily in neurodevelopmental disorder research. This is positively impacting the demand for related products in the ontogenetic market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in this market is moderate due to high initial investment required for R&D and production. Existing players have established distribution channels and customer base.
Bargaining power of buyers: The bargaining power of buyers is high as the market has large number of players providing substitutable products. Buyers can negotiate on price easily.
Bargaining power of suppliers: A few major players dominate the supply side. So the bargaining power of suppliers is moderate.
Threat of new substitutes: Substitutes like other ontogenetic techniques pose low to moderate threat as each technique has its own limitation and advantage.
Competitive rivalry: Intense competition exists among existing players due to their global presence and technological innovations.
Key Takeaways
The global ontogenetic market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand for ontogenetic techniques from biotechnology and pharmaceutical industries for developmental biology studies.
Regional analysis
North America dominates the global ontogenetic market currently due to strong government funding for research activities and presence of major players in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising R&D spending by governments in emerging economies like China and India.
Key players
Key players operating in the ontogenetic market are 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. Coherent Inc. is a global leader in ontogenetic systems.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.