Biophotonics Market Outlook – 2030
The global biophotonics market size was valued at $52.17 billion in 2020, and is projected to reach $133.90 billion by 2030, growing at a CAGR of 10.50% from 2021 to 2030.
The science of generating and utilizing light to visualize, detect, and modify biological components is known as biophotonics.. It uses light and other forms of radiant energy to understand the internal functioning of cells and tissues in living organisms. Biophotonics is used in biology to study molecular processes, functions, and structures. In medicine, it is used to study light–tissue interactions at the micro, nano, and macro-organism level to detect, diagnose, and treat diseases. Moreover, it helps in emission, detection, absorption, reflection, modification, and generation of radiation from bimolecular, cells, tissues, organisms, and biomaterials.
Biosensors are analytical devices that can detect chemical or biological species or a microorganism. They can be used to monitor the changes in the in vivo concentrations of species as a function of a physiological change induced internally or by invasion of a microbe, and also as a biophotonic scanner. A biosensor in general utilizes a biological recognition element that senses the presence of an analyte (the species to be detected) and creates a physical or chemical response that is converted by a transducer to a signal. There are several types of biosensors, but the optical sensor is one that is utilized in biophotonics for disease diagnosis and prevention.
By End User
Nonmedical Application segment will grow at a highest CAGR of 13.4% during 2021 - 2030.
Biophotonics technology is expected to witness notable growth in the coming years owing to development in biosensors and its increased use in the nonmedical sector. Availability of funds for R&D is expected to fuel the growth of the market during the forecast period. The impact of these drivers is expected to increase significantly due to rise in awareness about the benefits of the biophotonics. However, high price of biophotonics-based instruments due to complexity of technology restrains the growth of the market. Nevertheless, with the advancement in the technology, cost of biophotonics devices is expected to reduce in the coming years.
Practice of nanotechnology in healthcare sector helps a lot in sensing human cells and tissues. For example, for a cancer patient usage of biophotonics helps in connecting with the directly affected cells and improves the process of curing. Increase in penetration of advanced healthcare devices fuel the growth in market.
Key Takeaways
The global market study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
More than 1,500 product literature, industry releases, annual reports, and other such documents of major market industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Key Market Dynamics
The Biophotonics market is expected to witness notable growth during the forecast period, owing to the growing adoption of biophotonics in areas like environmental monitoring, agriculture, and biotechnology. Furthermore, the rising demand for minimally invasive surgeries drives the growth of the market. Moreover, increased adoption of biophotonic imaging in both research laboratories and clinical settings, is expected to propel the growth of the Biophotonics market during the forecast period.
However, high development costs are some of the prime factors that restrain market growth. On the contrary, the growing demand for biophotonics in healthcare is expected to provide lucrative opportunities for the growth of the market during the forecast period.
Segment Review
The biophotonics market is segmented on the basis of end user, application, and region. On the basis of end user, the market is segmented into medical diagnostics, medical therapeutic, tests & components, and non-medical application. On the basis of application, it is segmented into see-through imaging, inside imaging, spectro molecular, surface imaging, microscopy, light therapy, analytical sensing, and biosensors.
By Application
Analytics Sensing segment generated the highest revenue in 2020.
On the basis of region, the biophotonics market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is the most dominant market for biophotonics due to the growing initiative from the government and medical industry. The overall biophotonics market analysis is determined to understand the profitable trends to gain a stronger foothold.
Regional/Country Market Outlook
North America-wise, the U.S. dominate the biophotonics market driven by increased conferences focusing on advancements in the field and government funding for research in gene therapy and immunotherapy.
Europe also emerged as a strong market, particularly in Germany and the UK, where technologies like optical coherence tomography (OCT) are enhancing diagnostics. The supportive regulatory environment in Germany fosters innovation in biophotonics.
Asia Pacific region is expected to grow the fastest, driven by rising incidences of chronic diseases and the adoption of advanced diagnostic tools like fluorescence imaging.
In LAMEA, Latin America is growing the fastest in the market because of its growing economy, increasing disposable income.
Competitive Analysis
The key players profiled in the report include Thermo Fisher Scientific Inc., Oxford Technologies, Carl Zeiss AG, Becton Dickinson and Company, Glenbrook Technologies Inc., Hamamatsu Photonics K.K., Lumenis Ltd., Olympus Corporation, PerkinElmer Inc., and Zenalux Biomedical Inc. These players have adopted various strategies, such as product development, and product launch, and acquisition to expand their foothold in biophotonics industry.
Top Impacting Factors
The prominent factors that impact the biophotonics market growth are the emergence of nanotechnology, R&D in the field of optics, increased use of biophotonic devices for medical & nonmedical purposes. However, high equipment cost restricts the market growth. On the contrary, use of biophotonics in non-medical sectors is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global industry during the forecast period.
By Region
Asia-Pacific would exhibit the highest CAGR of 11.8% during 2020-2030
Report Coverage & Deliverables
This report delivers in-depth insights into the Biophotonics market, by end user, application, and region and key strategies employed by major players. It offers detailed market forecasts and emerging trends.
End User Insights
In medical diagnostics, technologies like fluorescence imaging enhance disease detection and monitoring, while medical therapeutics utilize targeted treatments such as photodynamic therapy for effective disease management. The tests and components segment drives laboratory efficiency through advanced imaging and detection tools, and non-medical applications expand into sectors like agriculture and environmental monitoring.
Application Insights
The see-through imaging, which enhances non-invasive diagnostics, and inside imaging, offering detailed insights into biological processes. Spectro molecular techniques analyze biomolecular interactions, while surface imaging studies cellular behavior. Advanced microscopy facilitates high-resolution imaging for research, and light therapy provides non-invasive treatment options. Additionally, analytical sensing allows precise substance detection, crucial for safety assessments, and biosensors enable real-time monitoring of biological analytes, enhancing diagnostics and personalized medicine.
Regional Insights
North America dominates the Biophotonics market. The North America region leads the biophotonics market due to its strong investment in research and development, advanced healthcare infrastructure, and the presence of key industry players. The demand for innovative medical diagnostics and therapies drives growth, alongside increasing adoption of biophotonics in various applications like drug development and environmental monitoring. Additionally, collaboration between academic institutions and biotech companies enhances technological advancements, further solidifying North America's dominance in this sector.
Key Strategies and Developments
In April 2021, Olympus launched a new line of premium endoscopes specifically designed for advanced diagnostic and therapeutic procedures. The H-SteriScope portfolio is the result of a collaborative effort between Olympus, Veran Medical Technologies, Inc., and Hunan Vathin Medical Instrument Co., Ltd.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global biophotonics market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall biophotonics market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and biophotonics market opportunities with a detailed impact analysis.
- The current biophotonics market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the biophotonics market share of key vendors.
- The report includes the market trends and the revenue share of key vendors.
Biophotonics Market Report Highlights
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Analyst Review
According to CXO perspective, the emergence of nanotechnology, development in biosensors, and availability of funds for R&D, and increase in use of biophotonic devices in nonmedical application drives biophotonic market growth. However, the high cost of biophotonics-based instruments due to complexity of technology is hampering its adoption. Furthermore, advancement in the technology is anticipated to provide lucrative opportunity for the biophotonics market during the forecast period.
Analytical sensing and biosensors are projected to show high growth rate during the forecast period, owing to the need for better methods for environmental monitoring and rapid pathogen detection. The biosensors industry is expanding to encompass nonclinical applications such as defense, environmental surveillance, and food manufacturing units.
North America accounted for the highest revenue in 2021, due to increase in the use of biophotonic devices for medical and non-medical applications. This has resulted in technological advancement and launch of new products by the key players of the market. Asia-Pacific is expected to maintain its dominant position over the forecast period.
The report focuses on the growth prospects, restraints, and trends of the biophotonics market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, in the biophotonics market.
The Biophotonics Market is estimated to grow at a CAGR of 10.50% from 2021 to 2030.
The Biophotonics Market is projected to reach $133.90 billion by 2030.
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Factors such as Thermo Fisher Scientific Inc., Oxford Technologies, Carl Zeiss AG, Becton Dickinson and Company, Glenbrook Technologies Inc., Hamamatsu Photonics K.K., Lumenis Ltd., Olympus Corporation, PerkinElmer Inc., and Zenalux Biomedical Inc drives the growth of the Biophotonics market
The key players profiled in the report include American Security Products Co., Access Security Products Ltd., Alpha Safe & Vault, Inc., Acme Security Systems, BJARSTAL, Bode-Panzer GmbH, Diebold Nixdorf Incorporated, Dormakaba, Gunnebo Industries AB, and Godrej & Boyce Manufacturing Co. Limited, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Biophotonics Market is segmented on the basis of end user, application, and region.
The key growth strategies of Biophotonics market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Subsegments of application are see-through imaging, inside imaging, spectro molecular, surface imaging, microscopy, light therapy, analytical sensing, and biosensors.
Nonmedical Application segment will grow at a highest CAGR of 13.4% during 2021 - 2030.
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