Biophotonics Market Expected to Reach $133.90 Billion by 2030

According to a new report published by Allied Market Research, titled, “Biophotonics Market by End User and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030” 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 North America region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and Asia-Pacific.   

Biophotonics is a technology used to generate and utilize light to visualize, detect, and modify biological components. The global biophotonics market is driven by emergence of nanotechnology, development in biosensors, adoption of biophotonic scanner and availability of funds for R&D. However, high price of biophotonics-based instruments due to complexity of this technology restrains the growth of the market.

The use of biophotonics is increasing in non-medical applications such as life science, agriculture, environmental science and microscopy, which is a major opportunity for the biophotonics market. Modern optical microscopes are developed in life science using biophotonics technology, which uses visible light to examine cells down to their molecular components and even provide time-lapse high-resolution images of living organisms.

Technological advancements in the field of diagnostics, rise in incidences of chronic diseases, and increase in healthcare awareness are the key factors that contribute to the growth of the market. Moreover, owing to increase in geriatric population and surge in the role and importance of medical diagnostics drives the market growth.

The prominent factors that impact the market Trends are emergence of nanotechnology leads to the development of biophotonics, development in biosensors, and availability of funds for R&D. However, high price of biophotonic-based instruments 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 affect global Biophotonics market Size during the forecast period. 

Region wise, the biophotonics market trends and biophotonics market growth are analyzed across North America (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 dominating market for biophotonics due to the growing initiative from the government and medical industry. The overall biophotonics market analysis and biophotonics market share is determined to understand the profitable trends to gain a stronger foothold.   

Covid-19 Impact Analysis

COVID-19 have a huge impact on both consumer as well as the economy. The states of emergency declared around the globe, the photonics market is starting to feel the impacts of the virus and global supply chains are beginning to slow, and prominent trade shows are beginning to realize widespread cancellations and dropouts amid concern about the viral disease.

The lack of business continuity has ensured significant negative impacts on revenue and shareholder returns, which are expected to create financial disruptions in the biophotonics industry.

Moreover, the outbreak of corona virus constrained governments across the globe to force lockdown initiatives that reduced the sales and production revenue, which in turn disrupted the worldwide economy at a significant extent. Therefore, the biophotonics market size is anticipated to gain momentum by the end of 2022.

Key Findings Of The Study

• In 2020, the medical diagnostics segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 10.10% during the forecast period.
• The non-medical application segment witness highest growth rate during the forecast period.
• Germany was the major shareholder in the Europe transfer switches market revenue, accounting for approximately 20% share in 2020.

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.