Biophotonics Market

Global Biophotonics Market Size (2023 to 2028)

The global market size for biophotonics is projected to be worth USD 103.63 billion by 2028 from USD 64.76 billion in 2023, growing at a CAGR of 9.86% from 2023 to 2028.

Biophotonics is a branch of science concerned with making and exploiting photons of light to produce images, detect biological components, and alter them. Photonics and biological science are combined in biophotonics. Biophotonics is also a long-term environmental conservation solution. Biophotonics is commonly utilized in laser media, optical communication channels, optical signal processing, and large-scale data storage. Lasers, biotechnology, nanotechnology, and photonics are the four key biophotonics technologies. It has a biological application for the healthcare sector that involves light interactions in medicine and life science.

Impact of COVID-19 on the global biophotonics market:

COVID-19 has a significant impact on consumers as well as the economy. As a result of the worldwide declarations of emergency, the biophotonics market is beginning to feel the effects of the virus, global supply chains are slowing, and significant trade exhibitions are seeing significant cancellations and dropouts due to concerns about viral sickness. Due to a lack of business continuity, revenue and shareholder returns have suffered considerable declines, causing financial disruptions in the biophotonics market. In addition, demand and consumption patterns in the healthcare business and diagnostics and treatments technologies experienced new dynamics. The biophotonics market is expected to see a flurry of recent research in the next few years, given the rising focus on managing chronic diseases worldwide. Furthermore, developments in optics will open the door to new biophotonic capabilities that may be applied to a wide range of biological applications. A good example is the food industry.

MARKET DRIVERS:

The introduction of nanotechnology, substantial technical advancements over the last few years, and their application in the medical sector, increased demand for home-based POC devices, aging population, and expanding lifestyle diseases are factors promoting the growth of the global biophotonics market.

However, with the introduction of biophotonics-on-chip, miniaturized versions of those same huge devices are now possible. As a result, the rising miniaturization of biophotonic technology is expected to accelerate market expansion over the forecast period. One of the other vital drivers accelerating the growth rate of the market is the rising frequency of chronic medical conditions and the increased application of biophotonics for illness diagnostics. In addition, it's utilized in environmental monitoring and military applications to evaluate chemicals, poisons, and microbiological compounds.

Because of advancements in biosensors and increased use in the nonmedical sector, biophotonics technology is expected to grow significantly in the coming years. During the forecast period, the market's expansion will be fueled by the availability of money for R&D. The influence of these factors is projected to grow considerably as more people become aware of the benefits of biophotonics. Biology research has shifted away from cells and viruses and cellular elements like proteins and nucleic acids. Emerging medical tourism in developing countries is the next big thing, and it's anticipated to rise significantly over the next few years. Furthermore, growing biophotonic technology is expected to provide new doors of opportunity for new participants in the market to generate substantial profits. Over the forecast period, this aspect is also likely to drive market expansion.

MARKET RESTRAINTS:

Because most pharmaceuticals are still patented, only a few players can benefit from medical solutions. Patents and regulatory rules are key factors that can affect the market growth of biophotonics. Furthermore, biophotonics is still in its infancy, and a lack of understanding of these advanced technologies in developing countries is projected to hinder market expansion. The market's growth is projected to be limited by the high cost of biophotonics instruments and treatments. When compared to their alternatives, biophotonics devices are relatively expensive.

REPORT COVERAGE:

This research report on the global biophotonics market has been segmented and sub-segmented based on the technology, application, end-user & region.

Biophotonics Market – By Technology:

• In-vivo
• In-vitro

Based on technology, the In-vivo segment dominated the global biophotonics market in 2022. Because of its potential to detect illnesses and infections, in-vivo monitoring and nosology are becoming increasingly popular. It also aids in determining the duration of a drug's potency and thus the efficacy of a certain treatment or response to a given process. Because biophotonics is a developing technology, many more sectors need to be adapted, such as life science and biosensing; consequently, it's projected that this market will grow at a high CAGR during the forecast period.

Biophotonics Market – By Application:

• See-through Imaging
• Inside Imaging
• Spectro Molecular
• Surface Imaging

• Microscopy
• Light Therapy
• Analytical Sensing
• Biosensors

The surface imaging segment is expected to grow at a promising CAGR during the forecast period. In recent years, there have been significant advancements in surface imaging techniques, particularly in drug discovery. Over time, imaging has shown to be a useful technique for both in vitro and in vivo imaging, and it has become an important aspect of medical specialty analysis.

Biophotonics Market – By End-User:

• Medical Diagnostics
• Medical Therapeutics
• Test Components

Despite the fact that the medical diagnostics segment had the largest share of the global biophotonics market in 2021 and it is since treatments are required on a massive scale, whereas diagnostics is a risky process.

Biophotonics Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America dominated the biophotonics market worldwide in 2022, and it is anticipated to remain so for a few more years. In addition, the biophotonics market in the United States has been fueled by the emergence of nanotechnology. At the same time, high-end research in biophotonics is expected to be done in the region in the next few years. Furthermore, the expanding number of cancer patients and demand for non-medical applications, particularly in the realm of food security in North America, contribute to the region's supremacy.

Furthermore, Asia Pacific is predicted to be the fastest-growing biophotonics market during the forecast period. The market in the Asia Pacific is being fueled by a growing older population and rising healthcare spending.

The European Union Framework Program for R&D Development provides financing to European countries to boost regional research efforts. Due to the country's healthcare sector being sponsored by public institutions and government subsidies. Although, due to a consistent increase in the prevalence rate of chronic diseases in the country, the United Kingdom is predicted to grow the fastest during the forecasting period.

KEY MARKET PARTICIPANTS:

Thermo Fisher Scientific Inc., Oxford Technologies, Carl Zeiss AG, Glenbrook Technologies Inc., Becton, Dickinson and Company, Hamamatsu Photonics K.K., Lumenis Ltd., Olympus Corporation, PerkinElmer Inc., and Zenalux Biomedical Inc. are a few of the noteworthy companies operating in the global biophotonics market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In 2020, cameras from Andor Technology captured the most detailed images of the sun.
• In 2021, Zeiss announced its new R&D, production, sales, and customer service facility in the San Francisco Bay region had been completed. The new site also combines the X-Ray Microscopy business and the Zeiss Microscopy Customer Center, bolstering efforts to capitalize on rising market and R&D prospects in materials research, life sciences, and industrial applications.