Global Biophotonics Market is expected to reach a market size of ~US$ 100 billion by 2028: Ken Research
What is the Size of Global Biophotonics Industry?
Global Biophotonics market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 100 Bn by 2028. The Biophotonics Market is largely driven by surge of nanotechnology, combined with increasing demand for home-based Point-of-Care (POC) devices. Advances in optical technologies in the aerospace and telecommunications sectors, combined with the availability of private and government funds for R&D, are also expected to boost the market growth.
The complexity of biophotonics technology, combined with the high cost of biophotonics-based instruments, may stifle market growth. The ongoing COVID-19 pandemic has hampered biophotonics market growth by disrupting hospital care for non-COVID-19 patients in hospitals and other end-user facilities across countries.
Global Biophotonics Market By Technology
The Global Biophotonics market is segmented by Technology into In-Vivo and In-Vitro. The In-Vitro segment held the largest market share of the global biophotonics market in 2022. In-Vitro basically used studying cells in culture or methods of testing the antibiotic sensitivity of bacteria. Furthermore, in-vitro optical imaging is being conducted in a variety of medical applications, such as optical breast cancer imaging, functional brain imaging, endoscopy, exercise medicine, and monitoring the photodynamic therapy and progress of neoadjuvant chemotherapy.
Global Biophotonics Market By End-User
The Global Biophotonics market is segmented by End-User into Tests and Components, Medical Therapeutics, Medical Diagnostics and Non-Medical Application. The Medical Diagnostics segment held the largest market share of the global biophotonics market in 2022. Diagnostic biophotonics is used to detect diseases in their initial stages before actual medical symptoms occur in patients. Furthermore, they provide several advantages of sensing and imaging at the molecular level and also collect multidimensional data for evaluation.
Global Biophotonics Market BY Application
The Global Biophotonics market is segmented by Application into Surface Imaging, Inside Imaging, See-through Imaging, Microscopy, Bio Sensors, Analytical Sensing, Spectro molecular and Others. The Analytical Sensing segment held the largest market share of the global biophotonics market in 2022.
It is a two-part analytic device that consists of two major components: a (bio) chemical microzone (recognition element) that comes into contact with the sample and is closely associated (connected or integrated) with an optical, electric, thermal, mass, or acoustic transducer for converting the recognition pattern into a (usually electric or optical) primary signal that can be amplified and measured by a detector (instrument). Furthermore, they typically respond to the presence and/or concentration (activity) of an analyte species.
Global Biophotonics Market By Geography
The Global Biophotonics market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounts for the largest share among all regions within the Global Biophotonics market. Rapid advancements in the development and adoption of digital health technologies (DHT) across North America, notably in the United States, are one of the major contributing factors to the growth of biophotonics.
Increasing regional government initiatives and strategies, favorable healthcare infrastructure, increased investment in R&D activities to develop the industry, and regulatory science activities across the healthcare industry are also propelling the biophotonics market growth in North America.
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Competition Scenario In Global Biophotonics Market
The Global Biophotonics market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in pharma and diagnostics solutions, and technologies, such as vitro analyses of DNA variation, RNA expression, metabolite quantification, vivo measurements of biological processes, and others, for end-user industries. The biophotonics market’s growth is heavily reliant on technological advancement and R&D investment. Nowadays, numerous pharmaceutical companies are investing in R&D or drug research, and governments are also making significant investments in cancer research.
What Is the Expected Future Outlook for The Overall Global Biophotonics Market Across the Globe?
The Global Biophotonics market was valued at USD ~billion in 2022 and is anticipated to reach USD ~100 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Biophotonics market is driven by surge of nanotechnology, combined with increasing demand for home-based Point-of-Care (POC) devices. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The Global Biophotonics Market is forecasted to continue an rapid growth that is witnessed since 2019, during the forecast period also, primarily driven by the emergence of applied science, important technological advancements over a few years, and their adoption in the medical sector. Though the market is highly competitive with over ~200 participants, few country-niche players control the dominant share.
Market Taxonomy
By Technology
- In-Vivo
- In-Vitro
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By End User
- Tests and Components
- Medical Therapeutics
- Medical Diagnostics
- Non-Medical Application
By Application
- Surface Imaging
- Inside Imaging
- See-through Imaging
- Microscopy
- Bio Sensors
- Analytical Sensing
- Spectromolecular
- Others
By Region
- North America (USA, Canada, and Mexico)
- Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, and Africa)
Key Players
- Affymetrix Inc.
- Andor Technology
- BD (Becton, Dickinson and Company)
- Carl Zeiss AG
- Olympus Corporation
- Hamamatsu Photonics K.K
- Zecotek Photonic Inc.
- Idex Corporation
- IPG Photonics
- Oxford Instruments Plc
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