Biophotonics Market

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 biophotonics market in significantly affected by the emergence of COVID-19, owing to lack of availability of skilled professional to operate the technology. Moreover, pandemic affected the economy and impacted the functioning of hospital care for non-COVID-19 patients in hospitals and other end-user facilities across the world. In addition, the market registered effect in the revenue due to shutdown of manufacturing units globally.

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.

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 biophotonics market.

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.  

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.  

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.    

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 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