The Global Biophotonics Market was valued at ~US$ 30 billion in 2017. Furthermore, owing to the development in biosensors and increased use of biophotonics in the nonmedical sector, it is estimated to be ~US$ 50 billion in 2022 and is expected to reach a market size of ~US$ 100 billion by 2028 growing with a CAGR of ~12% during 2022 to 2028.
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Key Growth Drivers
- The recent surge of nanotechnology, combined with increasing demand for home-based Point-of-Care (POC) devices, is expected to drive market growth in the coming years.
- 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.
Key Trends by Market Segment
By Technology: The In-Vitro segment held the largest market share of the global biophotonics market in 2021.
- 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.
By End-User: The Medical Diagnostics segment held the largest market share of the global biophotonics market in 2021.
- 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.
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By Application: The Analytical Sensing segment held the largest market share of the global biophotonics market in 2021.
- 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.
By Geography: 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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Competitive Landscape
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.
Country-Niche players comprise about ~50% of the competitors, while regional players hold a share of ~30%. Some of the major players in the market include 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., and among others.
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Conclusion
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.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and the report delivered within a maximum of 2 working weeks.
Ken Research has recently published report titled, Global Biophotonics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four major regions in the stem cell banking Market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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