Biophotonics Market (End Use: Medical Therapeutics, Medical Diagnostics, Tests & Components, and Non-medical; and Application: Surface Imaging, Other Analytics Sensing, Inside Imaging, Microscopy, See-through Imaging, Light Therapy, Biosensors, and Spectro Molecular) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Biophotonics Market: Overview
- Biophotonics is a term derived from the combination of photonics and biology. Photons are central entity in the field of information technology in the same manner as electrons are in electronics. Biophotonics is the application and development of optical methodology such as imaging and diagnosing to study cells and tissues. It refers to detection, emission, absorption, modification, reflection, and creation of radiation from tissues, organisms, biomaterials, and cells. Major applications of biophotonics are in the fields of life sciences, agriculture, environmental science, and medicine.
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Biophotonics Market: Key Drivers
- Increasing demand for high-quality healthcare and growing elderly population are major factors driving the global biophotonics market. The major benefit of using biophotonics is that it preserves the cells for a specific period when they are examined. Apart from this, advancements of optical technologies in aerospace and telecom industries and availability of funds for research and development are also propelling the global biophotonics market.
- In addition, rising demand for minimally invasive surgeries and increasing awareness about food security are expected to drive the global biophotonics market during the forecast period. Increasing demand for non-medical applications, including prevention of unauthorized access to data and detection of pathogens in agricultural food products, offers growth opportunities to the market.
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Biophotonics Market: Major Regions
- North America accounted for the leading market share in 2018. The region is expected to attract high investments in the near future. At the same time, high-end research is expected to be conducted in the field of biophotonics in the region in the next few years. In addition, increasing number of cancer patients and rising demand for non-medical applications, primarily in the field of food security in North America, are factors responsible for dominance of the region.
- Moreover, Asia Pacific is expected to be the most rapidly expanding biophotonics market in the next few years. Growing elderly population and increasing healthcare expenditure are key factors fueling the market in Asia Pacific.
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Biophotonics Market: Key Segments
- Medical diagnostics was the leading end use segment of the global biophotonics market in 2018. On the other hand, the non-medical segment is expected to register the most rapid growth rate from 2019 to 2027. Rising use in the detection of pathogens in agricultural food items, need for constant blood monitoring, and need to prevent unauthorized access to data are driving the non-medical applications segment.
- Among applications, see-through imaging was the leading segment in 2018, owing to rising demand for minimally invasive surgeries and the large number of applications of biophotonics in the field of oncology, cardiology, neurology, and brain imaging. However, the biosensors segment is expected to register the maximum growth rate during the forecast period. Increasing prevalence for diabetes, rising awareness about food security, and surging demand for prevention of unauthorized access are major drivers of the market in the next few years.
- Major participants in the global biophotonics market are
- Olympus Corporation (Japan)
- Affymetrix Inc. (the U.S.)
- Hamamatsu Photonics K.K. (Japan)
- Oxford Instruments Plc. (the U.K.)
- Becton Dickinson & Co. (the U.S.)
- Carl Zeiss A.G. (Germany)
- PerkinElmer, Inc. (the U.S.)
Advances in Biophotonics Market Pave Way to New Avenues in Disease Diagnostics
Biophotonics encompasses studying various optical processes in biological systems, whether they are bioengineered or occur naturally. The novel, emerging discipline straddles across four distinct areas comprising lasers, photonics, nanotechnology, and biotechnology. Potential use in diseases diagnostic is fast emerging as a new avenue shaping the evolution of the biophotonics market. An array of biophotonics is harnessed by clinicians to assess biological properties of tissues to make a better clinical assessment of breast cancer. The use of optical biopsy uses near-infrared (NIR) light is a case in point. Another application area that is fast emerging is chronic wound healing. The growing use of photobiomodulation therapy in diabetic wound healing is a case in point. Diabetic wound management is a fast emerging arena in health care, given the marked morbidity diabetes has worldwide. Both acute and chronic wound management calls for novel approaches, and proponents of biophotonics see a promising opportunity. The growing prospect of photodynamic-based approaches in disease diagnostics is a key trend in the biophotonics market. Over the years, the lifesciences industry has witnessed a growing assortment of biophotonic imaging methods being put to test. Growing research and development activities related to cellular level diagnosis have expanded the canvas for players in the biophotonics market.
The COVID-19 pandemic and its outcomes over the past few months in 2020 and 2021 have nudged industries to adopt new business models and strategies to remain agile and productive. The healthcare industry and the diagnostics and therapeutics technologies also saw new dynamics in the demand and consumption patterns. The biophotonics market is expected to see spate of new research in the coming years, given the growing focus on managing chronic diseases worldwide. In addition, advancements in optics will pave way to new capabilities in biophotonics that can be used other biomedical applications. A case in point is in the food industry.
Biophotonics Market – Scope of the Report
Biophotonics refers to the development as well as application of optical techniques to study the cells, molecules, and the tissues. Biophotonics is essentially a combination of biology and photonics, the latter being the study and technology of using light to transmit information.
The global biophotonics market has grown over the last few years, owing to rising use of biophotonics in the fields of medicine, life science, environmental science, and agriculture. The rate of investments and research in these fields has been remarkable in North America and hence, North America is the leading market for biophotonics across the world. There has been rise in the healthcare expenditure in regions such as Asia Pacific and this has fueled the biophotonics market in the region.
This report is an all-inclusive and thoroughly researched analysis of the structure, elements, and dynamics of the global biophotonics market.
Overview of Biophotonics Market
Surging demand for high-quality healthcare from across the world is the primary driver of the global biophotonics market and this is attributable to the rise in elderly population across the globe. Availability of funds for research and development in the field of biophotonics has increased significantly in recent times. Besides this, advancement of optical technologies in telecom and aerospace industries has boosted the global biophotonics market.
The report projects that the global biophotonics market is expected to witness immense growth during the forecast period, due to rising awareness about food security, surging demand for minimally invasive surgeries, and growing use of biophotonics in non-medical areas such as pathogen detection in agricultural food products and prevention of unauthorized access to data.
According to the report, the global biophotonics market is set to reach value of ~US$ 100 Bn by 2027 from ~US$ 41.2 Bn in 2018. The biophotonics market is projected to expand at a CAGR of more than ~10% during the forecast period i.e. from 2019 to 2027.
There are, however, a few factors that threaten to restrain the global biophotonics market and these include complexities associated with the biophotonics technology and high costs of biophotonics-based instruments.
Companies Mentioned in Research Report
The research report offers a thorough analysis of the vendor landscape of the global biophotonics market. Key players featured in the report are PerkinElmer, Inc., Becton Dickinson & Co., Hamamatsu Photonics K.K., Olympus Corporation, Carl Zeiss A.G., Oxford Instruments Plc, and Affymetrix Inc. The global biophotonics market report focuses on aspects such as company and financial overview, business strategy, recent developments, and SWOT analysis.