What is Biophotonics Market?
Biophotonics is a word that encompasses biology, photons, and electronics. Biophotonics is mostly used in imaging applications and to protect biological cells' integrity. Biophotonics is being used in a variety of biomedical applications, such as diagnostics and therapies. Biophotonics has made it feasible to image, analyze, and manipulate live tissues at a molecular level in a minimally or non-invasive manner. The technique of Biophotonics is used to investigate molecular mechanisms, functions, and structures. It is used in medicine to detect, diagnose, and cure diseases by studying light-tissue interactions at the micro-, nano-, and macro-organism levels. It also aids in the emission, detection, absorption, reflection, modification, and generation of radiation from biomolecular, cells, tissues, organisms, and biomaterials. Because of advancements in biosensors and greater use in the nonmedical sector, biophotonics technology is likely to rise significantly in the future years. During the projection period, the availability of money for research and development is likely to propel growth. Due to increased awareness of the benefits of biophotonics, the influence of these factors is likely to grow dramatically.
Highlights from Biophotonics Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Current Market Size (2021) | USD23.0 Billion |
Unit | Value (USD Billion) |
Key Companies Profiled | Thermo Fisher Scientific (United States), Affymetrix, Inc. (United States), Andor Technology Ltd. (Unite Kingdom), Becton Dickinson and Company (United States), Carl Zeiss AG (Germany), FEI Company (United States), Hamamatsu Photonics K.K. (Japan), Olympus Corporation (Japan), PerkinElmer, Inc. (United States) and Zecotek Photonics Inc. (Canada) |
CAGR | 10.5% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Biophotonics market throughout the forecasted period.
Thermo Fisher Scientific (United States), Affymetrix, Inc. (United States), Andor Technology Ltd. (Unite Kingdom), Becton Dickinson and Company (United States), Carl Zeiss AG (Germany), FEI Company (United States), Hamamatsu Photonics K.K. (Japan), Olympus Corporation (Japan), PerkinElmer, Inc. (United States) and Zecotek Photonics Inc. (Canada) are some of the key players profiled in the study. Biophotonics Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Biotechnology, Medicine, Environmental technology, Agricultural sciences, Chemical and pharmaceutical industry and Others |
Type | Single Photon Source, Lasers, LEDs, Lamps and Others |
Technology | See-Through Imaging,Inside Imaging,Spectro Molecular,Surface Imaging,Microscopy,Others |
End-Use | Medical Diagnostics,Medical Therapeutic,Tests & Components,Nonmedical Application |
According to AMA, the Global Biophotonics market is expected to see steady growth rate and may see market size of USD48.0 Billion by 2027.On the basis of application, Biotechnology segment is dominating the market in the year 2021
On the basis of geography, the market of Biophotonics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Geriatric Population
- Increasing Use OfBiophotonics in Cell and Tissue Diagnostics
Market Trend
- The emergence of Nanotechnology in Biophotonics
Restraints
- Lack of Awareness of Biophotonics Technology and Skilled Personnel
- High Cost of Technology
Opportunities
- Development of Novel Photoacoustic Tomography (PAT) System
- Emerging Markets in the Developing Countries
Challenges
- Government Regulations and Long Certification & Approval Cycles
In November 2020, Jenoptik Light and Optics BioPhotonics Group won several new development orders in North America.
BioPhotonics Phototherapy Systems require 510(k) Premarket Notification. A 510(k) is a premarket submission made to FDA to demonstrate that the device to be marketed is as safe and effective, that is, substantially equivalent, to a legally marketed device (section 513(i)(1)(A) FD&C Act).
Key Target Audience
Medical Device Manufacturers, End-Users, Regulatory Bodies and Others