Biophotonics Market to Reach US$ 95.0 Billion by 2027, Owing to Increasing Adoption of Light-based Technologies in the Agriculture Sector
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According to Global Biophotonics Market Report, By End Use (Medical Diagnostics, Medical Therapeutics, Test Components, and Non-Medical Applications), By Application (See Through Imaging, Inside Imaging, Spectro Molecular, Surface Imaging, Microscopy, Light Therapy, Biosensors, an Other Analytic Sensing), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), published by Coherent Market Insights, the global biophotonics market was valued at US$ 49.0 billion in 2018 and is expected to witness a CAGR of 8.3% during the forecast period (2019 to 2027).
Biophotonics involves the use of light-based technologies in the life sciences, medicine, agriculture, and environmental science sectors. The emerging field uses optical techniques to image and assess biological molecules, tissues, and cells.
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R&D of low-cost sensors and vectors for plant phenotyping is expected to propel growth of the global biophotonics market. For instance, in February 2020, researchers from Arvalis-Institut du Végétal, France, reported development of novel approach to use a Fourier-based patterning strategy for low-cost hyperspectral single pixel imaging. Moreover, R&D of novel 3D imaging technologies is also expected to aid in growth of the market. For instance, in June 2019, a community of researchers at the Southampton demonstrated novel 3D imaging technologies at The Southampton Bioimaging Symposium.
Increasing adoption of light-based technologies in the agriculture sector is expected to offer lucrative growth opportunities for players in the global biophotonics market. Moreover, increasing demand for GMO crops is also expected to aid in growth to the market.
Increasing geriatric population is expected to offer conducive environment for growth of the global biophotonics market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034. Moreover, entry of new players in the healthcare sector and increasing application of biophotonics in nanotubes, LEDs, quantum dots, silicon-on-insulator, surface plasmons, micro- and nanophotonics, heterostructured lasers, and optical fibers & waveguides is also expected to aid in growth of the market.
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However, lack of government initiatives to boost adoption of biophotonics is expected to limit growth of the global biophotonics market. Moreover, the emerging field is still in its nascent stage and market players rely on funding for R&D in the field. Small and medium scale companies involved in biophotonics heavily rely on government funding for R&D.
- R&D of low-cost sensors and vectors for plant phenotyping is expected to propel growth of the global biophotonics market
- Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in March 2020, Hamamatsu Photonics acquired a 55% stock share in HAMAMATSU PHOTONICS KOREA Co., Ltd. in the Republic of Korea.
- Major players operating in the global biophotonics market include Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology, and Hamamatsu Photonics
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