Bio photonics Market is expected at a CAGR of ~11.3 % during the forecast period 2021 – 2031
Future Market Insights, Dubai: The global biophotonics market is anticipated to witness an impressive growth of over 11.3% CAGR during the forecast period of 2021 and 2031, forecasts ESOMAR-certified consulting firm Future Market Insights.
The growing geriatric population and extensive use of biophotonics in cell and tissue diagnostics are the key factors propelling the market growth. The advent of nanotechnology in biophotonics and the increasing application of biophotonics within light therapy and microscopy will improve the demand.
Biophotonics are extensively used in light therapy, as light therapy devices are acquiring center stage in the healthcare industry. Also, government support through funding and investment in medical diagnostics is improving the market demand.
Integration of detection, diagnosis, and staging during the time of endoscopy is providing growth opportunities for the market players. Significant developments in the field of see-through imaging techniques, especially in medical diagnostics and drug discovery, will improve the market demand.
Extensive usage of biophotonics endoscopic techniques, especially in providing functional and biochemical information in the application of medical therapeutics will drive the market growth.
The increasing geriatric population and rising prevalence of lifestyle diseases such as obesity, insomnia, and others have improved the demand for light therapy in the field of medical therapeutics. This in turn will bolster the growth of the biophotonics market.
According to FMI, the application of biophotonics in microscopy and light therapy will witness impressive growth, exhibiting the demand of over 15% each respectively over the forecast period.
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“Technological advancements and soaring demand within medical therapeutics and diagnostics for treating lifestyle diseases such as obesity and insomnia will drive the market demand. Catering the heightened demand, biophotonics manufacturers have increased the development by incorporating advanced technology, generating expansion prospects in the industry,” says the FMI analyst.
Key Takeaways from FMI’s Biophotonics Market Study
- Medical diagnostics is anticipated to be the primary end-user of the biophotonics market, exhibiting a CAGR of over 10.7% during the forecast period
- Non-medical applications in the biophotonics market is estimated to project impressive growth of over 15.5% CAGR between 2021 and 2031
- In terms of application, the biosensors segment is poised to expand at a CAGR of around 17.2% CAGR during the forecast period
- Microscopy and light therapy applications will expand at a CAGR of 15.1% each respectively in the upcoming decade
- The U.S. is anticipated to be the major market owing to the increasing investment by the U.S. government in the healthcare industry
- Germany and the U.K are expected to collectively lead Europe’s biophotonics market owing to the expansion of the healthcare industry
- Countries such as China, India, and Japan will emerge as lucrative markets attributing to the technological advancements in the healthcare and imaging industry
Key players in the biophotonics market are focusing on new product launches for the expansion of their product portfolios.
Adoption of the latest technology in the healthcare sector has enabled the advent of new players, leading to a competitive market.
Prominent market players are forging alliances with other top healthcare companies to maintain their position in the industry.
For instance, in June 2021, Alberta Biophotonics Inc. announced the acquisition of additional shares of Flurotech Limited, pursuant to a three-cornered amalgamation between FluroTech, FluroTest Systems Ltd., and 2330853 Alberta Ltd.
Recently, another key player PhotoniCare Inc. announced the funding of more than US$ 7 million to commercially expand its imaging technology, TOMi Scope.
In May 2021, Olympus America announced the launch and clearance of its BF-UC190F endobronchial ultrasound (EBUS) bronchoscope, a new addition to its EBUS portfolio of devices for lung cancer diagnosis and staging via needle biopsy.
Increasing investment and funding for biomedical imaging and initiatives for research & development are providing lucrative opportunities for the market players.
For example, recently, the Chan Zuckerberg Initiative (CZI) announced funding of nearly US$ 32 million for biomedical imaging research, technology development, and the BioImaging North America international network of bioimaging facilities & communities.
Some of the prominent market players profiled by Future Market Insights operating in the biophotonics market include:
- Becton and Dickinson & Co.
- Thermofisher Scientific
- Affymetrix Inc.
- Carl Zeiss
- Olympus America
- Andor Technology
- Hamamatsu Photonics
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More Insights on the Global Biophotonics Market
Future Market Insights, in its latest study of the global biophotonics market, offers an unbiased analysis on the market trends and drivers, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
- See-Through Imaging
- Inside Imaging
- Spectro molecular
- Surface Imaging
- Light Therapy
- Medical Diagnostics
- Medical Therapeutics
- Test Components
- Non-Medical Diagnostics
- North America
- Latin America
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
Key Questions Covered in the Report
- Which region has the highest growth in the biophotonics market?
- Which are the leading manufacturers operating in the biophotonics market?
- How will the biophotonics market expand in the forecast period?
- Which trends will drive the biophotonics market during the forecast period?
- What are the challenges faced by leading players in the biophotonics market?