New York, USA, May 10, 2023 (GLOBE NEWSWIRE) -- Biophotonics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biophotonics Market Information By Application, Technology, End-Use, And Region –Market Forecast Till 2032”, the market is projected to grow from USD 64.6 Billion in 2023 to USD 146.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.80% during the forecast period (2023 - 2032).
Market Scope:
The rise of nanotechnology in biophotonics, the rising elderly population, the expanding application of biophotonics in cell and tissue diagnostics, and the creation of innovative photothermal tomography (PAT) systems are the key market drivers enhancing the market growth. The study of optical phenomena in biological systems, including both naturally occurring and bioengineered materials, is known as biophotonics. Imaging and detecting cells and tissue is a crucial component of this science.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 146.7 Billion |
| CAGR | 10.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Technology and End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The noteworthy technological advancement over the decade is driving the market growth |
| The expanding application of biophotonics in cell and tissue diagnostics |
Biophotonics Market Competitive Outlook:
Key Companies in the market include
- Oxford Instruments
- Olympus Corporation
- Lumenis Be Ltd.
- IDEX
- Zenalux Biomedical, Inc.
- Glenbrook Technologies
- Photonics Media
- Thermo Fisher Scientific Inc.
Biophotonics Market Trends:
Market Drivers
The primary market factors boosting market growth include the development of novel photothermal tomography (PAT) systems, the escalating older population, the growing use of biophotonics in cell and tissue diagnostics, and the emergence of nanotechnology in biophotonics. Because of the massive amounts of clinical and biological data being created and amassed at an unmatched quantity and pace, big data technologies and machine learning are being used more and more in biomedical and healthcare research. The biophotonics industry now uses analytical methods that can only gather data from datasets' surface, which means that valuable information that these datasets may be able to provide is lost. As a result, big data and machine learning technologies have been combined to thoroughly analyze large datasets and provide more useful information.
Machine learning algorithms enable users to recognize both particles and more nuanced, complex signals. However, some of these images have very low contrast, a noisy background, and fuzzy edges, making it difficult to count the precise number of particles present in the image and necessitating manual counting. This is despite the fact that researchers have been able to capture images with extremely high content that show the locations of numerous molecules of moving particles. To reduce this complexity, researchers have begun using machine learning techniques, which teach the computer to detect and identify individual particles in the image. The extensive analysis and extraction of vital information that machine learning may be able to provide is hastening the adoption of biophotonics. boosting the Biophotonics market's revenue in the process.
Market Limitations
The expensive cost of devices based on biophotonics, however, as a result of the technology's complexity, limits the market's expansion. Nevertheless, it is anticipated that the cost of biophotonics devices would go down in the upcoming years due to technological improvement.
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Analysis of COVID-19
The introduction of COVID-19 has had a substantial impact on the biophotonics sector since there aren't enough qualified people to operate the equipment. Additionally, the pandemic had an impact on the global economy and the efficiency of healthcare care for patients who did not have COVID-19 in hospitals and other end-user institutions throughout the world. Additionally, the market saw a change in revenue as a result of the closure of production facilities throughout the world.
Biophotonics Market Segmentation:
Application Insight
The market's greatest share in 2022 belonged to the category for see-through imaging, which had a market value of about USD 21.9 billion and a 42.4% market share. Due to the increasing need for radical non-invasive surgical techniques in a number of medical disciplines, including cardiology, neurology, brain imaging, and cancer, the market for see-through imaging continued to have the greatest market share. Over the past 10 years, transparent imaging techniques have advanced significantly, particularly in the areas of drug development and medical diagnostics.
Technology Insight
The market was dominated by the in-vivo category. In vivo biophotonics has a number of medical applications, such as optical breast cancer imaging, functional brain imaging, endoscopy, exercise medicine, and monitoring the progress of photodynamic therapy and neoadjuvant chemotherapy.
End-Use insights
Because it has been used by a wide range of end users, including healthcare providers, instrument makers, medical institutes, and research laboratories, the medical diagnostics sector had the biggest market share in 2023. However, it is predicted that the non-medical use would gain greater traction throughout the projected time because of its environmental screening and monitoring capabilities.
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Biophotonics Market Regional Analysis:
The market of biophotonics in North America now holds the lead and is anticipated to do so for a few more years. The U.S. biophotonics industry has been significantly impacted by the development of nanotechnology. In November 2020, the North American market placed several new development orders with the Jenoptik Light and Optics Biophotonics Group. The first task is to build a camera system for a piece of future fiber-optic medical gear that will be included into a robotic surgical instrument. The second development project focuses on the design of several subassemblies for a tier-1 eye care company's next-generation ophthalmology surgical system. In partnership with a top worldwide supplier of medical laboratory equipment, Jenoptik will offer a cutting-edge automated microscope for inline cellular analysis during the third phase. The fourth project is an expansion of a current partnership with a company that offers real-time point-of-care (POC) serology testing for medical use. In North America, the U.S. biophotonics market had the biggest market share, and the market of biophotonics in Canada had the quickest rate of growth.
The need for better healthcare services, growing healthcare expenses, and an aging population are what propel the Europe biophotonics market to become a prominent participant in the worldwide biophotonics market. Strong healthcare facilities and a considerable number of significant market firms are located in the area. Due to the increased need for advanced and non-invasive diagnostic equipment, it is predicted that the medical diagnostics industry would account for a sizable percentage in the market of biophotonics in Europe. The microscopy application sector is expected to significantly expand in the area as a result of the increased usage of microscopy methods in medical research and diagnostics. Additionally, the U.K. market of biophotonics grew the quickest in the European area, while the Germany had the biggest market share.
Over the forecast period, the Asia Pacific biophotonics market is anticipated to develop at the quickest rate. This is a result of the quick industrialization taking place in countries like South Korea, China, Malaysia, and India. The market in Asia Pacific is predicted to rise over the coming years as a result of escalating government initiatives, advancements made to healthcare facilities, and higher investment by the key industry players.
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