New York, United States , Dec. 07, 2022 (GLOBE NEWSWIRE) -- The Global Biophotonics Market Size to grow from USD 54 billion in 2021 to USD 149 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 12% during the forecast period. The biophotonics market has grown due to the growing elderly population, increasing prevalence of chronic diseases, expanding government efforts, rising healthcare reforms, and integration of IT into healthcare applications.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
The non-medical application segment to account for the largest market size during the forecast period
Based on the end-user, the global biophotonics market is categorized into Tests and Components, Medical Therapeutics, Medical Diagnostics, and Non- medical Applications. The non-medical application segment to account for the largest market size during the forecast period. Because a variety of end users, including healthcare providers, instrument manufacturers, medical institutions, and research labs, have adopted it. However, due to its environmental screening and monitoring capabilities, the non-medical application is anticipated to become more popular over the forecast period. The biophotonics market is expected to be greatly driven by the increase in research on pathogens, exposures in agricultural food products, ongoing blood monitoring, and prevention of unlawful data visualization. Additionally, the study of DNA, proteins, and other significant molecules, as well as molecular pathways, makes use of biophotonics.
Browse 52 market data Tables and 62 Figures spread through 200 Pages and in-depth TOC on “Global Biophotonics Market Size, Share, and COVID-19 Impact Analysis, By End-User (Tests and Components, Medical Therapeutics, Medical Diagnostics, and Non- medical Application), By Application (See-Through Imaging, Inside Imaging, Spectro Molecular, Analytics Sensing, Light Therapy, Surface Imaging, and Biosensors), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.”
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The See-through imaging electronics segment to hold a higher CAGR during the forecast period.
Based on the application, the biophotonics market is categorized into See-Through Imaging, Inside Imaging, Spectro Molecular, Analytics Sensing, Light Therapy, Surface Imaging, and Biosensors. The See-through imaging electronics segment to hold a higher CAGR during the forecast period. Due to the constant need for radical non-invasive surgical techniques in several medical specialties, including cardiology, neurology, brain imaging, and oncology, the see-through imaging segment held the biggest market share. Over the past ten years, there have been significant advancements in the field of transparent imaging techniques, particularly in the areas of drug development and medical diagnosis. A crucial component of biomedical research, see-through imaging has also emerged as a useful tool for in-vitro and in-vivo imaging.
Asia-Pacific to hold a higher CAGR during the forecast period.
The Global Biophotonics Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is estimated to account for the highest market share in 2022. Due to the booming R&D efforts, rising healthcare industry spending, and accessibility to top-notch infrastructure. In addition, the regional market of North America is anticipated to increase over the coming years as a result of the rising elderly population and the rising number of cancer patients.
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Some of the Key Developments:
In March 2021, with an expenditure of USD 180 million, Zeiss opened a new research and development, production, sales, and customer support facility in the US, expanding its footprint in North America. The X-ray Microscopy business and the ZEISS Microscopy Customer Center will both be included on the new site to serve the prospects in materials research, life sciences, and industrial applications.
In November 2021, Oxford Instruments introduced BC43, a portable microscope. The users of this equipment can access real-time 3D images.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Biophotonics Market include Thermo Fisher Scientific, NU Skin Enterprises, Becton, Dickinson and Company, Glenbrook Technologies, Hamamatsu Photonics KK, Olympus Corporation, Carl Zeiss AG, Oxford Instruments PLC, Zenalux Biomedical Inc., and PerkinElmer.
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