The Biophotonics Market Size is valued at USD 61.18 Bn in 2022 and is predicted to reach USD 139.37 Bn by the year 2031 at a 9.7 % CAGR during the forecast period for 2023-2031.
Biophotonics is an interdisciplinary topic that combines biology, physics, and photonics (the study of light) to investigate and use light-biosystem interactions. It entails the application of light-based technology to comprehend, visualize, diagnose, and treat biological processes at multiple sizes, ranging from molecular and cellular to tissues and entire organisms.
The growing geriatric population, rising prevalence of chronic diseases, expanding government initiatives, expanding healthcare amendments, and incorporating IT into healthcare applications will likely significantly fuel the biophotonics market throughout the forecast period. The increased use of photonic components in existing healthcare devices for value enhancement and increased accuracy and sensitivity is expected to significantly impact the industry in the coming years. Furthermore, managing environmental dynamics, such as water and food sources, is expected to fuel market expansion.
However, due to the epidemic's economic impact, many research institutions, colleges, and businesses encountered financial issues. As a result, several biophotonics research initiatives may have been postponed or cut back, impacting innovation and advancement in the field.
Competitive Landscape:
Some major key players in the Biophotonics Market:
- Oxford Instruments
- Olympus Corporation
- PitchBook
- ZoomInfo Technologies LLC
- Lumenis Be Ltd
- IDEX
- Zenalux Biomedical, Inc.
- GLENBROOK TECHNOLOGIES
- Photonics Media
- Thermo Fisher Scientific Inc.
Market Segmentation:
The Biophotonics Market is segmented on the basis of application, technology, and end-user. As per the application, the market is segmented as microscopy, see-through imaging, light therapy, biosensors, spectro molecular, inside imaging, and surface imaging (endoscopy). The technology segment includes in-vivo and in-vitro. By end-use, the market is segmented into medical therapeutics, medical diagnostics, and others (non-medical applications).
Based On Application, The See-Through Imaging Segment Is Accounted As A Major Contributor To The Biophotonics Market
The see-through imaging category is expected to hold a major share of the global Biophotonics Market in 2022. To increase size resolution and penetration depth, optical imaging is increasingly being used in conjunction with computed tomography (CT), PET, Magnetic Resonance Imaging (MRI), and single-photon emission computed tomography (SPECT).
Furthermore, when imaging modalities are employed correctly, they create images that aid in discovering early-stage illnesses, including cancer, small precise abscesses, and the presentation of interior illustrations. Biophotonics is used in optical imaging techniques that produce high-quality images, assisting physicians, neurosurgeons, medical physicists, biomedical engineers, and scientists in making critical treatment decisions that can reduce cancer mortality rates while also providing life-saving outcomes.
The Endoscopy Segment Witnessed Growth At A Rapid Rate
The endoscopy segment is projected to grow at a rapid rate in the global Biophotonics Market. Endoscopy is a minimally invasive process that is increasing the segment's income. Individuals choose minimally invasive surgery due to faster recovery rates, lower anaesthesia power, and shorter hospital stays. Various advantages, including minimal tissue loss, small incisions, and the utilization of new technologies, are contributing to the segment's revenue growth. According to American Cancer Society estimates, there are 26,380 new instances of stomach cancer reported in 2022, accounting for 1.5% of all malignancies diagnosed on July 15, 2022. As a result, these surgeries add to the segment's revenue growth.
In The Region, The North America Biophotonics Market Holds A Significant Revenue Share
The North America Biophotonics Market is expected to record the highest market share in the revenue in the near future. Attributable to the growing R&D projects, increasing finances in the healthcare industry, and accessibility to the outstanding infrastructure. The rising elderly population and an rapidly growing number of cancer patients are expected to drive regional market expansion in the coming years.
Over the forecast period, Asia Pacific is expected to emerge as a growing area. This is due to the rapid industrialization of countries like China, Malaysia, India, and South Korea. The biophotonics market in Asia Pacific is predicted to grow in the coming years due to rising government efforts, improvements in healthcare facilities, and increased investment by leading industry participants.
Biophotonics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 61.18 Bn |
|
Revenue Forecast In 2031 |
USD 139.37 Bn |
|
Growth Rate CAGR |
CAGR of 9.7% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Application, Technology, End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
|
Competitive Landscape |
Oxford Instruments, Olympus Corporation, PitchBook, ZoomInfo Technologies LLC, Lumenis Be Ltd, IDEX, Zenalux Biomedical, Inc., GLENBROOK TECHNOLOGIES, Photonics Media, and Thermo Fisher Scientific Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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