Category

Global Biophotonics Market Size, Share, Opportunities, And Trends By End User (Medical, Non-Medical), By Application (See-Through, Inside Imaging, Surface Imaging, Microscopy, Light Therapy, Biosensor, Others), By Technology (In-Vivo, In-Vitro), And By Geography - Forecasts From 2019 To 2024

Published: Mar 2020 | Report Code:  KSI061610341 | Pages:  114

The global biophotonics market is projected to reach US$72.267 billion by 2023, from US$46.036 billion in 2018 growing at a CAGR of 9.44% over the forecast period. Demand for the quality healthcare, growing prevalence of personalized medication and development of healthcare instruments with a photonic component for higher accuracy and sensitivity are some of the key factors driving the growth of biophotonics in the global healthcare sector. Government and private funding for research and development activities and the emergence of non-medical applications such as prevention of unauthorized access to confidential data and pathogen detection in agriculture products further propel the growth of global biophotonics market.

Growing applications of biophotonics in healthcare and defence sector are opening up new avenues for growth.

Endoscopic applications of Biophotonics instruments help in minimal or non-invasive surgical treatment and hold the largest market share due to early adoption. Use of biophotonics for early diagnosis of the diseases such as cancer and others has also helped to capture major market globally. Growing need for biophotonics systems for the detection of biochemical agents used in warfare and terror attacks will augment the demand for biophotonics by defense sector in the coming years. Since biophotonics systems are also used in environmental monitoring, rising environmental issues such as pollution and global warming will further drive the market growth. 

See through imaging to dominate the application segment over the next five years.

See-through imaging and inside imaging hold a significant market share in 2017. Applications of biophotonics in the field of biosensors and biosensors and light therapy are attracting attention due to their potential. Biosensors have non-medical applications in the field of life sciences, agriculture, food and beverages and many others. Biophotonics offers great potential for medical and non-medical applications. In order to tap this potential and gain a market share, companies and institutions are investing and raising funds to expand their research and for the commercialization of their product. Rising investment in research and adoption of biophotonic devices for varied applications in developed and developing countries will drive its demand over the next five years.

 

Optical spectroscopy technique used for in vivo diagnosis that helps in the detection of cancer at an early stage is a major factor that will drive the in vivo diagnostic segment over the forecast period.

In vivo spectroscopy is used by biomedical researchers to study cellular and tissue structures and the possibility of early detection of cancer. In vivo imaging has been used for retinal imaging, green fluorescent protein-expressing tumours, to determine potential application of optical mammography and catheter-based endoscopic optical coherence tomography among others. Growing need for non-invasive or minimally invasive tests will drive the demand for these devices. Furthermore, In vivo spectroscopy is used by biomedical researchers to study cellular and tissue structures and the possibility of early detection of cancer.  In vivo diagnosis held a significant market share in 2018 owing to huge number of diagnostic tests conducted such as x-ray; see through imaging and many more. However, in vitro diagnosis is expected to witness an impressive growth owing to the increasing investment in research during the forecast period.

Continuous advancement in technologies used in medical sector for detecting and treating various diseases such as cancer in their pre-initial phase is augmenting the growth for biophotonics market across all geographical regions.

Biophotonics has wide-array of applications in medical sector which include diagnostics, therapeutic treatment, and research. In diagnostics segment, various biophotonics devices are used to detect diseases and check them in their pre-initial phase. In therapeutic treatment, various devices based on biophotonics technology are used in order to treat various diseases such as cancer. Moreover, continuous research is being made in order to advent more devices with the use of biophotonics technology for upcoming years. Biophotonics also has its applications in different non-medical sectors which include food and water, cosmetics packaging, and agriculture among others. The demand for this technology will grow at an enormous pace owing to its ability to detect and curb infections, hence driving the overall market growth for biophotonics across the globe.

Widespread application of biophotonics in the medical sector is leading to a significant demand from the healthcare sector.

The end user segment is segmented as medical and non-medical. The medical segment is further sub divided into diagnostic, therapeutic, and research. Biophotonics has a wide-spread of applications in medical domain. It is used extensively in diagnostics biophotonics in order to detect diseases in their preliminary stage. This technology collects multi-dimensional data for evaluation, and helps in imaging and sensing at molecular level, using optics. Moreover, Biophotonics in widely used in therapeutic treatment. The therapeutic biophotonics is used in the treatment of diseases by altering biological processes with the application of light. The tissues are removed by the photomechanical process and photothermal process. Light, in therapeutic biophotonics are used to modify the cellular functions photochemically. Furthermore, biophotonics are also used in the field of research for improving sensing and imaging functionalities on the microscopic and nanoscopic levels.

Regional Analysis

North America and Europe held a significant market share in 2018 due to the advanced research, funding from government and private institutions and early adoption of the technology. Biophotonics are largely used in developed countries owing to their highly advanced healthcare sector as compared to the developing countries. The growing interest for this technology in developed countries is due to its capability to detect the disease before the initial stage. The technologies such as invivo and spectroscopy for optical diagnosis is one of the emerging technology under biophotonics. Economic growth and rising disposable income in the Asia Pacific region is facilitating rising expenditure on research in the field of biophotonics. Rising medical tourism facilities owing to the advanced healthcare sector is increasing the demand for biophotonics devices in South America. The market for biophotonics will witness a significant growth due to the prominence of biophotonics in cancer detection along with application of biophotonics in neuro-sciences. The market for medical devices including biophotonics devices will witness a remarkable growth in Middle East and Africa owing to the ageing population and need for early and accurate disease diagnosis.

Segmentation

The global biophotonics market is segmented on the basis of end-user, application, technology, and geography.

By End User

Medical

Diagnostics

Therapeutics

Research

Non-Medical

By Application

See-through

Inside Imaging

Surface Imaging

Microscopy

Light Therapy

Biosensor

Others

By Technology

In-Vivo

In-Vitro

By Geography

North America

US

Canada

Mexico

Others

South America

Brazil

Others

Europe

United Kingdom

Germany

France

Italy

Spain

Others

Middle East and Africa

Asia Pacific

Japan

China

India

Australia

Others


Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the global biophotonics market?
A1. The global biophotonics market is projected to grow at a CAGR of 9.44% during the forecast period.
 
Q2. What will be the biophotonics market size by 2023?
A2. Biophotonics market is projected to reach a market size of US$72.267 billion by 2023.
 
Q3. What is the biophotonics market size?
A3. The biophotonics market was valued at US$46.036 billion in 2018.
 
Q4. Which region holds the maximum market share in the biophotonics market?
A4. North America and Europe held a significant market share in 2018 due to the advanced research, funding from government and private institutions and early adoption of the technology.
 
Q5. What factors are anticipated to drive the biophotonics market growth?
A5. Growing applications of biophotonics in the healthcare and defense sector are opening up new avenues for growth.

OUR CLIENTS