The biophotonics market is evaluated at US$49.950 billion for the year 2019 and is projected to grow at a CAGR of 9.13% to reach a market size of US$92.080 billion by the year 2026.
The use of biophotonics in the healthcare sector has been increasing. The demand for quality healthcare, the growing prevalence of personalized medication, and the development of healthcare instruments with a photonic component for higher accuracy and sensitivity are some of the key factors driving the market growth of biophotonics and are anticipated to propel the market growth further during the forecast period. Moreover, 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 has a positive impact on the market and is expected to bolster the market growth in the coming years.
The recent outbreak of the novel coronavirus disease is anticipated to positively impact the market growth. The biophotonics market was already being increasingly used in the healthcare and pharmaceutical industry. The advent of the Covid-19 pandemic led to a further boost in the biophotonics market as the pharmaceutical industry saw a huge surge during the pandemic. Raman spectroscopy is being used by various scientists for the detection of Covid-19 and as a tool for the fight against the virus. This has led to a surge in the market and is expected to further propel the market growth during the forecast period. Furthermore, the Covid-19 pandemic has led to an increase in the consumption of dietary supplements, and biophotonics also is used in the analysis of supplements. This is further expected to surge the market growth in the coming years.
The Biophotonics Market has been classified on the basis of end-user, application, technology, and geography. By End User, the market has been classified based on Medical (Diagnostics, Therapeutics, and Research) and Non-Medical. On the basis of Application, the segmentation has been done into See-through, Inside Imaging, Surface Imaging, Microscopy, Light Therapy, Biosensor, and others. By Technology, the market has been categorized into In-Vivo and In-Vitro. Geographically, the Biophotonics Market has been distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The rise in applications of biophotonics in the healthcare and defence sector
One of the key factors supplementing the Biophotonics Market market growth includes growing applications of endoscopic applications of Biophotonics instruments which help in minimal or non-invasive surgical treatment and hold the largest market share due to early adoption. Biophotonics has a wide array of applications in the medical sector which include diagnostics, therapeutic treatment, and research. In the diagnostics segment, various biophotonics devices are increasingly being used to detect diseases and check them in their pre-initial phase. In therapeutic treatment, various devices based on biophotonics technology are being used in order to treat various diseases. Moreover, continuous research is being made in order to advent more devices with the use of biophotonics technology for upcoming years. The use of biophotonics in the healthcare sector has been increasing over the years. In December 2020, the Israel-based VOTIS Subdermal Imaging Technologies (VOTIS) and the Indian company ii Ventures (iiV) have announced to development of a system together in order to screen India’s rural people for peripheral artery disease (PAD). Furthermore, the growing need for biophotonics systems for the detection of biochemical agents used in warfare and terror attacks is expected to augment the demand for biophotonics by the defence sector during the forecast period.
Rise in use of optical spectroscopy technique for in vivo diagnosis for cancer detection, with the growth in cancer patients
As the prevalence of cancer is growing around the world, in vivo spectroscopy is increasingly being used by biomedical researchers to study cellular and tissue structures and the possibility of early detection of cancer, which is anticipated to bolster the biophotonics market growth in the coming years. According to the National Cancer Institute database, the prevalence of cancer has increased by around 30% from 1973 to 2015 and is still growing. In India, the Indian Council of Medical Research (ICMR) and the National Centre for Disease Informatics and Research (NCDIR) have estimated in August 2020 that there will be a rise in cancer cases in India by 12% in the coming five years. This rise in cancer patients is expected to have a positive impact on the market growth. In vivo imaging has been used for retinal imaging, green fluorescent protein-expressing tumours, to determine the potential application of optical mammography and catheter-based endoscopic optical coherence tomography among others. The need for non-invasive or minimally invasive tests is growing which is expected to propel the biophotonics market growth in the coming years. 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 is expected to hold a significant market share during the forecast period owing to a huge number of diagnostic tests conducted such as x-ray; see-through imaging and many more. Moreover, the increase in investment in research for in vitro diagnosis for early detection of cancer is further anticipated to surge the biophotonics market growth during the forecast period.
North America to hold a prominent share in the market
Geographically, the North American region is anticipated to hold a significant share in the market during the forecast period due to advanced research, funding from government and private institutions, and early adoption of the technology. Also, the rise of nanotechnology in the region, especially in the United States, is expected to have a positive impact on the biophotonics market growth. The Asia Pacific region is anticipated to witness the highest growth during the forecast period.
Prominent/major key market players in the Biophotonics Market include Affymetrix Inc., Becton, Dickinson and Company, and Carl Zeiss Microimaging GmbH, among others. The players in the Biophotonics Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Biophotonics Market.
|Market size value in 2019||US$49.950 billion|
|Market size value in 2026||US$92.080 billion|
|Growth Rate||CAGR of 9.13% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||End-User, Application, Technology, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Affymetrix Inc., Becton, Dickinson and Company, Carl Zeiss Microimaging GmbH, FEI Company, Hamamatsu Photonics K.K., Newport Corporation, Ocean Optics, PerkinElmer Inc., Andor Technology, Thermofisher Scientific|
|Customization scope||Free report customization with purchase.|
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 9.13% during the forecast period.
Q2. What will be the biophotonics market size by 2026?
A2. The biophotonics market is projected to reach a market size of US$92.080 billion by 2026.
Q3. What is the size of the biophotonics market?
A3. Biophotonics Market was valued at US$49.950 billion in 2019.
Q4. Which region holds the maximum market share in the biophotonics market?
A4. Geographically, the North American region is anticipated to hold a significant share in the biophotonics market during the forecast period due to 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. The demand for quality healthcare, the growing prevalence of personalized medication, and the development of healthcare instruments with a photonic component for higher accuracy and sensitivity are some of the key factors driving the biophotonics market growth.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of End-Users
4.3.2.Bargaining Power of Buyers
4.3.3.Threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Biophotonics Market Analysis, by End User
6.Biophotonics Market Analysis, by Application
7.Biophotonics Market Analysis, by Technology
8.Biophotonics Market Analysis, by Geography
8.2.1.North America Biophotonics Market, By End User, 2019 to 2026
8.2.2.North America Biophotonics Market, By Application, 2019 to 2026
8.2.3.North America Biophotonics Market, By Technology, 2019 to 2026
8.3.1.South America Biophotonics Market, By End User, 2019 to 2026
8.3.2.South America Biophotonics Market, By Application, 2019 to 2026
8.3.3.South America Biophotonics Market, By Technology, 2019 to 2026
8.4.1.Europe Biophotonics Market, By End User, 2019 to 2026
8.4.2.Europe Biophotonics Market, By Application, 2019 to 2026
8.4.3.Europe Biophotonics Market, By Technology, 2019 to 2026
8.5.Middle East and Africa
8.5.1.Middle East and Africa Biophotonics Market, By End User, 2019 to 2026
8.5.2.Middle East and Africa Biophotonics Market, By Application, 2019 to 2026
8.5.3.Middle East and Africa Biophotonics Market, By Technology, 2019 to 2026
8.6.1.Asia Pacific Biophotonics Market, By End User, 2019 to 2026
8.6.2.Asia Pacific Biophotonics Market, By Application, 2019 to 2026
8.6.3.Asia Pacific Biophotonics Market, By Technology, 2019 to 2026
9.Competitive Environment and Analysis
9.1.Major Players and Strategy Analysis
9.2.Emerging Players and Market Lucrativeness
9.3.Mergers, Acquisitions, Agreements, and Collaborations
9.4.Vendor Competitiveness Matrix
10.2.Becton, Dickinson and Company
10.3.Carl Zeiss Microimaging GmbH
10.5.Hamamatsu Photonics K.K.
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