Market Research Future (MRFR) has published on the “Biophotonics Market”
MRFR recognizes the following companies as the key players in the global biophotonics market—Affymetrix Inc., Andor Technology, BD (Becton, Dickinson and Company), Carl Zeiss AG, Olympus Corporation, Hamamatsu Photonics K.K, Zecotek Photonic Inc., Idex Corporation, IPG Photonics, Toshiba, Oxford Instruments Plc, PerkinElmer Inc.
The global biophotonics market is accounted to register a CAGR of 10.80% during the forecast period and is estimated to reach USD 146.7 billion by 2032.
Biophotonics is the study of producing and using light to see, detect, and alter biological elements. To comprehend how cells and tissues in living organisms function internally, it makes use of light and other radiant energy sources. Biology makes use of biophotonics to investigate the structures, functions, and processes of molecules. In order to find, identify, and treat diseases, researchers in medicine explore the interactions between light and tissue at the micro, nano, and macro-organism levels. Moreover, it aids in the formation, emission, detection, absorption, reflection, and alteration of radiation from bimolecular, cells, tissues, organisms, and biomaterials.
Throughout the projected period, the biophotonics market is anticipated to be significantly driven by the growing elderly population, increasing prevalence of chronic diseases, expanding government efforts, rising healthcare costs, and integration of IT into healthcare applications. In the coming years, the market is expected to be significantly impacted by the rise in photonic components used in current healthcare instruments for value enhancement and improved accuracy & sensitivity. Additionally, it is projected that management of environmental dynamics, such as water and food sources, will further spur market expansion.
The global biophotonics market has been segmented based application, technology and end use.
On the basis of application, the market is segmented into microscopy, see-through imaging, light therapy, biosensors, spectro molecular, inside imaging, surface imaging (endoscopy) and others. The see-through imaging segment was attributed to holding the largest market share in 2022.
Based on technology, the global biophotonics market has been segmented into in-vivo, in-vitro. The in-vivo segment was expected to hold the largest market share in 2022.
Based on end-use, the global Biophotonics market has been segmented into medical therapeutics, medical diagnostics, others. The medical diagnostics segment was expected to hold the largest market share in 2022.
The global biophotonics market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe biophotonics market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The biophotonics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World biophotonics market comprises of Middle East, Africa, and Latin America.
The largest market share for biophotonics was maintained by the North American regional sector. Its dominance is attributable to the booming R&D projects, rising healthcare investments, and accessibility to the first-rate infrastructure. The regional market is anticipated to increase over the coming years as a result of the rising elderly population and the rising number of cancer patients.
Over the course of the forecast period, Asia Pacific is anticipated to have the quickest growth. This is a result of the rapid industrialisation that is occurring in nations like China, Malaysia, India, and South Korea. Due to expanding government efforts, improvements to healthcare facilities, and increased investment by the major industry participants, the biophotonics market in Asia Pacific is anticipated to grow over the next years.
In the Europe, countries such as Germany, UK, France, Spain, etc are expected to drive the growth of the biophotonics market due to their increasing investments in healthcare and medical research. The growing prevalence of chronic diseases such as cancer and diabetes in the region is also expected to contribute to the market growth.
In LATAM, countries such as Brazil, Mexico, and Argentina are expected to show significant growth potential in the biophotonics market. The increasing demand for advanced imaging and diagnostic technologies and the growing number of research activities in the field of biophotonics are expected to drive the market growth in the region.
Explore In-depth Details: Biophotonics Market Research Report
Key Findings of the Study