Biophotonics Market

The global biophotonics market is estimated to witness a significant CAGR of 11.6% during the forecast period 2022-2030. The market growth can be attributed to increasing demand for point of care devices, rapidly growing geriatric population and increasing prevalence of chronic diseases. The rising demand for point of care devices for conducting diagnostic tests either at home, ambulance or in clinics & hospitals is anticipated to propel the demand for biophotonics. Such devices are required for receiving quick diagnostics test results so that treatment can be started without any delay. These devices are effective in case of heart attack or stroke.

POC Devices Growing at A Steady Rate

The point of care devices market is expected to grow at a significant rate of 8% during the forecast period. The increasing incidences of cancer is expected to spur opportunities for the usage of biophotonics in early cancer detection. The significant technological advancements over the decade and their adoption in the medical sector are expected to positively influence the market demand in the upcoming scenario. Enhancement in optical technologies in the telecom & aerospace sectors along with the availability of government & private funds for R&D are also anticipated to favourably impact the market growth. However, the high price of biophotonic based instruments coupled with the complexity of the biophotonics technology is anticipated to negatively influence the market growth. The reluctance towards the adaptation of new treatment practices and the slow commercialization rate are also hampering the market growth.

See Through Imaging Remains as the Largest Contributor of Market Revenues

On the basis of application, the market is bifurcated into endoscopy, surface imaging, light therapy, see-through imaging, spectromolecular, microscopy, biosensors and others. See through imaging holds the largest market share of 36.80% owing to significant developments in the area of see through imaging techniques in recent years, specifically in medical diagnostics and drug discovery. Over the years, the see through imaging has appeared as an effective tool for in-vivo and in-vitro imaging and has become an important part of biomedical research. However, surface imaging application is anticipated to be the fastest growing segment at a CAGR of 14.2% during 2022-2030. The major driver for the growth of this segment is rise in patient acceptance for minimally invasive procedures for diagnosis as well as for treatment.

North America Dominates the Global Biophotonics Market

North America dominates the global biophotonics market owing to increasing investments in the healthcare industry, surging R&D initiatives and accessibility to the excellent infrastructure. The increasing prevalence of cancer coupled with growing geriatric population is anticipated to spur the regional market growth in the coming years.  It is being estimated that by the end of 2060, the figure will reach to 98 million elder population, more than twice their number in 2014. Such increasing number of geriatric population is expected to propel medical diagnostics market which in turn will significantly influence the demand for biophotonics in the coming years. Asia Pacific biophotonic market is estimated to grow at highest CAGR 12.1% during the forecast period. The growth in this region is owing to increasing investments by key market players in the healthcare sector, increasing prevalence of chronic diseases and enhancements in healthcare facilities.

Market Characterized by High Level of Competitive Intensity

The key players of biophotonics market include Becton, Dickinson and Company; Carl Zeiss AG, Hamamatsu Technologies, Oxford Instruments and Olympus America. The major market players are focusing on miniaturization of the instruments along with enhanced cost efficiency. Major strategies adopted by the key players of the market include mergers & acquisitions, product launches and geographical expansion. The market is filled with huge number of companies, each of which is specialized into bio photonics for specific purposes, such as microscopes, Spectro photometry, etc. Some of the major companies involved in bio photonic market are Zeiss, Thermo Fisher Scientific, Hamamatsu Photonics, Perkin Elmer etc. Amongst them, Thermo Fisher Scientific holds the largest market share with respect to others as it has its wide presence across geographies and has the huge investment in Bio photonic. Competitive rivalry is very high in this market due to the availability of huge number of key players. As per the current scenario, the presence of cancer and other genetic diseases in the all over the world will increase the demand of bio photonic devices. Emerging markets have a fast rate growth opportunity with grow rates twice or four times those of developed markets therefore; the intensity of competitive rivalry is very high.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Technology (2020-2030; US$ Mn)

• In-Vitro
• In-Vivo

By End User (2020-2030; US$ Mn)

• Therapeutics
• Diagnostics
• Test Components
• Non-Medical Use

By Application (2020-2030; US$ Mn)

• Endoscopy
• Surface Imaging
• Light Therapy
• See-Through Imaging
• Spectromolecular
• Microscopy
• Biosensors
• Others

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global bio photonics market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?