Global Biophotonics Market is expected to grow at a CAGR of 11.6% during the forecast period 2022-2030


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.

See-through Imaging segment holds the largest market share in application segment which was around 37% in 2021. The rising demand for the radio imaging across hospitals is rising growth in the see-through imaging application. The growing application of see through technology for the treatment of cancer is one of the major driving forces in the global market. The rising prevalence of the cancer is rising the demand for the various assay kits. Bioluminescence kits are available in the market as luciferase assay kits. On an average price of luciferase assay kits range between $100-$800 per unit.  Photoacoustic imaging is a non-invasive imaging technique enabling functional, structural and molecular imaging.  It is used for detecting lesions in brain cancer patients, used diagnosis of breast cancer, and to derive concentration of hemoglobin and hemoglobin oxygen saturation.

The In Vivo technology holds the largest market share of around 75% in 2021 in technology segment. The IN Vivo technology is growing with a CAGR of 10.6% during the forecast period 2022-2030. The rising demand for the nanotechnology for noninvasive procedure is the major driving force of the in Vivo technology. Advancements in the nanotechnology has also enhanced the traditional endoscopic instruments and companies are largely investing in developing biophotonic technique that can be utilized in capsule endoscopy. Demand of high resolution image and video quality in medical diagnosis are providing a platform to the companies involved in biophotonic market for developing effective technologies. Recently a group in Massachusetts general hospitals have developed an endoscopy capsule that uses optical coherence tomography in generating the cross section of high resolution through the walls of esophagus. Some major players in the in Vivo biophotonics market are XION Medicals, Olympus Corporation, Automation engineering Inc., Precision Optics Corporation and others.

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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.

The growing research and development activity is one of the major factor which is rising technological innovation in the bio photonics market. The companies, research institutions and government across the globe are investing for the development of new technology in bio photonics. Companies are taking various strategic initiatives such as product development, acquisition and other investment activities for advancement in the bio photonics technology.Market Share for bio photonic market was calculated by considering the market revenue of key players, research development spending, product innovation, product portfolio and geographically presence within this market. 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.

KEY MARKET MOVEMENTS

  • The global biophotonics market is estimated to witness a significant CAGR of 11.6% during the forecast period 2022-2030.
  • See-through Imaging segment holds the largest market share in application segment which was around 37% in 2021.
  • The In Vivo technology holds the largest market share of around 75% in 2021 in technology segment.
  • The IN Vivo technology is growing with a CAGR of 10.6% during the forecast period 2022-2030.
  • 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.
  • Asia Pacific biophotonic market is estimated to grow at highest CAGR 12.1% during the forecast period.
  • 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.

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