Biophotonics Market accounted 36 billion USD in 2020 and is expected to reach 97.8 billion USD by 2030 with a CAGR of 10.5% approximately during the forecast period.   Biophotonics is a term obtained by the combination of biology and photonics. It is a technology, which is applied for the analysis of molecular mechanisms, functions, and structures in order to treat diseases. This technology applies optical techniques while preserving the integrity of the biological cells under observation. Biophotonics also aids in detection, emission, absorption, modification, reflection, and creation of radiation from bimolecular, cells, tissues, organisms, and biomaterials. It is an emerging area of scientific research which harnesses light to apprehend the working of cells and tissue in living organisms to provide better diagnosis of health problems. The biophotonics market is catering to the demands of multiple industrial verticals such as biotechnology, diagnostics, therapeutics and agriculture. Environmental monitoring, food analysis, Raman spectroscopy, endoscopy, and dentistry are some other major areas where the impact of biophotonics is being observed.

Market Segmentation:

On the basis of application type, the global biophotonics market can be classified into microscopy, see-through imaging, inside imaging, spectro molecular, light therapy, surface imaging, biosensors, and other analytics testing. Based on end-users, the market can be segmented into medical diagnostics, medical therapeutics, tests & components, and non- medical application. Geographically, the global biophotonics market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and ROW.

Market Dynamics and Factors:

The growing geriatric population; rising demand for high quality healthcare; increasing awareness regarding food security; and increasing demand for minimally invasive surgeries are the major factors driving the biophotonics market across the globe. The biophotonics technology is expected to witness significant growth in the near future owing to factors such as development of biosensors and its rapid usage in the non-medical sector. Government and private investments in technology and R&D regarding the awareness and benefits of biophotonics is further going to boost the market growth in the coming years. In addition to that, the emergence of Nanotechnology would lead to the development and growth of the biophotonics market. Nanotechnology is a science that deals with the dimensions of the range, of around 1 to 100 nanometres. This technology is applicable across all the other scientific fields like chemistry, biology, physics, materials science, and engineering. The practice of nanotechnology in the healthcare sector aids in sensing human cells and tissues. For instance, for a cancer patient, the use of biophotonics helps in directly connecting with the affected cells and therefore improves the process of treatment. The rising penetration of advanced healthcare systems is further boosting the growth of the biophotonics market across the globe. However, the high cost of biophotonic devices due to the complexity of technology and lack of skilled expertise are the major factors restraining the growth of the market.

Geographic Analysis:

North America is expected to dominate the global biophotonics market in terms of market share during the forecast period. The increasing number of cancer patients; growing demand for non-medical applications; and rising technological investments by key players are the major factors attributing to the market dominance of the region. For instance, according to the American Cancer Society, there were around 1,665,540 cases of cancer that were reported in the U.S. in 2014. The Asia Pacific region is anticipated to witness significant growth in the biophotonics market during the forecast period. The growing elderly population; increasing healthcare expenditure; and rising government initiatives are the major factors attributing to the market growth in the APAC region.   

Competitive Scenario:

The key players operating in the global biophotonics market are –

Carl Zeiss AG, Becton Dickinson & Company, Hamamatsu Photonics KK, Olympus Corporation, Affymetrix Inc., Oxford Instruments Plc., PerkinElmer Inc., Andor Technology Ltd, Fei Company, Lumenis Ltd, Zecotek Photonics Inc.    

Biophotonics Market Report Scope