According to Emergen Research, the global biophotonics market size was USD 54.80 billion in 2020 and is expected to reach USD 132.80 billion in 2028 and register a revenue CAGR of 11.7% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Biophotonics Market, By Technology (In-vivo, In-vitro), By Applications (Endoscopy, Spectromolecular, Surface Imaging, Microscopy, Light Therapy, Biosensors) and By End-use (Medical Diagnostics, Medical Therapeutics, Test Components), and By Region Forecast to 2028 ”
According to Emergen Research, the global biophotonics market size was USD 54.80 billion in 2020 and is expected to reach USD 132.80 billion in 2028 and register a revenue CAGR of 11.7% during the forecast period, 2021-2028.
Market Dynamics:
Key factors providing impetus to the global biophotonics market revenue growth are rise in geriatric population across the globe, rising prevalence of lifestyle-induced diseases such as obesity, diabetes, and eye disorders, increasing medical applications of biophotonic devices, and growing demand for home-based point-of-care (POC) devices. Rapid adoption of nanotechnology in various end-use industries, increasing research & development activities in the field of optics, increasing non-medical applications of biophotonic devices, and increasing volumes of endoscopy, spectromolecular imaging, and surface imaging procedures disease diagnosis are some of the other factors expected to drive the global biophotonics market revenue growth over the upcoming years. Biophotonics refers to the study of various optical processes in biological systems, both natural and bioengineered materials. Some of the most common biophotonic techniques include fluorescence lifetime imaging microscopy, oblique plane microscopy, confocal microscopy, multiphoton microscopy, optical projection tomography, and targeted molecular imaging.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Surface Imaging Segment Accounted for Largest Revenue Share in 2020:
Based on application, the global biophotonics market is segmented into Endoscopy, Spectromolecular, Surface Imaging, Microscopy, Light Therapy, and Biosensors. The surface imaging segment dominated other segments in terms of revenue share in the global market in 2020. Technological advancements in surface imaging techniques, increasing use of these techniques in in-vivo diagnostics, and growing demand for minimally invasive diagnostic procedures are major factors contributing to the revenue growth of this segment.
Medical Diagnostics Segment to Account for Fastest Revenue CAGR:
Based on end-use, the global biophotonics market is segmented into Medical Diagnostics, Medical Therapeutics, and Test Components. The medical diagnostics segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Rise in geriatric population, increasing burden of chronic diseases such as diabetes and eye disorders, growing use of biophotonic devices in medical diagnostics, and technological advances in diagnostic tools are major factors boosting this segment’s revenue growth.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America biophotonics market accounted for the largest revenue share in the global market in 2020. Rapidly growing geriatric population, increasing prevalence of chronic and lifestyle diseases such as obesity, diabetes, and cancer, increasing medical applications of biophotonic devices, rapid adoption of nanotechnology in the medical sector, and increasing R&D activities in the field of optics are some of the key factors driving the North America market revenue growth.
Major Companies in the Global Biophotonics Market Include:
- Andor Technology Ltd.
- Becton, Dickinson and Company
- Olympus America Inc.
- FEI Company
- Lumenis Ltd.
- Zecotek Photonics Inc.
- Carl Zeiss AG
- Hamamatsu Photonics K.K.
- Affymetrix, Inc.
For the purpose of this report, Emergen Research has segmented the global biophotonics market on the basis of technology, application, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
- In-vivo
- In-vitro
Application Outlook (Revenue, USD Billion; 2018-2028)
- Endoscopy
- Spectromolecular
- Surface Imaging
- Microscopy
- Light Therapy
- Biosensors
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Medical Diagnostics
- Medical Therapeutics
- Test Components
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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