|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 37.4 Billion||USD 88.1 Billion||8.3%||2019|
The global Biophotonics market accounted for USD 37.4 Billion in 2020 and is expected to reach USD 88.1 Billion by 2028, growing at a CAGR of around 8.3% between 2021 and 2028.
Biophotonics generates and harnessing light to visualize, detect, and manipulate biological materials. It is used to understand the internal functioning of cells and tissues in living organisms.
Researchers have found that biophotonics procedure such as Raman spectroscopy, two-photon fluorescence spectroscopy, optical coherence tomography, one-photon fluorescence spectroscopy, and confocal reflection spectroscopy can help in identifying tumors at early phases, monitoring metabolic products & biomarkers, and examining eye fundus. The move is forecast to boost biophotonics market growth in the near future.
The global Biophotonics market has witnessed a slight decline in the sales for short term to the lockdown enforcement placed by governments in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand. The market would remain bullish in upcoming year. The significant decrease in the global Biophotonics market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
“Large-scale use of photonic parts in healthcare equipment to obtain greater accuracy and sensitivity will boost the growth of biophotonics market over the coming years,” says the author of this study. Apart from this, rapidly increasing geriatric population and rising incidences of chronic ailments will lead to more demand for biophotonics over the forthcoming years. In addition to this, favorable government policies and prominent application of IT in the healthcare sector will further boost the biophotonics market trends.
Escalating costs of biophotonics-based equipment along with the intricacies associated with the biophotonics technology, however, are likely to hinder the biophotonics market evolution over the next few years. Nevertheless, substantial advancements in the technology over the past few years and its rapid acceptance across the medical industry are anticipated to harvest new growth avenues for biophotonics market, normalizing the impact of hindrances on the biophotonics market, reports the study.
|Report Attributes||Report Details|
|Report Name||Biophotonics Market Size Report|
|Market Size in 2020||USD 37.4 Billion|
|Market Forecast in 2028||USD 88.1 Billion|
|Growth Rate||CAGR of 8.3%|
|Number of Pages||188|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Becton, Dickinson and Company, Carl Zeiss AG, FEI Company, Hamamatsu Photonics K.K., Olympus Corporation, and Andor Technology Ltd.|
|Segments Covered||By Type, By Application ,and By Region|
|Historical Year||2017 to 2021|
|Forecast Year||2020 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Biophotonics finds wide applications in dentistry and medical sectors, owing to its ability to effectively diagnose & treat diseases. Massive applications in biosensors, microscopy, surface imaging, see through mapping, light therapy, inside imaging, and spectro molecular will elevate the biophotonics market expansion over the few years span.
The global Biophotonics Market was valued at USD 37.4 billion in 2020.
The global Biophotonics Market is expected to reach USD 88.1 billion by 2028, growing at a CAGR of 11.4% between 2021 to 2028.
Some of the key factors driving the global Biophotonics Market growth are Emergence of nanotechnology leading to the development of biophotonics, Development in Biosensors leading to the development of biophotonics market, and Availability of funds for research and development.
North America has been leading the worldwide biophotonics market and is anticipated to continue on the dominant position in the years to come, states the market study. Mounting investments in the medical sector, outstanding infrastructural development, and increase in research & development activities are the key factors that have contributed towards the dominance of the North America biophotonics market.
Some of the major players of global Biophotonics market includes Becton, Dickinson and Company, Carl Zeiss AG, FEI Company, Hamamatsu Photonics K.K., Olympus Corporation, and Andor Technology Ltd.