The global biophotonics market is anticipated to witness an impressive growth of over 11.3% CAGR during the forecast period of 2021 and 2031, forecasts ESOMAR-certified consulting firm Future Market Insights.
Growing geriatric population and extensive use of biophotonics in cell and tissue diagnostics are the key factors propelling the market growth. Advent of nanotechnology in biophotonics and increasing application of biophotonics within light therapy and microscopy will improve the demand.
Biophotonics are extensively used in light therapy, as light therapy devices are acquiring center stage in the healthcare industry. Also, government support through funding and investment in medical diagnostics is improving the market demand.
Integration of detection, diagnosis, and staging during the time of endoscopy is providing growth opportunities for the market players. Significant developments in the field of see-through imaging techniques, especially in medical diagnostics and drug discovery, will improve the market demand.
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Extensive usage of biophotonics endoscopic techniques, especially in providing functional and biochemical information in the application of medical therapeutics will drive the market growth.
Increasing geriatric population and rising prevalence of lifestyle diseases such as obesity, insomnia and others have improved the demand of light therapy in the field of medical therapeutics. This in turn will bolster the growth of biophotonics market.
According to FMI, the application of biophotonics in microscopy and light therapy will witness an impressive growth, exhibiting the demand of over 15% each respectively over the forecast period.
"Technological advancements and soaring demand within medical therapeutics and diagnostics for treating lifestyle diseases such as obesity and insomnia will drive the market demand. Catering the heightened demand, biophotonics manufacturers have increased the development by incorporating advanced technology, generating expansion prospects in the industry," says the FMI analyst.
Key Takeaways from FMI's Biophotonics Market Study
Medical diagnostics is anticipated to be the primary end-user of biophotonics market, exhibiting a CAGR of over 10.7% during the forecast period
Non-medical applications in biophotonics market is estimated to project impressive growth of over 15.5% CAGR between 2021 and 2031
In terms of application, biosensors segment is poised to expand at a CAGR of around 17.2% CAGR during the forecast period
Microscopy and light therapy applications will expand at a CAGR of 15.1% each respectively in the upcoming decade
The U.S. is anticipated to be the major market owing to the increasing investment by the U.S. government in healthcare industry
Germany and the U.K are expected to collectively lead the Europe's biophotonics market owing to the expansion of healthcare industry
Countries such as China, India and Japan will emerge as lucrative markets attributing to the technological advancements in the healthcare and imaging industry
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Key players in the biophotonics market are focusing on new product launches for the expansion of their product portfolios.
Adoption of latest technology in the healthcare sector have enabled the advent of the new players, leading to a competitive market.
Prominent market players are forging alliances with other top healthcare companies to maintain their position in the industry.
For instance, in June 2021, Alberta Biophotonics Inc. announced the acquisition of additional shares of Flurotech Limited, pursuant to a three-cornered amalgamation between the FluroTech, FluroTest Systems Ltd. and 2330853 Alberta Ltd.
Recently, another key player PhotoniCare Inc. announced the funding of more than US$ 7 million to commercially expand its imaging technology, TOMi Scope.
In May 2021, Olympus America announced the launch and clearance of its BF-UC190F endobronchial ultrasound (EBUS) bronchoscope, a new addition to its EBUS portfolio of devices for lung cancer diagnosis and staging via needle biopsy.
Increasing investment and funding for biomedical imaging and initiatives for research & development are providing lucrative opportunities for the market players.
For example, recently, the Chan Zuckerberg Initiative (CZI) announced a funding of nearly US$ 32 million for biomedical imaging research, technology development, and the Bio Imaging North America international network of bio imaging facilities & communities.
Some of the prominent market players profiled by Future Market Insights operating in biophotonics market include:
Becton and Dickinson & Co.
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More Insights on the Global Biophotonics Market
Future Market Insights, in its latest study of global biophotonics market offers an unbiased analysis on the market trends and drivers, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
South Asia & Pacific
Middle East and Africa (MEA)
Key Questions Covered in the Report
Which region has the highest growth in biophotonics market?
Which are the leading manufacturers operating in the biophotonics market?
How will the biophotonics market expand in the forecast period?
Which trends will drive the biophotonics market during the forecast period?
What are the challenges faced by leading players in the biophotonics market?
Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89034270