Press release
Biophotonics Market Poised for Strong Growth with Advances in In-Vivo and In-Vitro Technologies
Biophotonics Market
According to the latest research by InsightAce Analytic, the Global Biophotonics Market is valued at US$ 61.18 Bn in 2022, and it is expected to reach US$ 139.37 Bn by 2031, with a CAGR of 9.7% during a forecast period of 2023-2031.
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Biophotonics refers to the science of generating and applying light to visualize, detect, and modify biological components. It involves the use of light and other forms of radiant energy to examine the internal structures and functions of cells and tissues within living organisms. Biophotonics facilitates the study of molecular functions, processes, and structures and is widely employed in medical applications to analyze light-tissue interactions at the micro, macro, and nano-organism levels for the detection, diagnosis, and treatment of diseases. Additionally, biophotonics plays a crucial role in the emission, detection, absorption, reflection, modification, and generation of radiation from biomolecular cells, tissues, organisms, and biomaterials.
The biophotonics market is expected to experience substantial growth in the coming years, driven by advancements in biosensor technology and increasing adoption in non-medical applications. Moreover, rising investments in research and development (R&D) are anticipated to accelerate market expansion during the forecast period. The impact of these factors is expected to strengthen as awareness of the benefits of biophotonics continues to grow.
List of Prominent Players in the Biophotonics Market:
• Oxford Instruments
• Olympus Corporation
• PitchBook
• ZoomInfo Technologies LLC
• Lumenis Be Ltd
• IDEX
• Zenalux Biomedical, Inc.
• GLENBROOK TECHNOLOGIES
• Photonics Media
• Thermo Fisher Scientific Inc.
Market Dynamics:
Drivers-
Significant technological advancements over the past decade, particularly in the medical sector, are expected to drive market demand in the coming years. Additionally, the advancement of nanotechnology, coupled with increasing demand for home-based Point-of-Care (POC) devices, is anticipated to propel market growth in the near term. Furthermore, enhancements in optical technology within the aerospace and telecommunications industries, along with increased funding from both private and government sources for research and development (R&D), are also expected to contribute to market expansion.
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Challenges:
The high cost associated with biophotonics-based devices, coupled with the complexity of biophotonics technology, is anticipated to negatively impact market growth. Slow commercialization rates and reluctance to adopt innovative therapeutic methods further hinder market expansion. Biophotonics technologies often require highly specialized and complex equipment, which can be costly to design, manufacture, and maintain. Additionally, the absence of standardized methodologies and technologies within the biophotonics sector may complicate data interpretation and limit comparability across various research studies and systems.
Regional Trends:
The North American biophotonics market is expected to hold a significant market share and is projected to grow at a high compound annual growth rate (CAGR) over the forecast period. Biophotonics technology has gained substantial traction in the North American healthcare sector. Advanced imaging techniques, such as fluorescence microscopy and optical coherence tomography (OCT), are widely used in medical diagnostics, disease monitoring, and surgical guidance. The increasing demand for point-of-care diagnostics, particularly in rural and remote areas, has driven the development and adoption of biophotonics-based portable and handheld diagnostic solutions. Additionally, the Asia Pacific region has experienced substantial economic growth and development, resulting in improvements in healthcare infrastructure and increased healthcare expenditures, which are expected to support market expansion.
Recent Developments:
• In May 2023, Olympus has just received clearance from the Food and Drug Administration (FDA) for its novel endoscopy system and the corresponding endoscopes that are compatible with it. The EVIS X1TM endoscopy device provides physicians with novel methods for visualising gastrointestinal architecture in order to diagnose, treat, and monitor diseases and disorders of the gastrointestinal tract.
• In May 2021, Thermo Fisher Scientific facilitated the advancement of complex materials research at Monash University through the provision of a specialised 300kV scanning transmission electron microscope (STEM). The Thermo Scientific Spectra φ was specifically designed to offer improved electron beam versatility in order to maximise the advanced imaging of intricate material systems.
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Segmentation of Biophotonics Market-
By Application-
• Microscopy
• See-through Imaging
• Light Therapy
• Biosensors
• Spectro Molecular
• Inside Imaging
• Surface Imaging (endoscopy)
By Technology-
• In-vivo
• In-vitro
By End-Use-
• Medical Therapeutics
• Medical Diagnostics
• Others (non-medical applications)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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