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Biophotonics Market Projected Expansion to $133.9+ Billion Market Value by 2030 with a 10.5% CAGR During 2021-2030
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Drivers, Restraints, and Opportunities
The emergence of nanotechnology, R&D activities in the field of optics, and surge in use of biophotonic devices for medical & nonmedical purposes drive the growth of the global biophotonics market. However, high cost of equipment restrains the market growth. Contrarily, the use of biophotonics in non-medical sectors is expected to present opportunities for the market.
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The Medical Diagnostics Segment to Maintain its Dominant Share during the forecast period
Based on end use, the medical diagnostics segment accounted for the highest market share in 2020, contributing to nearly three-fifths of the global biophotonics market, and is projected to maintain its dominant share in terms of revenue during the forecast period. This is due to technological advancements in the field of diagnostics, rise in incidences of chronic diseases, and surge in awareness about healthcare. However, the non-medical segment is estimated to witness the highest CAGR of 13.4% from 2021 to 2030, owing to increase in use in life science, agriculture, environmental science, and microscopy.
The Analytics Sensing Segment to continue its Lead Position Throughout the Forecast Period
Based on application, the analytics sensing segment held the highest market share in 2020, accounting for more than one-fourth of the global biophotonics market, and is projected to continue its lead position throughout the forecast period. This is attributed to the widespread usage of this application. However, the microscopy segment is estimated to register the largest CAGR of 11.5% from 2021 to 2030, owing to high-throughput techniques and the digitization of microscopes.
North America to Maintain its Leadership Status by 2030
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for more than one-third of the global biophotonics market, and is expected to maintain its leadership status by 2030. This is due to increased use in the medical sector for therapy and non-medical applications. However, Asia-Pacific is projected to portray the fastest CAGR of 11.8% during the forecast period, owing to technological advancements and development of new products by leading market players in the region.
Leading Market Players
Thermo Fisher Scientific Inc.
Oxford Technologies
Carl Zeiss AG
Becton Dickinson and Company
Glenbrook Technologies Inc.
Hamamatsu Photonics K.K.
Lumenis Ltd.
Olympus Corporation
PerkinElmer Inc.
Zenalux Biomedical Inc.
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