The global biophotonics market is estimated to reach USD 91.31 billion by 2024, according to a new report by Grand View Research, Inc. It is anticipated to expand at a decent CAGR during the forecast period. The rising geriatric population, increasing incidences of chronic diseases, government initiatives towards healthcare, increasing demand for point of care devices for conducting diagnostic tests, and integration of IT into healthcare applications are expected to drive the global biophotonics market during the forecast period.
The biophotonics market is expected to see high growth during the forecast period due to its use in optical techniques while at the same time protecting the integrity of the under surveillance biological cells. New laser microscopes are being developed which allow measurements at exceptional resolutions of distinct molecules and tissues.
Based on application, the biophotonics market can be split into:
· See-Through Imaging
· Microscopy
· Inside Imaging
· Spectro Molecular
· Other Analytics Sensing
· Light Therapy
· Surface Imaging
· Biosensors
Given the vast areas of use, selling technology has become a task for the market players. The industry, however, is faced with a slow marketing rate due to low end-user adoption, price sensitivity, and product authenticity, consistency, and reliability issues.
Further key findings from the report suggest:
· In 2014, the light therapy segment accounted for 3.6% of the total market revenue. It is projected to witness a CAGR of 14.88% during the forecast period.
· Due to its adoption by several end-users including healthcare providers, instrument manufacturers, medical institutes, and research laboratories, the Medical diagnostics segment held the largest market share in 2013.
· The North America region held the largest market share for the biophotonics market, due to the increasing R&D activities, and rising investments in the healthcare sector to maintain its excellent infrastructure.
· The key market players include Oxford Instruments Plc, IPG Photonics, Toshiba, Hamamatsu Photonics K.K, Zecotek Photonic Inc., Idex Corporation, BD (Becton, Dickinson and Company), Carl Zeiss AG, Olympus Corporation, Andor Technology, Affymetrix Inc.
The Asia Pacific biophotonics market is expected to expand over the next few years at a CAGR that exceeds 13%. The market is expected to witness significant growth due to the increased investment in R&D activities, combined with the growing prevalence of cancer.
Major industry participants include:
· Oxford Instruments Plc
· IPG Photonics
· Toshiba
· Hamamatsu Photonics K.K
· Zecotek Photonic Inc.
· Idex Corporation
· BD (Becton, Dickinson and Company)
· Carl Zeiss AG
· Olympus Corporation
· Andor Technology
· Affymetrix Inc.
Some of the major developments that have taken place over the past few years include:
· In January 2018, Agilent Technologies announced to acquire Luxcel Biosciences. The acquisition will expand Agilent Technologies’ cell analysis portfolio.
· In February 2020, Scientists at the TSU Laboratory for Biophotonics, with specialists from the Tomsk Scientific Research Institute of Microsurgery, developed a new tool for diagnosing lymphedema, a severe pathology that can develop after radical treatment of several oncological diseases.
· In February 2020, the Biophotonics Imaging Lab at the Beckman Institute for Advanced Science and Technology has developed imaging techniques that investigate tissues without using any staining or labels. The researchers created a unique system using a laser source that can capture more information about a tissue compared to traditional imaging techniques.
