Market Size of Global Biophotonics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 10.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Biophotonics Market Analysis
The Biophotonics Market is poised to grow at a CAGR of 10.5% in the forecast period (2022-2027).
The COVID-19 outbreak had an impact on the biophotonics market because end-user facilities, such as hospitals and other healthcare services, were heavily impacted due to government norms, such as social distancing, across the world. Additionally, the COVID-19 pandemic affected the economy and impacted the functioning of hospital care for non-COVID-19 patients in hospitals and other end-user facilities across the world. For instance, in December 2021, a report published in the National Library of Medicine stated that antiviral photodynamic therapy (aPDT) might improve the efficacy of photobiomodulation therapy (PBMT) and aPDT by using monoclonal antibodies and preparing new photosensitizers at the nanoscale that target the lung tissue specifically. Similarly, in October 2020, a paper named 'Photodynamic therapy for COVID-19" was published, which stated that in some clinical settings, there might be an incremental benefit in combining photodynamic therapy and sonodynamic therapy. However, the norms of the governments and the preference for other therapies are expected to hinder the overall market growth.
The key factors propelling the growth of this market are the growing geriatric population, increasing use of biophotonics in cell and tissue diagnostics, the emergence of nanotechnology in biophotonics, and the development of novel photoacoustic tomography (PAT) systems. Research in biology has shifted from the level of the cell to viruses and cellular constituents, such as proteins and nucleic acids. Tools for the investigation of these constituents must operate on the same scale, shifting focus from micro-scale to nanoscale. As a result, nanotechnology's applications in imaging biological processes for analyzing biological materials have been increasing. Gold and iron nanoparticles are used in biomedical imaging. For instance, in February 2022, as per the article by science direct estimates that the gold nanoparticle is used by researchers of the University of Rochester on the tip of an optical fiber as an antenna to enhance the fluorescence of labeled proteins in the cell membrane. Gold nanoparticles are also used along with a laser to destroy cancer cells. In comparison, silica nanoparticles are less toxic than gold nanoparticles and can be targeted against specific pathogens or tumors.
These nanoparticles can also carry chemotherapy drugs directly to tumors, reducing the harmful effects of these drugs on the body. The increasing benefits of biophotonics are expected to drive the market. However, the lack of awareness of biophotonics technology skilled personnel and the high cost of technology is hampering the growth of the market.
Biophotonics Industry Segmentation
As per the scope of the report, biophotonics is an emerging interdisciplinary research area dealing with all light-based technologies that are significantly used in the life sciences and medicine. This report gives a detailed analysis of the technologies that are available in the biophotonics market in various regions across the world. The market is segmented by technology (surface imaging, inside imaging, see-through imaging, microscopy, biosensors, medical lasers, spectromolecular, and other technologies) and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Technology | |
Surface Imaging | |
Inside Imaging | |
See-through Imaging | |
Microscopy | |
Biosensors | |
Medical Lasers | |
Spectromolecular | |
Other Technologies |
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Global Biophotonics Market Size Summary
The biophotonics market is experiencing significant growth, driven by advancements in nanotechnology and its applications in medical imaging and diagnostics. The market is characterized by the increasing use of biophotonics in cell and tissue diagnostics, the development of novel photoacoustic tomography systems, and the integration of biophotonics in endoscopic procedures. These advancements are enhancing the identification and biochemical characterization of diseases, offering new opportunities for improved medical imaging techniques. Despite the challenges posed by the COVID-19 pandemic, which affected healthcare services and patient care, the market is poised for expansion due to the growing geriatric population and the rising demand for innovative medical technologies.
North America currently leads the biophotonics market, with the United States playing a pivotal role due to its technological advancements and research initiatives. The region's dominance is supported by significant investments in biophotonics research and development, as well as collaborations between key industry players and research institutions. Companies such as Thermo Fisher Scientific, Becton, Dickinson and Company, and Hamamatsu Photonics KK are at the forefront of this market, driving innovation and product development. The ongoing advancements in optical techniques for medical and life science applications, coupled with increased funding for research in areas like gene therapy and immunotherapy, are expected to further propel the market's growth in the coming years.
Global Biophotonics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Geriatric Population
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1.2.2 Increasing Use of Biophotonics in Cell and Tissue Diagnostics
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1.2.3 Emergence of Nanotechnology in Biophotonics
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1.2.4 Development of Novel Photoacoustic Tomography (PAT) System
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1.3 Market Restraints
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1.3.1 Lack of Awareness of Biophotonics Technology and Skilled Personnel
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1.3.2 High Cost of Technology
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Technology
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2.1.1 Surface Imaging
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2.1.2 Inside Imaging
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2.1.3 See-through Imaging
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2.1.4 Microscopy
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2.1.5 Biosensors
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2.1.6 Medical Lasers
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2.1.7 Spectromolecular
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2.1.8 Other Technologies
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Global Biophotonics Market Size FAQs
What is the current Global Biophotonics Market size?
The Global Biophotonics Market is projected to register a CAGR of 10.5% during the forecast period (2024-2029)
Who are the key players in Global Biophotonics Market?
Thermofisher Scientific, Becton, Dickinson and Company, Hamamatsu Photonics KK, Olympus Corporation and Carl Zeiss AG are the major companies operating in the Global Biophotonics Market.