Market Trends of Global Biophotonics Industry
This section covers the major market trends shaping the Biophotonics Market according to our research experts:
Inside Imaging (Endoscopy) Segment is Expected to Witness Growth Over the Forecast Period
In the technology segment of the biophotonics market, inside imaging (endoscopy) is expected to have the largest market size in the forecast period. An endoscopy (looking inside) is a procedure utilized in medicine to look inside the body. The endoscopy procedure utilizes an endoscope to examine the interior of a hollow organ or cavity of the body. Unlike many other medical imaging techniques, endoscopes are inserted directly into the organ.
The integration of detection, characterization, diagnosis, and staging during the time of endoscopy is still an unmet medical need. The beginning of biophotonics in endoscopy has unlocked new prospects and created some significant and new opportunities for the enhanced identification and biochemical characterization of diseases. The most appropriate and useful method for categorizing biophotonic endoscopic techniques can be according to their ability to provide functional and biochemical information and enhance spatial resolution. SHG (second harmonic generation), fa/LCI (frequency-domain angle-resolved low coherence interferometry), and near-IR (near-infrared) technologies are some of the commonly used visualization technologies. One of the most useful applications of biophotonics in medicine is photodynamic therapy. The treatment is used for cancer but can also be used on acne and psoriasis. Such application of these technologies drives the demand in the biophotonics market.
Key players are constantly engaged in R&D activities, developing innovative technologies and new product development to enhance the efficacy and accuracy of the endoscopy treatment. For instance, In August 2020, Stryker Corporation launched their 1688 AIM 4K Visualization platform, and the Connected OR Hub, that help in enhancing the surgical experience for arthroscopy. Hence, the commercialization of such advanced endoscopes would accelerate business growth over the forecast year.
North America Dominates the Market and is Expected to do Same in the Forecast Period
North America currently dominates the biophotonics market and is expected to continue its stronghold for a few more years. The United States is a major market in the biophotonics industry. In addition, the emergence of nanotechnology has driven the biophotonics market in the United States.
In November 2020, Jenoptik Light and Optics Biophotonics Group won several new development orders in North America. The first order is for the design of the camera system for a next-generation fiber-optic medical device to be used in a robotic surgical instrument. The second development project is for the design of multiple subassemblies for a tier-1 eye care company's next-generation ophthalmology surgery system. For the third program, Jenoptik is teaming with a major global supplier of medical laboratory equipment to supply a next-generation automated microscope for inline cellular analysis. The fourth project is the continuation of a long-standing partnership with a medical diagnostics company specializing in real-time point of care (POC) serology tests.
The significant advances in technology have raised the role of optical techniques in treating problems related to medical and life science. The optical technology is being used for various applications, including clinical treatment of patients and investigations carried out at the molecular level. A rising number of conferences to study the advances in biophotonics and other optical techniques are being carried out in the United States. The Optical Society carried out OSA Biophotonics Congress where they discussed the advancements done in applications such as optical instrumentation, life science imaging, molecular probe development, and others. Additionally, United States Congress has provided various funds from the FY20120 budget to determine opportunities for biophotonics in gene therapy research, immunotherapy research, Alzheimer's research, and other projects. The funds would also be provided to increase medical technology manufacturing in the United States.
Thus, these initiatives may fuel the growth of the biophotonics market over the forecast period in North America.
