Future Market Insights (FMI) released its latest report on biophotonics market. The market is expected to register a CAGR of over 11.3% between 2021 and 2031. The study takes into account the impact of COVID-19 on Biophotonics Market.
The global biophotonics market is driven by factors such as Increasing ageing population, the government support in technology innovations, enhanced range of biophotonics applications, and a need for improvement in healthcare.
Region-wise, North America was the highest contributor to the global biophotonics market, followed by Europe, the Middle East and Africa (EMEA) and Asia Pacific. However, the North America is expected exhibit a CAGR of over 10.9% during the forecast period
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Biophotonics Market: Key Market Dynamics
This Future Market Insights report examines the Biophotonics market for the period 2021 to 2031. The primary objective of the report is to offer updates on the advancements in healthcare that have given rise to a futuristic technology: biophotonics, which is significantly transforming the global healthcare market.
Biophotonics is an emerging area of scientific research that harnesses light to understand the working of cells and tissue in living organisms to aid better diagnosis of health problems. Biophotonics will cater to the demands of multiple industry verticals such as biotechnology, diagnostics, therapeutics, and agriculture to name a few.
Biophotonics uses optical techniques while preserving the integrity of the biological cells under observation. The interactions such as emission, detection, absorption, reflection, modification, creation, radiation take place between the biological cell or molecule and light.
Environmental monitoring, food analysis, Raman spectroscopy, endoscopy, dosimetry, and dentistry are some other key areas where the impact of biophotonics will be seen. The biophotonics market report starts with an overview; to sum it up, biophotonics is using light to cure diseases.
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Biophotonics Market: Segment-wise Analysis
According to end-user type, the global biophotonics market is segmented as Medical diagnostics, Medical therapeutics, Test components and Non- Medical. The medical diagnostics is expected to dominate the global biophotonics market and register a CAGR of over 10.7%during the forecast period.
Non-medical applications are projected to demonstrate an impressive growth rate of over 15.5% CAGR between 2021 and 2031. Growth in global biophotonics market is largely attributed to growth in end use sectors, which largely include diagnostic centers, medical institutes, healthcare service providers, research institutes and laboratories, and medical & scientific instrument manufacturers.
By application type, the Global Biophotonics market is segmented as See through imaging, Spectro molecular, Inside imaging, Biosensors, Surface imaging, Microscopy, Light therapy, and other analytic sensing. Among all the aforementioned segments, the biosensors is projected to witness over 17.2% CAGR during the forecast period. The microscopy and light therapy applications are expected to exhibit a CAGR of 15.1 % each respectively between 2021 and 2031.
The growth is attributed to implementation of the biosensors in other analytic sensing segment due to its specific biological analyte sensing capability such as pregnancy test, food toxicity, and cholesterol tests. Key players in the global biophotonics market are Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology and Hamamatsu Photonics.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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