According to the latest market research conducted by FMI, the global biophotonics market is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 11.3% from 2023 to 2033. The market is expected to attain a valuation of US$ 54,320.0 million in 2023, and by 2033, it is anticipated to reach an impressive US$ 1,58,457.0 million. This robust expansion underscores the increasing significance of biophotonics in various industries, reflecting a promising landscape for technological advancements and innovation within the sector over the next decade.
Increased product releases and approvals by regulatory agencies to key players in the market are likely to boost market expansion over the forecast period. For instance, a medical technology company called Kleresca announced the introduction of a new rosacea treatment in August 2018. It is founded on the distinct and patented biophotonic technology developed by Kleresca, which makes use of fluorescent light energy to activate the skin’s natural repair processes through photobiomodulation.
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On the other hand, as the majority of pharmaceuticals are still covered by patents, only a few selected firms have the ability to benefit from medical solutions. This is one of the main factors that can have an impact on the market expansion of biophotonics. This is anticipated to limit market growth throughout the anticipated time frame.
The high cost of biophotonics equipment and therapies is anticipated to impede market expansion. Instruments for biophotonics are highly expensive in comparison to substitutes. The expensive cost of biophotonics technology prevents many small and medium-sized organizations and end users from implementing it. Besides that, this might limit the application of biophotonic technology. Hence, the industry’s growth is likely to be constrained by the high cost of biophotonic.
Developments in the Market:
On November 24, 2020, Optics BioPhotonics Group, a company specializing in providing technological solutions in biophotonics, and Jenoptik Light, a company that develops optical technologies and operates globally, announced a partnership to provide a next-generation automated microscope for inline cellular analysis as well as microscopy, illumination systems, and high-performance imaging systems.
Key Takeaways:
- The biophotonics market recorded a CAGR of 3.4% from 2018 to 2022.
- China is expected to record a CAGR of 12.4% over the forecast period.
- The biophotonics market is anticipated to reach a valuation of US$ 54,320.0 million in 2023.
- Japan is expected to record a CAGR of 22.8% over the forecast period.
- The biophotonics market is expected to surpass US$ 1,58,457.0 million by 2033.
- The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes is driving the growth of the market.
- The biophotonics market is predicted to record a CAGR of 11.3% through 2033.
- India is expected to record a CAGR of 13.4% over the forecast period.
Competitive Background:
The key players operating in the biophotonics market are investing in mergers and acquisitions in order to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the biophotonics market. As a result, market participants are likely to have a better overall revenue share in the global biophotonics market.
Significant Market Players:
- Becton Dickinson & Co
- Affymetrix Inc
- Olympus America
- Andor Technology
- Hamamatsu Technologies
- Carl Zeiss
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Biophotonics Market Segments
By Application:
- See-Through Imaging
- Microscopy
- Inside Imaging
- Spectro Molecular
- Analytics Sensing
- Light Therapy
- Surface Imaging
- Biosensors
By Technology:
- In-vivo
- In-vitro
By End User:
- Tests and Components
- Medical Therapeutics
- Medical Diagnostics
- Non-Medical Application
- Tests and Components
- Medical Therapeutics
- Medical Diagnostics
- Non-Medical Application
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