Biophotonics Market Analysis Outlook
According to the research report published by DataM Intelligence, the global Biophotonics Market size was valued USD in 2021, and it is expected to reach USD Million by the end of 2029, with growth at a CAGR of 11.7% during the forecast period (2022-2029).
Biophotonics is an emerging interdisciplinary research area dealing with all light-based technologies significantly used in the life sciences and medicine. The global biophotonics market growth is driven by the growing geriatric population, increasing use of biophotonics in cell and tissue diagnostics, the emergence of nanotechnology in biophotonics and development of Novel Photoacoustic Tomography (PAT) System.
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Biophotonics Market Growth Drivers:
The emergence of nanotechnology in biophotonics is expected to drive growth in the forecast period
Research in biology has shifted from the cell level to viruses and cellular constituents, such as proteins and nucleic acids. Tools for investigating these constituents must operate on the same scale, shifting focus from micro-scale to nano-scale. As a result, nanotechnology’s applications in imaging biological processes for analyzing biological materials have increased. Gold and iron nanoparticles are used in biomedical imaging; for instance, the gold nanoparticle is used by researchers from 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, concerning nanotechnology through improved artificial markers, are expected to drive the market.
Few disadvantages of this method are likely to hamper the market growth
The disadvantage of this method is that it only captures the intensity information of the fluorescence signals. Therefore, this approach is sensitive to the fluctuations of the excitation light, distance of the probe from the tumor, and the parameters of the system.
Biophotonics Market COVID-19 Impact Analysis
The COVID-19 outbreak impacted 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 globe. Additionally, COVID-19 affected the economy and impacted the functioning of hospital care for non-COVID-19 patients in hospitals and other end-user facilities across the globe. However, the impact was less as certain applications of BioPhotonics were used in COVID. 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 there might be an incremental benefit in some clinical settings in combining photodynamic therapy and sonodynamic therapy. However, the norms by the governments and the preference for other therapies have reduced the overall market size.
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Biophotonics Market Segment Analysis
By Technology:
In-vivo
In-vitro
By Application:
Inside Imaging
Surface Imaging
See-through Imaging
Microscopy
Biosensors
Medical Lasers
Spectromolecular
Other Technologies
By End-user:
Diagnostics
Therapeutics
Tests, and Components
The inside imaging segment is expected to hold the largest share in this market segment
Inside Imaging (Endoscopy) is expected to hold the largest share in the forecast period. The integration of detection, characterization, diagnosis, and staging during 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 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 for the biophotonics market.
Biophotonics Market Geographical Analysis
North America region holds the largest market share of global biophotonics market
North America currently dominates the market for BioPhotonics and is expected to continue its stronghold for a few more years. The United States is a major market in the biophotonics industry, mainly owing to the United States government’s initiatives to develop the 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 recently 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 to design 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 worldwide supplier of medical laboratory equipment to supply a next-generation automated microscope for inline cellular analysis. The fourth project is a long-standing partnership with a medical diagnostics company specializing in real-time point of care (POC) serology tests. These initiatives may fuel the growth of the BioPhotonics market over the forecast period in North America.
Biophotonics Market Competitive Landscape
The global biophotonics market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Thermofisher Scientific, Becton, Dickinson and Company, Hamamatsu Photonics KK, Olympus Corporation, Carl Zeiss AG, and PerkinElmer Inc. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market. For instance, in March 2021, Zeiss expanded its presence in North America by launching a new research & development, production, sales and customer service center in the United States with the investment of USD 180 million. The new site will incorporate the X-Ray Microscopy business along with the ZEISS Microscopy Customer Center to provide support for opportunities in materials research, life sciences and industrial applications.
BioPhotonics Market – Key Companies to Watch
Thermofisher Scientific. Becton, Dickinson and Company, Hamamatsu Photonics KK, Olympus corporation, Carl Zei, Thermofisher Scientific, and other major companies covered in the final report.
Company Profile Analysis:
Overview: Thermo Fisher Scientific is global manufacturer and provider of scientific instrumentation, reagents and consumables, and software and services to healthcare, life science, and other laboratories in academia, government, and industry. The company delivers a combination of innovative technologies, purchasing convenience and pharmaceutical services through various industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. The company generated revenue of USD 32.3 billion in 2020, and invested USD 1.2 billion in R&D.
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The Full Report has the below insights
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global Biophotonics Market segmentation by technology, by application, and by End User, and region highlighting the key commercial assets and players.
- Identify commercial opportunities in the global Biophotonics Market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, pipeline analysis and pricing analysis.
- Excel data sheet with thousands of data points global Biophotonics Market -level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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