The latest report by IMARC Group, titled “Biophotonics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global biophotonics market reached a value of US$ 44.8 Billion in 2021. Biophotonics is the interdisciplinary research area that deals with light-based technologies to study life sciences and medicine. It generates and harnesses light to visualize, detect and manipulate biological materials. Biophotonics also uses light and other forms of radiant energy to study the internal functioning of cells and tissues and analyze molecular mechanisms, functions and structures. Biophotonics utilizes various techniques, such as spectroscopy, photomechanics, and fiber optic sensors based on see-through imaging. It aids in the emission, detection, absorption, reflection, and modification of radiations from biomolecules and biomaterials.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biophotonics Market Trends:
The global biophotonics market is primarily driven by its increasing adoption in the medical sector. It is used in healthcare instruments and components for improving accuracy and sensitivity. The rising cases of chronic diseases, especially among the geriatric population, which is more susceptible to these ailments, are also propelling the market growth. Besides this, governments of various countries are taking initiatives and creating awareness regarding the benefits of biophotonics. In addition to this, the emergence of nanotechnology and biosensors has increased the use of biophotonics in non-medical sectors for testing toxins, chemicals and microbial materials for defense and environmental monitoring applications. Furthermore, the growing demand for home-based point-of-care (POC) devices and improvements in optical technologies are positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 10.2% during the forecast period (2022-2027).
- Based on the technique, the market has been segmented into surface imaging, molecular spectroscopy, microscopy, light therapy, biosensors, inside imaging, see-through imaging, and others.
- On the basis of the technology, the market has been classified into in-vitro and in-vivo.
- The market has been categorized based on the application into medical diagnostics, medical therapeutics, material testing, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Andor Technology Limited (Oxford Instruments Plc), Becton, Dickinson and Company (BD), Carl Zeiss AG (Carl-Zeiss-Stiftung), Glenbrook Technologies Inc., Hamamatsu Photonics K.K, Lumenis Limited, Olympus Corporation, PerkinElmer, Inc., Thermo Fisher Scientific Inc., and Zecotek Photonics Inc.
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