Biophotonics Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Biophotonics Market- (By Application (Microscopy, See-through Imaging, Light Therapy, Biosensors, Spectro Molecular, Inside Imaging, Surface Imaging (endoscopy)), By Technology (In-vivo, In-vitro), By End-Use (Medical Therapeutics, Medical Diagnostics, Others (non-medical applications))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Biophotonics Market is valued at US$ 61.18 Bn in 2022, and it is expected to reach US$ 139.37 Bn by 2031, with a CAGR of 9.7% during a forecast period of 2023-2031.
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Biophotonics is a specialized discipline centered on the use of light and related radiant energy to visualize, detect, and manipulate biological materials. This field facilitates the examination of cellular and tissue structures and functions within living organisms, enabling in-depth analysis of molecular processes across micro, macro, and nanoscale levels. Biophotonics is widely applied in medical diagnostics and therapeutics, leveraging light-tissue interactions for disease detection, diagnosis, and treatment. Additionally, it is integral to the processes involving the emission, detection, absorption, reflection, modification, and generation of radiation from biomolecules, cells, tissues, organisms, and biomaterials.
The biophotonics market is anticipated to witness substantial growth over the forecast period, propelled by technological advancements in biosensors and the expanding utilization of biophotonics beyond medical applications. Increasing investments in research and development initiatives are also expected to accelerate market expansion. These factors, coupled with growing awareness of the advantages offered by biophotonics, are projected to further stimulate demand and drive sustained market growth.
List of Prominent Players in the Biophotonics Market:
• Oxford Instruments
• Olympus Corporation
• PitchBook
• ZoomInfo Technologies LLC
• Lumenis Be Ltd
• IDEX
• Zenalux Biomedical, Inc.
• GLENBROOK TECHNOLOGIES
• Photonics Media
• Thermo Fisher Scientific Inc.
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Market Dynamics:
Drivers:
Recent technological advancements, especially within the medical field, are expected to significantly propel market demand in the coming years. The ongoing development of nanotechnology and the rising demand for home-based Point-of-Care (POC) devices are anticipated to drive short-term growth. Additionally, enhancements in optical technologies across aerospace and telecommunications sectors, alongside increased investment in research and development (R&D) from both public and private entities, are projected to further accelerate market expansion.
Challenges:
Market growth is constrained by the high costs associated with biophotonics devices and the inherent technological complexity of these systems. Slow commercialization rates and resistance to adopting novel therapeutic methods also present barriers to wider adoption. Biophotonics technologies often necessitate specialized, sophisticated equipment, which can be costly to design, produce, and maintain. Furthermore, the absence of standardized protocols and methodologies within the biophotonics domain may hinder data interpretation and reduce consistency and comparability across different studies and platforms.
Regional Trends:
North America is expected to dominate the biophotonics market, exhibiting a strong compound annual growth rate (CAGR) over the forecast period. The technology has gained considerable acceptance within the region’s healthcare sector, with advanced imaging modalities such as fluorescence microscopy and optical coherence tomography (OCT) being extensively employed in diagnostics, disease management, and surgical procedures.
The growing need for point-of-care diagnostics, especially in underserved rural and remote locations, has spurred the development and adoption of portable and handheld biophotonics diagnostic devices. Concurrently, the Asia Pacific region is poised for significant market growth, driven by rapid economic development, improvements in healthcare infrastructure, and increased healthcare expenditure, all of which support greater market penetration.
Recent Developments:
• In May 2023, Olympus has just received clearance from the Food and Drug Administration (FDA) for its novel endoscopy system and the corresponding endoscopes that are compatible with it. The EVIS X1TM endoscopy device provides physicians with novel methods for visualising gastrointestinal architecture in order to diagnose, treat, and monitor diseases and disorders of the gastrointestinal tract.
• In May 2021, Thermo Fisher Scientific facilitated the advancement of complex materials research at Monash University through the provision of a specialised 300kV scanning transmission electron microscope (STEM). The Thermo Scientific Spectra φ was specifically designed to offer improved electron beam versatility in order to maximise the advanced imaging of intricate material systems.
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Segmentation of Biophotonics Market-
By Application-
• Microscopy
• See-through Imaging
• Light Therapy
• Biosensors
• Spectro Molecular
• Inside Imaging
• Surface Imaging (endoscopy)
By Technology-
• In-vivo
• In-vitro
By End-Use-
• Medical Therapeutics
• Medical Diagnostics
• Others (non-medical applications)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
View Overview Report: https://www.insightaceanalytic.com/report/biophotonics-market/1986
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.