Biophotonics Market to Grow with a CAGR of 11.38% through 2028
Advancements in technology and innovation in
healthcare systems worldwide is expected to drive the Global Biophotonics
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Biophotonics
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Biophotonics Market stood at USD 54.18 Billion
in 2022 and is anticipated to grow with a CAGR of 11.38% in the forecast
period, 2024-2028. This can be attributed to growing healthcare expenditure. The
global increase in healthcare expenditure has bolstered the biophotonics
market. Governments and private institutions are investing heavily in
healthcare infrastructure and research, thereby driving the demand for advanced
biophotonics technologies. This trend is particularly evident in emerging
economies in Asia-Pacific, which are rapidly expanding their healthcare
capabilities.
In addition, nanophotonics and plasmonics are pushing
the limits of biophotonics resolution. These technologies leverage
nanostructures to manipulate light at the nanoscale, enabling
ultra-high-resolution imaging and sensing. They have applications in single-molecule
detection and the study of nanoscale biological structures.
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The biophotonics market was influenced by the COVID-19
pandemic as it had a significant impact on end-user facilities, including
hospitals and healthcare services worldwide. Government-imposed regulations
such as social distancing measures disrupted the functioning of these
facilities. Furthermore, the pandemic had economic repercussions, affecting the
delivery of healthcare services, especially for non-COVID-19 patients. For
instance, a report published in the National Library of Medicine in December 2021
suggested that antiviral photodynamic therapy (aPDT) could enhance the
effectiveness of photobiomodulation therapy (PBMT) and aPDT by utilizing
monoclonal antibodies and creating new nanoscale photosensitizers specifically
targeting lung tissue. Similarly, in October 2020, a paper on
"Photodynamic therapy for COVID-19" proposed that combining
photodynamic therapy and sonodynamic therapy could offer incremental benefits
in certain clinical settings. However, government regulations and the preference
for alternative therapies are expected to hinder overall market growth.
Key drivers of market growth include the increasing
elderly population, the growing utilization of biophotonics in cell and tissue
diagnostics, the integration of nanotechnology in biophotonics, and the
development of advanced photoacoustic tomography (PAT) systems. Biological
research has shifted its focus from cellular levels to viruses and cellular
components like proteins and nucleic acids. Tools for analyzing these
constituents need to operate at the nanoscale, prompting the application of
nanotechnology in imaging biological processes and analyzing biological
materials. Gold and iron nanoparticles find utility in biomedical imaging. For
example, in February 2022, researchers from the University of Rochester used
gold nanoparticles on the tip of an optical fiber as an antenna to enhance the
fluorescence of labeled proteins in cell membranes. Gold nanoparticles are also
employed alongside lasers to target and destroy cancer cells. In contrast,
silica nanoparticles, which are less toxic than gold nanoparticles, can be
directed at specific pathogens or tumors. These nanoparticles can also
transport chemotherapy drugs directly to tumors, reducing the adverse effects
of such drugs on the body. The increasing advantages of biophotonics are
expected to drive market growth. Nevertheless, challenges such as limited
awareness of biophotonics technology, a shortage of skilled personnel, and the
high cost of technology are impeding market expansion.
The Global Biophotonics Market is segmented into technology,
regional distribution, and company
Based on its technology, the inside imaging segment is
anticipated to hold the largest market share during the forecast period. This
is particularly endoscopy. The integration of detection, characterization,
diagnosis, and staging during endoscopic procedures remains an unmet medical
requirement. The advent of biophotonics in the realm of endoscopy has unlocked
fresh possibilities and presented significant and novel prospects for the
improved identification and biochemical characterization of diseases. The most
suitable and valuable approach for categorizing biophotonic endoscopic
techniques is based on their capacity to furnish functional and biochemical
data and enhance spatial resolution. Among the commonly utilized visualization
technologies are second harmonic generation (SHG), frequency-domain
angle-resolved low coherence interferometry (fa/LCI), and near-infrared
(near-IR) technologies.
Based on region, North America holds a dominant
position in the biophotonics market and is anticipated to maintain its
leadership for several more years. The United States, in particular, plays a
pivotal role in the biophotonics industry. Moreover, the emergence of nanotechnology
has significantly propelled the biophotonics market within the United States.
In November 2020, Jenoptik Light and Optics
Biophotonics Group secured multiple new development contracts in North America.
The first contract pertains to the design of a camera system for an advanced
fiber-optic medical device intended for use in a robotic surgical instrument.
The second development initiative involves designing various subcomponents for
an ophthalmology surgery system for a prominent eye care company. For the third
project, Jenoptik is collaborating with a major global provider of medical
laboratory equipment to deliver an advanced automated microscope for real-time
cellular analysis. The fourth endeavor represents an extension of an enduring
partnership with a medical diagnostics firm that specializes in point-of-care
(POC) serology tests.
Major companies operating in
Global Biophotonics Market are:
- Thermo Fisher Scientific Inc
- Nu Skin Enterprises Inc
- Becton Dickinson & Co
- Glenbrook Technologies Inc
- HAMAMATSU PHOTONICS K.K.
- Olympus Corp
- Carl Zeiss AG
- Oxford Instruments PLC
- ZENALUX BIOMEDICAL, INC.
- PerkinElmer Health Sciences Inc
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“The global biophotonics market is at the forefront of
technological innovation, with exciting trends shaping its future. From
miniaturization and AI integration to advanced spectroscopy and theranostics,
these trends are expanding the boundaries of what's possible in healthcare and
life sciences. As biophotonics continues to evolve, it promises to drive
precision medicine, enhance diagnostics, and unlock new insights into the
intricacies of biology. In this exciting journey, interdisciplinary collaborations
and global partnerships will play a crucial role in propelling biophotonics to
new heights, benefiting both healthcare and scientific research,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Biophotonics Market By
Technology (Surface Imaging, Inside Imaging,
See-through Imaging, Microscopy, Biosensors, Medical Lasers, Spectromolecular,
Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Biophotonics Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Biophotonics Market.
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