NEWARK, Del, June 22, 2022 (GLOBE NEWSWIRE) -- The global biophotonics market is anticipated to witness an impressive growth of over 11.3% CAGR during the forecast period of 2031, forecasts ESOMAR-certified consulting firm Future Market Insights.
Growing geriatric population and extensive use of biophotonics in cell and tissue diagnostics are the key factors propelling the market growth. Advent of nanotechnology in biophotonics and increasing application of biophotonics within light therapy and microscopy will improve the demand.
Since light therapy devices are becoming more and more popular in the healthcare sector, biophotonics is widely used in this field. Additionally, the government's funding and investment in medical diagnostics are increasing market demand.
The integration of detection, diagnosis, and staging during endoscopy is giving market players options for expansion. The market demand will increase as a result of significant advancements in the field of see-through imaging techniques, particularly in the areas of drug discovery and medical diagnostics.
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The market will rise as a result of the widespread use of biophotonics endoscopic procedures, particularly in providing functional and biochemical information for the application of medicinal therapies.
Increasing geriatric population and rising prevalence of lifestyle diseases such as obesity, insomnia and others have improved the demand of light therapy in the field of medical therapeutics. This in turn will bolster the growth of biophotonics market.
According to FMI, the application of biophotonics in microscopy and light therapy will witness an impressive growth, exhibiting the demand of over 15% each respectively over the forecast period.
“Technological advancements and soaring demand within medical therapeutics and diagnostics for treating lifestyle diseases such as obesity and insomnia will drive the market demand. Catering the heightened demand, biophotonics manufacturers have increased the development by incorporating advanced technology, generating expansion prospects in the industry,” says the FMI analyst.
Key Takeaways from FMI’s Biophotonics Market Study
- Medical diagnostics is anticipated to be the primary end-user of biophotonics market, exhibiting a CAGR of over 10.7% during the forecast period
- Non-medical applications in biophotonics market is estimated to project impressive growth of over 15.5% CAGR between 2021 and 2031
- In terms of application, biosensors segment is poised to expand at a CAGR of around 17.2% CAGR during the forecast period
- Microscopy and light therapy applications will expand at a CAGR of 15.1% each respectively in the upcoming decade
- The U.S. is anticipated to be the major market owing to the increasing investment by the U.S. government in healthcare industry
- Germany and the U.K are expected to collectively lead the Europe’s biophotonics market owing to the expansion of healthcare industry
- Countries such as China, India and Japan will emerge as lucrative markets attributing to the technological advancements in the healthcare and imaging industry
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Competitive Landscape
Key players in the biophotonics market are focusing on new product launches for the expansion of their product portfolios.
Adoption of latest technology in the healthcare sector have enabled the advent of the new players, leading to a competitive market.
Prominent market players are forging alliances with other top healthcare companies to maintain their position in the industry.
For instance, in June 2021, Alberta Biophotonics Inc. announced the acquisition of additional shares of Flurotech Limited, pursuant to a three-cornered amalgamation between the FluroTech, FluroTest Systems Ltd. and 2330853 Alberta Ltd.
Recently, another key player PhotoniCare Inc. announced the funding of more than US$ 7 million to commercially expand its imaging technology, TOMi Scope.
In May 2021, Olympus America announced the launch and clearance of its BF-UC190F endobronchial ultrasound (EBUS) bronchoscope, a new addition to its EBUS portfolio of devices for lung cancer diagnosis and staging via needle biopsy
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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 Application:
- See-Through Imaging
- Microscopy
- Inside Imaging
- Spectro Molecular
- Analytics Sensing
- Light Therapy
- Surface Imaging
- Biosensors
By End User:
- Tests And Components
- Medical Therapeutics
- Medical Diagnostics
- Non-Medical Application
- Tests And Components
- Medical Therapeutics
- Medical Diagnostics
- Non-Medical Application
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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