BIOPHOTONICS MARKET ANALYSIS

Biophotonics is a branch of science that deals with producing and using the photons of light to create an image, identify, and engineer biological materials. Biophotonics is a combination of four major technologies that include lasers, biotechnology, nanotechnology, and photonics. It has a biomedical application that covers light interactions in medicine and life-science for the healthcare sector.

Global biophotonics market is estimated to be valued at US$ 67,324.7 million in 2022 and is expected to exhibit a CAGR of 8.7% during the forecast period (2022-2030).

Figure 1.Global Biophotonics Market Share (%), by End Use, 2022

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Increasing launch of new treatments based on biophotonics is expected to drive growth of market.

Increasing product launches and approvals by regulatory authorities to key players in market are expected to drive market growth over the forecast period. For instance, in August 2018, Kleresca, a medical technology company announced the launch of a new treatment for rosacea. It is based on Kleresca’s unique and patented biophotonic technology which utilizes fluorescent light energy to stimulate the skin’s own repair mechanisms through photo bio modulation.

Figure 2.Global Biophotonics Market Share (%), by Region, 2022

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Increase in inorganic strategy like partnership by key market players is expected to drive market growth during the forecast period.

Increasing partnership by key players in market is expected to drive market growth over the forecast period. For instance, in September 2020, Asphericon, a customized service provider in optical segment, announced partnership with OptoSigma, a supplier of Optical and Opto-mechanical products, to distribute aspheric optics for the European, North American, and South American markets, through OptoSigma’s websites and sales channels.

Global Biophotonics Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, UAE, Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another.

Global biophonotics market has been negatively affected due to COVID-19, owing to the lack of availability of skilled professionals to operate the biophonotics technology.

Global Biophotonics Market: Key Developments

On November 24, 2020, Jenoptik Light, a globally operating optical technologies company, announced a partnership with Optics BioPhotonics group, a company focused on providing technological solutions in biophonotics, to supply a next generation automated microscope for inline cellular analysis and to also provide microscopy, illumination systems, and  high performance imaging systems.

Global Biophotonics Market: Restraint

Stringent patents and regulatory policies are major factor that can impact the market growth of biophotonics as most of the drugs are still patented, due to which only certain players can have the power to generate profit from medical solution. This is projected to hamper market growth over the forecast period.

The high cost of biophotonics instrument and treatment is expected to restraint market growth. Biophotonics instruments are very expensive when compared to their alternatives. Many small and medium-sized businesses, as well as end users, hold back from adopting biophotonics technology due to its high cost. This would also restrict the use of biophotonic technology. Therefore, the high cost of biophotonic will restrain the industry's expansion.

Key Players

Major players operating in the global biophotonics market include Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology, and Hamamatsu Photonics