Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Definition of Market/Industry:
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 health care sector.
Global biophotonics market was valued at US$ 49.0 billion in 2018 and is predicted to reach US$ 95.0 billion, growing at a CAGR of 8.3% during the forecast period (2019 to 2027).
Growing awareness regarding better healthcare solutions and increasing government initiatives to offer beneficial policies in order to boost healthcare and agriculture sectors is projected to propel the market growth of biophotonic. Moreover, increasing launch of new treatment based on biophotonic is further estimated to foster market growth. For instance, in August 2018, Kleresca, a medical technology company has 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.
The rising number of partnership among major players for developing advanced biophotonic technology is projected to boost the market growth over the forecast period. For instance, in June 2017, The Salk Institute’s Waitt Advanced Biophotonics Center and ZEISS announced a global partnership to accelerate the frontiers of microscopy and imaging technologies. The purpose of this partnership was to develop cutting-edge optical and optoelectronic technologies. Therefore, the rising number of partnership for developing advanced imaging technology by using biophotonic is projected to boost market growth.
Figure 1. Global Biophotonics Market Share, By Region, 2018
North America region dominated the global biophotonics market in 2018, accounting for 39.2% share in terms of revenue, followed by Europe and Middle East & Africa, respectively.
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. Moreover, biophotonic is still in the nascent phase and lack of awareness regarding these advanced technologies in underdeveloped regions is expected to hinder the market growth.
The high cost of biophotonics instrument and treatment is expected to restraint market growth. Biophotonics instruments are very expensive when compared to its alternatives. Because of its high cost, many small and medium scale enterprises, as well as end-users, avoid adopting biophotonics devices. This is expected to limit the application of biophotonic technology. Hence, the high cost of the biophotonic is projected to hamper the market growth of biophotonic.
Rising cases of various chronic diseases around the globe such as arthritis, genetic disorders, cancers, etc. There are nearly 7000 rare diseases that are prevalent around the globe. Out of which more than 95% of rare disorders don’t get FDA-approved drugs. Biophotonics, being the most advanced technology aims to offer enhanced treatment solutions for these critical diseases. Therefore, the rising application of biphotonic based treatment solutions for treating various chronic diseases is projected to offer immense growth opportunity to the market over the forecast period.
Figure 2. Global Biophotonics Market - Opportunity Analysis
Emerging medical tourism across developing nations is the next big platform that is expected to offer enormous growth opportunity over the forecast period. Biophotonics with its advanced technologies can expand medical tourism in the near future. Moreover, emerging biophotonic technology is also projected to open new doors of opportunity to the new players to generate high profits in the market. This factor is also expected to propel the market growth over the forecast period.
Market Trends/Key Takeaways
The rising trend of miniature technology to treat various chronic diseases is expected to propel the market growth over the forecast period. For example, entire devices are used in medicine that determines the activity of cells, molecules, and fibers by using fluorescent light. But now, with the advent of biophotonics-on-chip, mini-versions of those same large devices can also be developed. Hence, the rising trend of a miniature of biophotonic technology is expected to propel the market growth over the forecast period.
Rising efforts by various manufacturers to promote the biophotonic technology in imaging diagnostic solution is projected to fuel the market growth over the forecast timeframe. For instance, in 2019, ALPhANOV expanded its internal research in the field of biophotonic imaging for diagnosis and therapy by using its advanced femtosecond fiber laser developments and its new modular microscope. ALPhANOV performed its first nonlinear images on biological samples.
Figure 3. Global Biophotonics Market Share, By Application, 2018
Based on application, global biophotonics market is segregated into see through imaging, inside imaging, spectro molecular, surface imaging, microscopy, light therapy, biosensors, and other analytic sensing. In 2018, see through imaging accounted for the substantial share of 27.4% in global biophotonics market.
Players active in the market are Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology, and Hamamatsu Photonics
- In June 2017, The Salk Institute’s Waitt Advanced Biophotonics Center and ZEISS announced a global partnership to accelerate the frontiers of microscopy and imaging technologies.