Global Biophotonics Market, by End Use (Medical Diagnostics, Medical Therapeutics, Test Components and Non-Medical Applications), by Application (See Through Imaging, Inside Imaging, Spectro Molecular, Surface Imaging, Microscopy, Light Therapy, Biosensors and Other Analytic Sensing), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The rising number of research programs for introducing 3D imaging technologies based on biophotonic in life science is projected to augment market growth. In June 2019, community of researchers at the Southampton showcased imaging technologies, at a mini-symposium exploring 3D imaging in the life sciences. Also, Symposium organizer, head of the Biophotonics Group in the Institute for Life Sciences (IfLS), stated that “The Southampton Bioimaging Symposium in January was a great success in showcasing the general imaging expertise. Therefore, the rising number of such research programs for introducing biophotonic based imaging technologies is estimated to foster market growth.
Global Biophotonics Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic. The COVID-19 outbreak had an impact on the biophotonics market because end-user facilities, such as hospitals and other healthcare services, were heavily impacted due to government norms, such as social distancing, across the world. Additionally, the COVID-19 pandemic affected the economy and impacted the functioning of hospital care for non-COVID-19 patients in hospitals and other end-user facilities across the world.
Global Biophotonics Market: Key Developments
According to an article published by News-Medical, a journal that publishes life science content, on August 4, 2022, a research team from the lab of Quing Zhu, combined optical coherence tomography (OCT) and machine learning to develop a colorectal cancer imaging tool to improve the traditional endoscopy currently used by doctors.
Browse 35 Market Data Tables and 22 Figures spread through 184 Pages and in-depth TOC on “Global Biophotonics Market”- Forecast to 2030, Global Biophotonics Market, , by End Use (Medical Diagnostics, Medical Therapeutics, Test Components and Non-Medical Applications), by Application (See Through Imaging, Inside Imaging, Spectro Molecular, Surface Imaging, Microscopy, Light Therapy, Biosensors and Other Analytic Sensing), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Moreover, increasing technological advancements in imaging techniques is expected to drive growth of market. According to an article published by News-Medical, a journal that publishes life science content, on Jan 29 2021, an interdisciplinary team of the Institute national de la recherche scientifique (INRS), a research-oriented constituent university, used an innovative imaging technique for a better understanding of motor deficits in Amyotrophic Lateral Sclerosis (ALS). This was done by using a special imaging technique called dispersion-eliminated coded-aperture light field, or DECALF.
Key Takeaways of the Global Biophotonics Market:
- Global Biophotonics market is expected to exhibit a CAGR of 8.7% during the forecast period due to the increasing adoption of strategies such as collaborations and partnerships by the key players. For instance, on July 26, 2022, Rockley Photonics, a global company in photonics-based health monitoring and communications solutions, announced a new partnership with a top ten, global contract research organization (CRO) that provides full-service clinical development services to biopharmaceutical customers, to integrate Rockley’s health monitoring solutions into clinical research studies.
- Among the end use segment, medical diagnostics segment is estimated to hold a dominant position in the global Biophotonics market over the forecast period, owing to the increased awareness of biophonotics among people
- Major players operating in the global Biophotonics market include Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology, and Hamamatsu Photonics
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