Biophotonics is an emerging research area that includes all light-based technologies used in life-science and medicine. It is also described as the development and application of optical techniques especially for imaging purposes, to understand the activities of biological molecules, tissues, and cells. Some of the major application areas of biophotonics are agriculture, life science, medicine, and environmental science. To sum up, biophotonic is an interdisciplinary field that covers the interaction between electromagnetic radiation and biological materials such as subcellular structures, cells, tissues, and molecules in living organisms.
Global biophotonics market was valued at US$ 49.0 billion in 2018 and is predicted to grow at a CAGR of 8.3% during the forecast period (2019 to 2027).
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 has 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.
Increasing application of biophotonic technology in agriculture for the testing crop is gaining significant traction in the market. Microfluidics and monitoring techniques are the two major application in agriculture is projected to propel the market growth over the forecast period. Growing demand for GMO crops is also expected to provide immense growth to the market due to their application in biotechnology laboratories and research institutes. Furthermore, the advent of advancements in the biosensors with the increasing applications of light therapy and microscopy are also protected to contribute to the market growth of biophotonic.
Lack of government support to promote the Biophotonics Industry is expected to hinder the market growth. As biophotonics is still in its nascent phase and many companies require huge funding to carry out research programs on biophotonics technologies. Moreover, many small and medium scale enterprises highly dependent on government financial support to sponsor their R&D activities. Therefore, the lack of government support for biophotonics technologies is expected to hamper the market growth over the forecast period.
The growing geriatric group especially in the APAC region, and the European nations which have changed the market scenario of the biophotonics industry over the recent few years. Moreover, China alone holds for a major portion of the geriatric population base rate. China has 9.6% of the population above the age of 65, which is expected to show promising destinations for the biophotonics market. Hence, a growing geriatric population is expected to foster market growth. The entry of new players around the globe in the healthcare sector is expected to favor the market growth.
Moreover, countries such as India and China is expected to offer a promising destination for micro, small and medium enterprises. Moreover, the rising application of biophotonic in nanotubes, LEDs, quantum dots, silicon-on-insulator, surface plasmons, micro- and nanophotonics, heterostructured lasers, and optical fibers & waveguides. Thus, emerging such application of biophotonic is expected to propel the market growth over the forecast period.
Major players active in the market are Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology, and Hamamatsu Photonics
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