PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515415
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515415
Biophotonics Market size was valued at USD 61,209.12 Million in 2023, expanding at a CAGR of 10.20% from 2024 to 2032.
Biophotonics is an interdisciplinary field that examines how light interacts with biological systems at the molecular, cellular, and tissue levels. It involves developing and applying optical techniques to study biological processes. Biophotonics employs various tools, such as microscopy, spectroscopy, and biosensors, to image, diagnose, and manipulate biological phenomena. This field has great potential for advancements in medical diagnostics, drug discovery, and fundamental biological research.
Biophotonics Market- Market Dynamics
Increasing prevalence of chronic diseases, rising investments to propel market demand
The market growth can be attributed to the increasing prevalence of chronic diseases, rising investments in research and development, and the growing number of clinical trials for cell-based therapies. Furthermore, the increasing number of partnerships among market players is also expected to have a positive impact on market growth. For example, in February 2024, Thermo Fisher Scientific Inc. and Multiply Labs expanded their partnership to automate cell therapy production through a combination of robotics and automation of instruments, aiming to reduce the manufacturing space required for producing cell therapies. The market had a positive impact during the pandemic. Several factors, such as the growing demand for vaccines and therapies, accelerated market growth during the COVID-19 period. Additionally, the pandemic underscored the potential of various cell-based therapies for treating infectious diseases, immune disorders, and many other conditions. Thus, increasing awareness and interest in cell therapies have further bolstered market growth. Moreover, significant government investments were made in research and development of COVID-19 vaccines and treatments, thereby propelling market growth.
Biophotonics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.20% over the forecast period (2024-2032)
Based on Technology segmentation, in-vitro was predicted to show maximum market share in the year 2023
Based on end-user segmentation, medical diagnostics was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Biophotonics Market is segmented on the basis of Technology, Application, End User, and Region.
The market is divided into two categories based on Technology: in-vitro and in-vivo segments. The in-vitro segment held the largest revenue share in 2023 and is projected to maintain its lead throughout the forecast period due to the rising demand for advanced diagnostic and imaging technologies in healthcare. Biophotonics plays a crucial role in providing non-invasive and label-free techniques for studying biological samples, such as cells and tissues, in vitro. The growing need for accurate and efficient in-vitro diagnostics has fueled the demand for biophotonics in this segment.
The market is divided into four categories based on end user: tests and components, medical therapeutics, medical diagnostics, and non-medical applications. In 2023, the medical diagnostics segment captured the largest revenue share driven by its adoption by healthcare providers, instrument manufacturers, medical institutes, and research laboratories. However, the non-medical application segment is expected to gain prominence over the forecast period due to its environmental screening and monitoring capabilities.
Biophotonics Market- Geographical Insights
This market transcends geographical boundaries, with a presence in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Nations within these regions create further market distinctions. North America dominated the market in 2023, accounting for the largest revenue share. This leadership is attributed to the increasing R&D initiatives, significant investments in the healthcare industry, and access to excellent infrastructure. The rising aged population and the growing number of cancer patients are expected to drive regional market growth in the coming years.
Companies in this market adopt various strategies to stay competitive and drive growth. These include investing in R&D to develop advanced technologies, forming strategic partnerships and collaborations, expanding their product portfolios, and focusing on mergers and acquisitions to enhance market presence. They also emphasize geographical expansion to tap into emerging markets and increase their global footprint.
In April 2021, the Indian government launched the Production Linked Incentive Scheme (PLI 2.0) to boost India's manufacturing capacity by increasing investment and output in the in vitro diagnostics sector. This initiative aims to create global players from India, leveraging modern technology to penetrate global value chains.
GLOBAL BIOPHOTONICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Affymetrix Inc (Thermo Fisher Scientific Inc.)
BD (Becton, Dickinson and Company)
ZEISS Group
Olympus Corporation
Hamamatsu Photonics K.K
Zecotek Photonics Inc
IDEX
IPG Photonics Corporation
TOSHIBA CORPORATION
Oxford Instruments
PerkinElmer Inc
Others