Biophotonics Market Size To Reach $134.83 Billion By 2030

Biophotonics Market Growth & Trends

The global biophotonics market size is expected to reach USD 134.83 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The developments in optical technologies, increasing investigations by researchers, and mounting demand for early diagnosis are anticipated to drive the market growth over the forecast period. Biophotonics, being an evolving area of scientific research, has several applications due to its ability to harnesses light for comprehending the functioning of cells and tissue in living organisms. This further aids in better diagnosis of health problems.

The biophotonics market is projected to witness high growth during the forecast period, owing to its application in optical techniques while simultaneously preserving the integrity of the biological cells under surveillance. New laser microscopes are being developed which permit measurements of distinct molecules and tissues at exceptional resolutions.

Biophotonics also finds applications in numerous procedures including new laser microscopes, which allow exceptional specifications of molecules & single tissues, optical coherence tomography that assists in the minute imaging of biomaterials, and novel light-activated chemicals utilized for welding tissues through surgical procedures.

Considering the enormous application areas, it is becoming perplexing for the key market players to commercialize this technology. However, the market is confronted with a slow commercialization rate due to the low acceptance from end-users, price sensitivity, and concerns pertaining to the authenticity, quality, and reliability of the products.

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Biophotonics Market Report Highlights

• The non-medical end-use segment is expected to emerge as the fastest-growing segment over the forecast period. The snowballing demand in the non-medical applications is predicted to offer several growth avenues over the next few years. The usage of biophotonics to examine tissues at macro and micro levels and diagnose diseases effectively is expected to be a key reason for its surging end-use applications.

• The analytics sensing segment accounted for the largest revenue share of around 23.2% in 2022. This is followed by the surface imaging segment, which is expected to exhibit a high market growth. In addition to this, the market is expected to observe growth with increasing adoption of this technology across various industries, such as biotechnology, therapeutics, agriculture, diagnostics, and life sciences R&D. Other impact rendering applications include environmental monitoring, food analysis, dosimetry, dentistry, and medical imaging utilizing endoscopy and Raman spectroscopy.

• Asia Pacific is expected to register the highest CAGR of 13.5% over the forecast period.  Due to the augmented investment in R&D activities, coupled with the increasing prevalence of cancer, the market is expected to witness substantial growth. The increasing healthcare expenditure and rising government initiatives are expected to fuel the demand for the regional market.

Biophotonics Market Segmentation

Grand View Research has segmented the global biophotonics market based on technology, application, end-use and region:

Biophotonics Technology Outlook (Revenue, USD Million, 2017 - 2030)

• In-Vitro

• In-Vivo

Biophotonics Application Outlook (Revenue, USD Million, 2017 - 2030)

• See-Through imaging

• Microscopy

• Inside Imaging

• Spectro Molecular

• Analytics sensing

• Light therapy

• Surface imaging

• Biosensors

Biophotonics End-use Outlook (Revenue in USD Million, 2017 - 2030)

• Tests and Components

• Medical Therapeutics

• Medical Diagnostics

• Non-medical Application

Biophotonics Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa

  • United Arab Emirates (UAE)

  • Saudi Arabia

  • South Africa

List of Key Players in the Biophotonics Market

• 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.