Biophotonics Market By End-Use (Tests and Components, Medical Therapeutics, Medical Diagnostics, Non-Medical Application), By Application (See-Through Imaging, Microscopy, Inside Imaging, Spectro Molecular, Analytics Sensing, Light Therapy, Surface Imaging, Biosensors) And Segment Forecasts, 2020 -2024

Report Overview

The global Biophotonics market size was estimated at 52.46 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2024. The increasing geriatric population, rising frequency of chronic diseases, growing government initiatives, increasing healthcare amends, and incorporation of IT into the healthcare application are expected to remarkably fuel the biophotonics market during the forecast period. The upsurge in the number of photonic components in the prevailing healthcare instruments for value enhancement and higher accuracy & sensitivity is projected to create a major impact on the market in the next few years. Furthermore, the administration of environmental dynamics, including water and food sources, is further anticipated to fuel the market growth.

The noteworthy technological advancements over the decade and their espousal in the medical sector are anticipated to drive the market demand in the near future. Furthermore, the emergence of nanotechnology, coupled with the increasing demand for home-based Point-of-Care (POC) devices, is expected to spur the market growth in the near future. Improvements in optical technologies in the aerospace & telecom sectors, paired with the availability of private & government funds for R&D, are also expected to favorably impact the market growth.

However, the complexity of the biophotonics technology, coupled with the high price of biophotonics-based instruments, is projected to negatively impact market growth. The slow commercialization rate and reluctance toward the acceptance of new treatment practices are also hampering the market growth.

Biophotonics Market Trends

Biophotonics is used to develop various optical technologies that enable interaction of light or photons with various biological organisms, molecules, cells, and tissues. Biophotonics can be classified into two categories, namely clinical applications and research. Research can be further bifurcated into three categories, namely photo mechanics, spectroscopy, and fiber optic sensors. Photomechanics is used in dentistry to analyze a relationship between strain gradients and macroscopic mechanical stress. Spectroscopy helps in studying the interaction between radiated energy and matter. Lastly, fiber optic sensors are used for remote sensing of chemical and physical parameters.

Given that large volumes of clinical and biological data are being generated and gathered at an unprecedented scale and speed, big data technologies and machine learning are increasingly being used in biomedical and healthcare research. The current analytical approaches used in biophotonics are capable only of gathering information from the surface of datasets, thereby leading to loss of critical information these datasets can potentially provide. This has led to the integration of technologies, such as machine learning and big data, to perform a detailed analysis of these datasets and obtain more useful information.

Machine learning techniques can help users in detecting more complex and subtle signals as well as in particle detection. Although researchers have managed to capture very high-content images that indicate the location of numerous molecules of moving particles; some of these images tend to have very low contrast, a noisy background, and indistinct edges, thereby making it difficult to determine the accurate number of particles present in the image and necessitating to determine the accurate number of particles manually. To eliminate these complexities, researchers have started using machine learning techniques, whereby the computer is trained to distinguish and determine individual particles in the image. The detailed analysis and extraction of critical information machine learning can potentially enable is propelling the adoption of biophotonics. 

Application Insights

The application segment is segregated as see-through imaging, microscopy, inside imaging, spectro molecular, other analytics sensing, light therapy, surface imaging, and biosensors. In 2013, the see-through imaging fragment accounted for the largest market share due to the incessant demand for radical non-invasive surgical procedures in several medical fields, such as cardiology, neurology, brain imaging, and oncology. However, light therapy is the fastest-growing application segment.

There have been noteworthy improvements in the field of see-through imaging techniques in the past decade, particularly in medical diagnostics and drug discovery. Moreover, see-through imaging has appeared as an operative tool for in-vitro and in-vivo imaging and is becoming an essential part of biomedical research. However, an essential factor contributing to the growth of the surface imaging market is endoscopy, which has been experiencing exponential growth for many years. This may be attributed to the increasing patient acceptance for marginally invasive procedures for treatment along with the diagnosis.

End-use Insights

The key end-use segments comprise test & components, medical therapeutics, medical diagnostics, and non-medical. The medical diagnostics segment held the largest market share in 2013, owing to its adoption by several end-users which include healthcare providers, instrument manufacturers, medical institutes, and research laboratories. However, the non-medical application is expected to gain prominence over the forecast period, owing to its environmental screening and monitoring capabilities.

The upsurge in the study regarding pathogen exposures in agriculture food items, unceasing blood monitoring, and inhibition of unauthorized data visualization is projected to significantly drive the biophotonics market for several non-medical applications. Biophotonics further finds its use in the study of the working of molecular mechanisms, DNA, proteins, and other important molecules.

Regional Insights

The North American biophotonics market held the largest market share, owing to the surging R&D initiatives, increasing investments in the healthcare industry, and accessibility to the excellent infrastructure. The rising aged population, coupled with the growing number of cancer patients, is expected to spur the regional market growth during the next few years.

Asia Pacific is projected to emerge as the fastest-growing region over the forecast period. This is attributed to the escalating industrialization in countries such as China, Malaysia, India, and South Korea. The biophotonics market in Asia Pacific is expected to gain prominence over the next few years, owing to the surging government initiatives, enhancements in healthcare facilities, and rising investment by the key market players.

The significant advances in technology have increased the role of optical techniques for treating problems related to medical and life science. The optical technology is being used for various applications, including clinical treatment of patients and investigation carried out at the molecular level. Vendors across all the regions are carrying out activities such as merger and acquisitions, conferences and others to accelerate the use of optical techniques such as Biophotonics.

• An increasing number of conferences to study the advances in biophotonics and other optical techniques are being carried out in U.S. The Optical Society carrier out OSA Biophotonics Congress where they discussed the advancements done in applications such as optical instrumentation, life science imaging, molecular probe development, and others.

• United States Congress has provided various funds form FY2019 budget to determine opportunities of biophotonics in gene therapy research, immunotherapy research, Alzheimer’s research, and other projects. The funds will also be provided to increase medical technology manufacturing in the U.S. 

Key Companies & Market Share Insights

The key market players comprise Carl Zeiss, Hamamatsu Technologies, BD (Becton, Dickinson and Company), Andor Technology Ltd Affymetrix Inc., and Olympus America. These companies are expected to grab a greater market share, owing to their early entry as compared to the rest of the players. The key players are aiming at increasing technological advancements by miniaturizing the instruments coupled with enhanced cost efficiency. The market is characterized by key mergers and acquisitions. For instance, in July 2012, Idex Corp. acquired Precision Photonics Corp. with the aim of initiating in-house production of optical components and subsequently enhancing cost-efficiency.

Biophotonics Market Report Scope

Global Biophotonics Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2013 to 2024. For this study, Grand View Research has segmented the global biophotonics market report based on end-use, application, and region:

• Biophotonics End-Use Outlook (Revenue, USD Billion; 2013 - 2024)

  • Tests and components

  • Medical therapeutics

  • Medical diagnostics

  • Non-medical application

• Biophotonics Application Outlook (Revenue, USD Billion; 2013 - 2024)

  • See-Through Imaging

  • Microscopy

  • Inside Imaging

  • Spectro Molecular

  • Other Analytics Sensing

  • Light Therapy

  • Surface Imaging

  • Biosensors

• Biophotonics Regional Outlook (Revenue, USD Billion; 2013 - 2024)

  • North America

  • Europe

  • Asia Pacific

  • RoW