Biophotonics Market Size, Share & Trends Analysis Report By Technology (In-Vitro, In-Vivo), By Application (See-Through imaging, Microscopy, Inside Imaging), By End-use (Tests and Components, Medical Therapeutics), By Region, And Segment Forecasts, 2023 - 2030

Biophotonics Market Size & Trends

The global biophotonics market size was valued at USD 61.04 billion in 2022 and is expected to grow at a CAGR of 10.3% from 2023 to 2030. The increasing geriatric population, rising frequency of chronic diseases, growing government initiatives, increasing healthcare amends, and incorporating IT into the healthcare application are expected to fuel the 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 significantly impact 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.

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 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 impact the market growth favorably.

However, the complexity of biophotonics technology may limit its widespread adoption. Additionally, the high cost associated with biophotonics-based instruments poses a barrier to market expansion. Furthermore, the slow rate of commercialization and the resistance to accepting new treatment practices also present obstacles to the growth of the market.

Biophotonics is used to develop various optical technologies that enable the interaction of light or photons with various biological organisms, molecules, cells, and tissues. Biophotonics is classified into two categories, namely clinical applications and research. Research is further bifurcated into three categories: photo mechanics, spectroscopy, and fiber optic sensors. Photomechanics is used in dentistry to analyze the 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 to remotely assess 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 used in biomedical and healthcare research. The current analytical approaches used in biophotonics can only gather information from the surface of datasets, thereby leading to the loss of critical information these datasets can provide. It has led to integrating 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 detect more complex and subtle signals and 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 could propel the adoption of biophotonics.

End-use Insights

In terms of end-use, the market has been segmented into tests and components, medical therapeutics, medical diagnostics, and non-medical applications. The medical diagnostics segment accounted for the largest revenue share of around 65.7% in 2022, owing to its adoption by several end-users, which include healthcare providers, instrument manufacturers, medical institutes, and research laboratories. However, due to its environmental screening and monitoring capabilities, the non-medical application is expected to gain prominence over the forecast period.

The non-medical application segment is expected to grow at the fastest CAGR of 13.2% during the forecast period. The non-medical application is expected to gain prominence over the forecast period due to its environmental screening and monitoring capabilities. The upsurge in the study regarding pathogen exposures in agricultural food items, unceasing blood monitoring, and inhibition of unauthorized data visualization is projected to drive the market for several non-medical applications significantly.

Technology Insights

Based on the technology, the global market is segmented into in-vitro and in-vivo. The in-vitro segment captured the largest revenue share of over 58.3% in 2022 and is expected to maintain its lead throughout the forecast period. This is attributed to the increasing demand for advanced diagnostic and imaging technologies in healthcare. Biophotonics is crucial 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 propelled the demand for biophotonics in this segment.

The in-vivo segment is expected to grow at the fastest CAGR of 10.9% during the forecast period. Growing demand for non-invasive and real-time imaging techniques in medical diagnostics drives segment growth. In-vivo imaging technologies based on biophotonics offer the capability to visualize cellular and molecular processes within living organisms without requiring invasive procedures or sample extraction. The ability to non-invasively monitor and analyze complex biological processes in real-time drives the in-vivo segment growth in the market.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 37.6% in 2022, owing to the surging R&D initiatives, increasing investments in the healthcare industry, and accessibility to excellent infrastructure. The rising aged population and the growing number of cancer patients are expected to spur regional market growth during the next few years.

Significant technological advances have increased the role of optical techniques in treating problems related to medical and life science problems. Optical technology is used for various applications, including clinical treatment of patients and investigations carried out at the molecular level. Vendors across all regions are carrying out mergers and acquisitions, conferences, and others to accelerate optical techniques such as biophotonics.

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

United States Congress has provided various funds from the FY2019 budget to determine opportunities for 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.

Asia Pacific is expected to register the highest CAGR of 13.5% over the forecast period. Asia Pacific is projected to emerge as the fastest-growing region over the forecast period. It 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.

Application Insights

Based on application, the market is segmented into see-through imaging, microscopy, inside imaging, spectro molecular, analytics sensing, light therapy, surface imaging, biosensors, marine, and others. The analytics sensing segment accounted for the largest revenue share of around 23.2% in 2022. The increasing demand for point-of-care testing (POCT) and portable diagnostic devices is fueling the growth of the analytics sensing segment. Biophotonics-based analytics sensing technologies can be miniaturized, integrated into portable devices, and provide rapid and accurate diagnostic results at the point of care.

The microscopy segment is estimated to register the fastest CAGR of 14.1% over the forecast period. Advancements in automation and the integration of microscopy systems have propelled market growth. These technological advancements not only enhance the capabilities of microscopy but also contribute to ease of use, data analysis, and overall workflow optimization. The demand for integrated and automated microscopy solutions drives the market growth.

The see-through imaging segment accounted for a significant market share due to the constant demand for radical non-invasive surgical procedures in several medical fields, such as cardiology, neurology, brain imaging, and oncology.

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, endoscopy is an essential factor contributing to the growth of the surface imaging market, which has been experiencing exponential growth for many years. It may be attributed to the increasing patient acceptance of marginally invasive procedures for treatment along with the diagnosis.

Key Companies & Market Share Insights

The market is highly competitive, and the players are undertaking strategies such as forecast launches, acquisitions, and collaborations to increase their global reach. For instance, in April 2021, CellaVision announced the acquisition of exclusive rights to Clear Bridge BiOMEDICS's patented portfolio on Fourier Ptychographic Microscopy, an innovative microscopy solution. CellaVision has gained access to and control over innovative future technology. The acquisition is considered a long-term investment to strengthen CellaVision's innovation potential.

Recent Developments

• In April 2021, The Indian government launched the Production Linked Incentive Scheme (PLI 2.0) to develop India's manufacturing capacity through increasing investment and output in the in vitro diagnostics sector. It aims to develop global players from India with the ability to expand and scale using modern technology and thus penetrate the global value chains.

Biophotonics Market Report Scope

Global Biophotonics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest application trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global biophotonics market based on technology, application, end-use and region:

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

  • In-Vitro

  • In-Vivo

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

  • See-Through imaging

  • Microscopy

  • Inside Imaging

  • Spectro Molecular

  • Analytics sensing

  • Light therapy

  • Surface imaging

  • Biosensors

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

  • Tests and Components

  • Medical Therapeutics

  • Medical Diagnostics

  • Non-medical Application

• 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