At +10.8% CAGR, Biophotonics Market to hit USD 109.23 Bn by 2027, Says Brandessence Market Research

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Dec 08, 2021, 07:34 ET

LONDON, Dec. 8, 2021 /PRNewswire/ -- According to Brandessence Market Research latest research study says Global demand for biophotonics market size in terms of revenue, was worth of USD 53.28 Billion in 2020. The biophotonics market is likely to reach USD 109.23 Billion by 2027 end, growing at a robust 10.8% CAGR. Growing demand for biophotonics technique for applications like understanding molecular mechanism, function, and structure also remains a promising driver of growth. Biophotonics promises to become a leading technology in areas like photomechanics, spectroscopy, and fiber optic sensors.

What is biophotonic? Biophotonics, in simple terms is the study of light using biological tools. Biophotonic imaging detects light using highly sensitive photon (A particle carrying light or radiation) in real-time, in a non-toxic, and highly sensitive manner. Optical biopsy remains a major promise for clinical diagnostics. During breast cancer, a cancer cell has to divide itself 30 times before it can be felt. As each division can take a month or two, the cancer can live undetected in the body for as long as 2 to 5 years. Breast cancer remains a leading challenge for healthcare systems globally. For example, in 2020, over 2.3 million women were diagnosed with breast cancer, which resulted in nearly 700,000 deaths. Furthermore, according to the World Health Organization, there are 7.8 million women alive who are living with breast cancer.

This makes it one of the most deadly cancer for women, taking up the most disability-adjusted life years (DALYs) globally, than any other form of cancer. On the other hand, optical biopsy can help detection of the cancer at malignant cell stage in real-time. Recently, optical biopsy has also shown promise for detection of other forms of cancer like lung cancer. Current diagnostic technology relies on physical symptoms to detect illnesses like cancer. With the bio photonics method, breast cancer symptoms can be studied at macroscopic and microscopic scale. The non-invasive nature of the treatment is crucial for detecting chronic illnesses among the elderly population.

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Biophotonics Market: Biophotonics Market Trends

According to the Environmental Protection Agency (EPA) in the US, 48% of radiation among American people comes from medical procedures. This does not include the dosage from medical radiation therapy. For treatments like cancer, the radiation utilized can be many times larger. The growing association of radiation with medical procedures has become a serious concern. Hence, various devices like hand-held dosimeters, ionization chambers, thermoluminescent dosimeters, and film badges have been used in the medical field to measure and monitor radiation in medical applications. The photonic devices show tremendous promise in detection, and monitoring of radiation, with increased use of technologies like light-emitting diodes, photovoltaic sensors, phototransistors including metal oxide semiconductor field effect transistors, among others. The highly straightforward application, and effectiveness in capturing large data with the help of advanced tools like machine learning remain major drivers of biophotonics market demand.

Fluorescence microscopy has quickly become a gold standard for the application of biophotonic imaging. The microscopy makes way for a wide range of applications including detecting thick tissue imaging to studying single molecules. The TPEF technique has also opened up new methods such as SHG, THG, which deliver high spatial resolution. The new advents in the technique like introduction of compact, low-cost, and reliable lasers which can cover nonlinear imaging, extrinsic biomarkers, and cover a wide variety of endogenous markers remain a promising driver of growth. The growing demand for this technology to study drug effects in cancer therapy treatments via in vivo studies remain a key future promise. Furthermore, development of endoscopy systems has also become a major driver of biophotonics market demand.

Global Biophotonics Market Segmentation:

By End-User: Tests and components, Medical Therapeutics, Medical diagnostics, Non-medical application

By Application: See-through imaging, Microscopy, Inside imaging, Spectro molecular, Light therapy, Surface imaging, Biosensors

Biophotonics Market: Notable Developments

In November, 2021, researchers from Washington University of School of Medicine discovered that special lasers can destroy multi-drug resistant bacteria and hardy bacterial spores. This method does not damage human cells, making it possible to disinfect blood products, and sterilize wounds while dealing with a highly resistant strain of bacteria. The finding published in the journal of biophotonics opens a new possibility for growth for biophotonics demand. The application of biophotonics here can eliminate life-threatening bacteria, which remains resistant to antibiotics.

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Biophotonics Market: Competitive Analysis

The biophotonics market is a competitive, and fragmented landscape. Mergers, acquisitions, and collaborations remain key defining trends in the market, as competition to acquire higher share of the global market remains fierce. The relatively low barriers to entry also make this landscape, a promising sight for new players. Key players in the biophotonics market are focused on innovation, as key applications like see-through imaging, or endoscopy continue to grow to new heights. Global Biophotonics Market report covers prominent players like,

Andor Technology Ltd. (U.K.)
Affymetrix, Inc. (U.S.)
Carl Zeiss AG (Germany)
FEI Company (U.S.)
Becton, Dickinson and Company (U.S.)
Lumenis Ltd. (Israel)
Hamamatsu Photonics K.K. (Japan)
PerkinElmer, Inc. (U.S.)
Olympus Corporation (Japan),
Zecotek Photonics Inc. (Canada).
Philips
Danone
Becton
Dickinson & Co IPG Photonics Corp.
Idex Corp.
Toshiba
Procter & Gamble
Horiba
Precision Photonics Corp.
Roche

Biophotonics Market: Regional Analysis

The biophotonics market report is divided into North America, Europe, Asia Pacific, Latin American, and Middle East & Africa. Among these, the North America region is expected to witness highest growth during the 2021-2028 period. The increased investments in clinical research in this region, along with growing favorable regulatory environment with streamlining of new drug approval remain promising drivers of growth. North America remains home to severe burden of chronic illnesses, which are the leading cause of death, and disability in the United States. Furthermore, the chronic disease burden cost the taxpayer in the country in trillions in healthcare costs each year. The growing burden of chronic diseases, and increased demand for early detection of cancer remain promising driver of biophotonics demand in the region.

Asia Pacific is likely to witness fastest growth in the bio photonics demand during the forecast period. The Asia Pacific region is witnessing a major influx of private and public investments in order to expand healthcare facilities. The growing adoption of insurance-schemes to outmode out-of-pocket expenditure has freed individuals from burdens. This is likely to continue in the near future as increased competition make way for higher adoption of high-tech health facilities, medical equipment, and drives growth for biophotonics demand.

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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