Prevalence of Chronic Diseases and Demand
for Less Invasive Procedures is Anticipated Accelerate the Biophotonics Market
Growth
During the forecast period, the
biophotonics market is anticipated to be significantly driven by the growing
geriatric population, increasing prevalence of chronic diseases, growing
government initiatives, rising healthcare costs, and integration of IT into
healthcare applications. In the upcoming years, the market is expected to be
significantly impacted by the rise in photonic components used in current
healthcare instruments for value enhancement and improved accuracy &
sensitivity. Additionally, it is anticipated that management of environmental
dynamics, such as water and food supplies, would further promote market
expansion.
It is expected that market demand
will be driven in the near future by the significant technological advancements
over the past ten years and their adoption in the medical industry.
Furthermore, it is anticipated that the market would rise in the near future as
a result of the development of nanotechnology and the rising need for
Point-of-Care (POC) devices that can be used at home. The availability of
private & government funds for R&D, along with advancements in optical
technologies in the aerospace & telecom industries, are also anticipated to
favourably affect market growth.
However, it is anticipated that
the high cost of equipment based on biophotonics technology would have a
negative impact on the growth. The market's growth is also being hampered by
the slow commercialization rate and reluctance to new treatment methods.
Increasing Geriatric
Population to Upsurge Demand for Biophotonics
The geriatric population,
rising prevalence of chronic illnesses, advances in optical technology, and
rising R&D spending by key industry players are some of the factors
boosting the growth of the global biophotonics market. The development of the
global biophotonics market is also being fueled by the increased emphasis on
less invasive procedures and the expanding use of biophotonics equipment in the
food and agricultural industries. The see-through imaging market held the
largest market share as a result of the ongoing need for radical non-invasive
surgical procedures in a number of medical specialities, including cardiology,
neurology, brain imaging, and cancer. Transparent imaging methods have made
considerable strides over the past 10 years, especially in the fields of drug
discovery and medical diagnostics.
Advancements in Biophotonics
– Opening New Possibilities for Illness Diagnosis
The innovative, developing field
includes the fields of lasers, photonics, nanotechnology, and biotechnology. A
new direction rapidly developing in the development of the biophotonics market
is its potential application in the diagnosis of diseases. Clinicians use a
variety of biophotonics to analyse the biological characteristics of tissues
and improve clinical evaluations of breast cancer. One example is optical
biopsy, which employs near-infrared (NIR) light. Chronic wound healing is a
rapidly expanding application area. One example is the expanding application of
photobiomodulation treatment in the healing of diabetic wounds. Given the
significant morbidity diabetes has globally, diabetic wound treatment is a
rapidly growing area in healthcare. The therapy of both acute and chronic
wounds requires for novel strategies, and supporters of biophotonics see a
potential possibility. One major development in the biophotonics market is the
expanding potential of photodynamic-based methods for disease diagnosis. A
rising number of biophotonic imaging techniques have been tested throughout time
in the lifesciences sector. Players in the biophotonics market now have a wider
range of options because to expanding research and development efforts in
cellular level diagnostics.
Biophotonics Market Segmentation
The global biophotonics market is
segmented on the basis of application, and end use.
On the basis of Application:
·
See Through Imaging
·
Inside Imaging
·
Spectro Molecular
·
Surface Imaging
·
Microscopy
·
Light Therapy
·
Biosensors
·
Other Analytic Sensing
On the basis
of End Use:
·
Medical Diagnostics
·
Medical Therapeutics
·
Test Components
·
Non-Medical Applications
The Market for Biophotonics
is Experiencing Certain Growth Restrictions
COVID-19 has had a detrimental
impact on the global biophonotics market due to the lack of experienced
professionals to operate the technology. Although most pharmaceuticals are
still protected by patents, only a select few firms have the ability to benefit
from medical solutions, which is a key factor that might affect the market
growth for biophotonics. Over the forecast period, this is expected to restrict
market growth. The high cost of biophotonics equipment and therapies is
anticipated to impede market expansion. Instruments for biophotonics are highly
costly in comparison to alternatives. The expensive cost of biophotonics
technology prevents many small and medium-sized organisations and end users
from using it. Additionally, this would limit the application of biophotonic
technology. The industry's growth will thus be constrained by the high cost of
biophotonic.
For instance, BD announced a new
range of AI-powered flow cytometry reagents on April 26, 2022. The new Horizon
RealYellow 586 reagents from Becton, Dickinson, and Company (BD), which were
created using dye technology and AI supervision, have the potential to speed up
the identification and development of drugs for treating diseases. The Research
and Development (R&D) team used the BD dye process to create dyes that
matched these emission profiles. The novel reagents, when compared to
conventional fluorochromes, will enable researchers to extract more information
and understanding from samples.
On June 28, 2022, Intel
Labs declared that it has achieved significant progress in its integrated
photonics research, the next development in boosting network bandwidth between
computational processors in data centres and across networks. In the most
recent work, multiwavelength integrated optics have made industry-leading
strides. One example is the demonstration of an eight-wavelength Distributed
Feedback (DFB) laser array that is fully integrated on a silicon wafer and
achieves industry-leading output power uniformity of +/- 0.25 decibel (dB) and
wavelength spacing uniformity of 6.5%.
Major players operating in the global
biophotonics market include Becton, Carl Zeiss, Olympus America, Dickinson
& Co., Affymetrix Inc., Andor Technology, and Hamamatsu Photonics are some
of the prominent market players operating in the global biophotonics market.
Asia Pacific Region to
Account for a Disproportionately Higher Revenue Share
Over the forecast period, it
is anticipated that the Asia Pacific market would see considerable revenue
growth. The rise of the biophotonics market's revenue is being fueled by the
escalating industrialisation of emerging nations like China, Malaysia, India,
and South Korea. The development of biophotonics is also being aided by
escalating government efforts and significant key player investments. Meller
Optics Inc. and Lidar Optics, for instance, satisfies the requirements for OEM
material qualities and transmission on June 4, 2020. They can be produced as
prisms, plano-concave, concave, and meniscus-shaped lenses, windows, and
mirrors to OEM requirements. Germanium, sapphire, silicon, UV glass, zinc
selenide, zinc sulphide, and other materials are created to satisfy certain
transmission specifications spanning from UV to IR. Over the forecast period,
the European market is anticipated to see consistent revenue growth. The
biophotonics market in this area is expanding in terms of revenue due to the
quick adoption of cutting-edge technology. Germany is Europe's largest
photonics market, claims Germany Trade & Invest. German photonics is known
for remarkable innovation around the world. With new industries like augmented
and virtual reality, digital health, autonomous driving, machine vision, and
smart farming offering new economic prospects, optical and photonic technology
have seen steady growth in recent years.
The report provides a detailed
overview of the biophotonics market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for biophotonics market has been
offered for all regional market share, along with forecasts, market scope
estimates, price point assessment, and impact analysis of prominent countries
and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates
are also incorporated for every country and region, to provide a detailed view
of the biophotonics market. These Y-o-Y projections on regional and
country-level markets brighten the political, economic and business environment
outlook, which are anticipated to have a substantial impact on the growth of
the biophotonics market. Some key country and region included in the biophotonics
market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Biophotonics Market Research Report
Covers In-depth Analysis on:
·
Biophotonics market segments
·
Biophotonics market dynamics
·
Biophotonics market value and share analysis
·
Recent trends, restraints, opportunities in biophotonics
market
·
Companies & competition involved biophotonics
market
·
Latest technologies in biophotonics market
·
Supply chain and value chain biophotonics market
·
Biophotonics market sales and distribution
strategies
Biophotonics Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Biophotonics industry trends and developments
·
Potential and country, regions and segments exhibiting
future growth
·
A detailed viewpoint on biophotonics market forecast
by countries
·
Essential information to enhance market position
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