Biophotonics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The biophotonics market was valued at approximately USD 60,422.5 million in 2021, and it is expected to register a CAGR of 10.54% over the forecast period.

The COVID-19 outbreak had an impact on the biophotonics market because end-user facilities, such as hospitals and other healthcare services, were heavily impacted due to government norms, such as social distancing, across the world. Additionally, the COVID-19 pandemic affected the economy and impacted the functioning of hospital care for non-COVID-19 patients in hospitals and other end-user facilities across the world. For instance, in December 2021, a report published in the National Library of Medicine stated that antiviral photodynamic therapy (aPDT) might improve the efficacy of photobiomodulation therapy (PBMT) and aPDT by using monoclonal antibodies and preparing new photosensitizers at the nanoscale that target the lung tissue specifically. Similarly, in October 2020, a paper named “Photodynamic therapy for COVID-19" was published, which stated that in some clinical settings, there might be an incremental benefit in combining photodynamic therapy and sonodynamic therapy. However, the norms by the governments and the preference for other therapies have reduced the overall market size.

The key factors propelling the growth of this market are the growing geriatric population, increasing use of biophotonics in cell and tissue diagnostics, the emergence of nanotechnology in biophotonics, and the development of novel photoacoustic tomography (PAT) systems. Research in biology has shifted from the level of the cell to viruses and cellular constituents, such as proteins and nucleic acids. Tools for the investigation of these constituents must operate on the same scale, shifting focus from micro-scale to nano-scale. As a result, nanotechnology’s applications in imaging biological processes for analyzing biological materials have been increasing. Gold and iron nanoparticles are used in biomedical imaging. For instance, the gold nanoparticle is used by researchers of the University of Rochester on the tip of an optical fiber as an antenna to enhance the fluorescence of labeled proteins in the cell membrane. Gold nanoparticles are also used along with a laser to destroy cancer cells. In comparison, silica nanoparticles are less toxic than gold nanoparticles and can be targeted against specific pathogens or tumors.

These nanoparticles can also carry chemotherapy drugs directly to tumors, reducing the harmful effects of these drugs on the body. The increasing benefits of biophotonics are expected to drive the market.

Key Market Trends

Inside Imaging (Endoscopy) is Expected to hold its Highest Market Share in the Technology Segment

In the technology segment of the biophotonics market, inside imaging (endoscopy) is believed to have the largest market size in the forecast period.

The integration of detection, characterization, diagnosis, and staging during the time of endoscopy is still an unmet medical need. The beginning of biophotonics in endoscopy has unlocked new prospects and created some significant and new opportunities for the enhanced identification and biochemical characterization of diseases. The most appropriate and useful method for categorizing biophotonic endoscopic techniques can be according to their ability to provide functional and biochemical information and enhance spatial resolution. SHG (second harmonic generation), fa/LCI (frequency-domain angle-resolved low coherence interferometry), and near-IR (near-infrared) technologies are some of the commonly used visualization technologies. One of the most useful applications of biophotonics in medicine is photodynamic therapy. The treatment is used for cancer but can also be used on acne and psoriasis. Such application of these technologies drives the demand in the biophotonics market.

North America Dominates the Market and is Expected to do Same in the Forecast Period

North America currently dominates the market for biophotonics and is expected to continue its stronghold for a few more years. The US is a major market in the biophotonics industry. In addition, the emergence of nanotechnology has driven the biophotonics market in the United States.

In November 2020, Jenoptik Light and Optics BioPhotonics Group won several new development orders in North America. The first order is for the design of the camera system for a next-generation fiber-optic medical device to be used in a robotic surgical instrument. The second development project is for the design of multiple subassemblies for a tier-1 eye care company’s next-generation ophthalmology surgery system. For the third program, Jenoptik is teaming with a major global supplier of medical laboratory equipment to supply a next-generation automated microscope for inline cellular analysis. The fourth project is the continuation of a long-standing partnership with a medical diagnostics company specializing in real-time point of care (POC) serology tests.

These initiatives may fuel the growth of the biophotonics market over the forecast period in North America.

Competitive Landscape

Companies such as Thermofisher Scientific, Becton, Dickinson and Company, Hamamatsu Photonics KK, Olympus Corporation, and Carl Zeiss AG are some of the key players in the biophotonics market. With the increase in technological advancements in the imaging industry, healthcare companies are making efforts to offer efficient and novel products to customers. Therefore, it is believed that there might be an emergence of more new players in the future.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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