Biophotonics Global Market Report 2024

The biophotonics market size has grown rapidly in recent years. It will grow from $74.36 billion in 2023 to $82.74 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth witnessed during the historical period can be primarily attributed to advancements in medical imaging, which have revolutionized disease diagnosis and monitoring. Additionally, it has been driven by extensive applications in life sciences research, the utilization of optical sensing and spectroscopy techniques, and innovations in lasers and light sources.

The biophotonics market size is expected to see rapid growth in the next few years. It will grow to $130.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The projected growth in the coming period is underpinned by key factors such as the expansion of personalized medicine, advancements in precision agriculture, global health initiatives, the increasing use of wearable and mobile health devices, and the growing emphasis on environmental monitoring and safety. Noteworthy trends in this forecast period encompass the miniaturization and proliferation of point-of-care devices, the emergence of multimodal imaging technologies, the integration of optogenetics, the application of machine learning and data analytics, and the utilization of smart imaging probes.

The biophotonics market is experiencing growth driven by the increasing demand for minimally invasive surgeries. Optical engineering and imaging technologies have become instrumental in the realm of minimally invasive procedures, enabling real-time visualization of tissue manipulation within remote internal sites. Notably, a report from Intuitive Surgical, Inc., a US-based leader in minimally invasive care and robotic-assisted surgery, revealed the performance of 10 million surgeries in 2021. Consequently, the expanding number of minimally invasive surgeries conducted worldwide annually is contributing to the enhanced revenues in the biophotonics market.

The key technological segments in biophotonics involve in-vitro and in-vivo methodologies. In-vitro approaches are centered around the examination of microorganisms, cells, and biological molecules outside of their natural biological environments. These investigations are typically conducted in laboratory vessels like test tubes, flasks, Petri dishes, and microtiter plates, commonly known as test-tube studies. Various applications within biophotonics encompass see-through imaging, internal imaging, spectromolecular analysis, surface imaging, microscopy, light-based therapies, biosensors, and more, with broad utility across sectors such as diagnostics, therapeutics, testing, and related domains.

The biophotonics market research report is one of a series of new reports that provides biophotonics market statistics, including biophotonics industry global market size, regional shares, competitors with a biophotonics market share, detailed biophotonics market segments, market trends and opportunities, and any further data you may need to thrive in the biophotonics industry. This biophotonics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Anticipated to fuel the biophotonics market's growth is the rising prevalence of chronic conditions. Chronic conditions, characterized by their persistent nature lasting three months or longer, are prevalent worldwide. Biophotonics plays a crucial role in early detection, continuous monitoring, and effective treatment of these conditions, offering non-invasive imaging and diagnostic solutions. This facilitates improved patient outcomes while simultaneously curbing healthcare costs. A September 2022 report from the World Health Organization (WHO) disclosed that chronic diseases are responsible for a significant portion of global mortality, with 74% of all deaths attributed to these conditions. This encompasses a range of chronic diseases, including cardiovascular ailments, cancer, chronic respiratory diseases, and diabetes. Hence, the biophotonics market's growth is spurred by the increasing incidence of chronic conditions.

The biophotonics market may face a growth impediment due to the high prices of biophotonic-based devices and instruments. Biophotonics technology, characterized by the integration of biological components and the generation, manipulation, and detection of light units, tends to be more complex, leading to elevated costs in comparison to conventional instruments. This price disparity may negatively affect the growth trajectory of the biophotonics market.

A notable trend driving the biophotonics market is the introduction of advanced techniques in the field of biotechnology. An exemplary development comes from a team of scientists at the University of St. Andrews in Scotland, who devised a fluorescence microscopy technique. This innovative method allows for the imaging of delicate biological samples with minimal damage, particularly in neuroscience and biomedicine applications. Such low-impact optical techniques are anticipated to revolutionize the realm of biomedicine in the near future. As a result, the biophotonics market is witnessing a growing emphasis on novel and cutting-edge techniques.

Prominent companies in the biophotonics market are dedicated to creating innovative products, with a focus on advanced medical applications. One such product category is bronchoscopes, vital instruments used for exploring the respiratory system's internal regions. For example, Olympus Corporation, a Japanese leader in optical and digital precision technology, unveiled its new line of single-use bronchoscopes called H-SteriScope in April 2021. These disposable bronchoscopes are equipped with premium features, enabling clinicians to conduct advanced diagnostic and therapeutic procedures effectively. Specifically designed for tasks like tissue biopsy and foreign body retrieval, the H-SteriScope bronchoscopes vary in outer diameters from 2.2 mm to 6.2 mm and feature a working channel range from 1.2 mm to 3.2 mm.

In another development, CellaVision, a Swedish company specializing in digital Morphology Solutions, acquired the exclusive rights to a patent portfolio concerning Fourier Ptychographic Microscopy from Clearbridge BioPhotonics for $3.28 million (SEK 28.7 million) in April 2021. This strategic acquisition grants CellaVision access to a promising emerging technology. The Fourier Ptychography Microscopy technology is poised for potential use in the development of future automated microscopes, particularly in the fields of haematology and related areas. Clearbridge BioPhotonics, Inc., based in the United States, is an imaging solutions company contributing to this innovative venture.

Major companies operating in the biophotonics market include Thermo Fisher Scientific Inc., OpGen Inc., NU Skin Enterprises Inc., IPG Photonics Corporation, Idex Corporation, Toshiba Corporation, Horiba Ltd., Precision Photonics Corp, Roche Group, General Electric Company, Koninklijke Philips NV, Affymetrix Inc., Andor Technology Ltd., Becton Dickinson & Co, Carl Zeiss AG, FEI Company, Hamamatsu Photonics KK, Lumenis Ltd., Olympus Corporation, PerkinElmer Inc., Zecotek Photonics Inc., Zenalux Biomedical Inc., Glenbrook Technologies Inc., Oxford Instruments PLC, Lumicks BV, Creoptix AG, ThinkCyte Inc., PhotoPharmics Inc., Impedimed Ltd., Bioptics Inc.

North America was the largest region in the biophotonics market in 2023. Western Europe was the second largest region in the biophotonics market. The regions covered in the biophotonics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the biophotonics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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