The market for biophotonics witnessed a massive slowdown in its progress as a result of the spread of the Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilization, and online selling in 2021 keeping in view the covid-19 norms.
Recognized companies such as Becton Dickinson & Co., Affymetrix Inc., Olympus America, Andor Technology, Hamamatsu Technologies, Carl Zeiss, and others are focusing on the incorporation of tactics including partnership agreements, sales contracts, strategic alliances, diversifications, innovative launches, mergers & acquisitions, research and developments, technological upliftments, product line extensions, hiring technical expertise, joint ventures, collaborations, product approvals, etc for gaining a competitive edge over others in the market.
For instance, on May 12, 2021, Olympus America announced the launch of the FDA 510(k)-cleared BF-UC190F endobronchial ultrasound (EBUS) bronchoscope, the newest addition to its EBUS portfolio of devices for lung cancer diagnosis and staging via needle biopsy. This next-generation EBUS bronchoscope will further enhance the ability of physicians to conduct biopsy mediastinal and hilar lymph nodes through a minimally invasive procedure. The company is developing leading-edge technology that helps physicians diagnose disease earlier and more accurately.
In addition to this, on April 30, 2021, Olympus introduced the a line of five premium endoscopes for use in advanced diagnostic and therapeutic procedures. Olympus collaborated with Veran Medical Technologies, Inc., and Hunan Vathin Medical Instrument Co., Ltd. The introduction of the H-SteriScope portfolio is a result of the collaboration.
In terms of growth, the North American region is projected the dominate market during the forecast period owing to the government’s initiatives to develop the industry. In addition to this, the emergence of nanotechnology has driven the biophotonics market in the region. Asia Pacific region is expected to be lucrative owing to the emergence of new players. Other regions are expected to witness decent growth levels in the biophotonics market through 2030.
Biophotonics Market: Key Market Dynamics
This Future Market Insights report examines the ‘Biophotonics’ market for the period 2021 to 2031. The primary objective of the report is to offer updates on the advancements in healthcare that have given rise to a futuristic technology: biophotonics, which is significantly transforming the global healthcare market.
Biophotonics is an emerging area of scientific research that harnesses light to understand the working of cells and tissue in living organisms to aid better diagnosis of health problems. Biophotonics will cater to the demands of multiple industry verticals such as biotechnology, diagnostics, therapeutics, and agriculture to name a few.
Biophotonics uses optical techniques while preserving the integrity of the biological cells under observation. The interactions such as emission, detection, absorption, reflection, modification, creation, radiation take place between the biological cell or molecule and light.
Environmental monitoring, food analysis, Raman spectroscopy, endoscopy, dosimetry, and dentistry are some other key areas where the impact of biophotonics will be seen. The biophotonics market report starts with an overview; to sum it up, biophotonics is using light to cure diseases.
Biophotonics Market: Segment-wise Analysis
Biophotonics is categorically split into three components: biophotonics end uses, biophotonics applications, and biophotonics region-wise analysis.
In the next section, FMI covers the biophotonics market performance in terms of revenue split.
This section additionally includes FMI’s analyses of the key trends, drivers, and restraints from the supply, demand, and economy side, which are influencing the biophotonics market.
Impact analysis of key growth drivers and restraints, based on the weighted average model is included in the biophotonics report to better equip and arm clients with crystal clear decision-making insights.
The primary focus of the following section is to analyze the biophotonics market by adoption among verticals; the primary verticals covered under the scope of the report are biophotonics end-use sectors, applications, and regional analysis.
A detailed analysis has been provided for every vertical and sub-vertical in terms of market size.
The report study further has split the above segments. The end use sectors are segmented as medical diagnostics, medical therapeutics, test components and non-medical end uses. The application segment is segmented into see-through imaging, spectro molecular, light therapy, biosensors, microscopy and surface imaging.
The regional section is sub segmented into North America, Europe Middle East & Africa, Asia Pacific and Latin America for the report.
The next section of the report highlights the parent market of biophotonics – healthcare sector. It provides a global snapshot of the per capita healthcare expenditure and compares it with GDP of the respective countries.
Here healthcare services market and healthcare market segments are very crucial and have been studied for providing better understanding of biophotonics market. The importance of biophotonics in detection of cancer and diabetes using various techniques and equipment is demonstrated.
Further an overview of biophotonics market has been provided.
This section discusses the key trends contributing to growth of the biophotonics market on a worldwide basis, as well as analyses the degree at which global economic, demand and supply side drivers are influencing this market in each region. The study also covers the demand and supply restraints with key trends.
All the above sections, by application, by region or by end-use sectors, evaluate the present scenario and the growth prospects of the biophotonics market for the period 2021-2031. We have considered 2020 as the base year and provide data for the trailing 12 months.
To calculate the biophotonics market size, we have considered revenue generated from each regions of North America, Europe Middle East & Africa, Asia Pacific and Latin America. The forecast presented here assesses the total revenue by value across the biophotonics market.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the biophotonics market will develop in the future. However, forecasting the market in terms of various applications, end uses and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the forecast has been completed.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the biophotonics market.
As previously highlighted, the biophotonics market is split into a number of sub categories. All the biophotonics sub-categories in terms of end uses, region and applications are analysed in terms of Basis Point Share to understand individual segments’ relative contributions to market growth.
This detailed level of information is important for the identification of various key trends of the biophotonics market.
Also, another key feature of this report is the analysis of all key biophotonics segments, sub-segments, regional adoption and verticals revenue forecast in terms of absolute dollar. This is traditionally overlooked while forecasting the market.
However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the biophotonics market.
In the final section of the report, biophotonics competitive landscape is included to provide report audiences with a dashboard view, based on categories of provider in the value chain, presence in biophotonics portfolio and key differentiators.
This section is primarily designed to provide clients with an objective & detailed comparative assessment of key providers specific to a market segment in the biophotonics value chain.
Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the biophotonics. Key competitors covered are Becton Dickinson Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology and Hamamatsu Photonics.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
In this study, we analyze the Global Biophotonics Market during 2021-2031. We focus on:
- Market size and forecast
- Key drivers and developments in biophotonics
- Key Trends and Developments of biophotonic products in applications such as see through imaging, inside imaging, spectro molecular, light therapy and others
- Key Drivers and developments in particular regions such as North America, Europe, Asia-Pacific Middle East and Africa (MEA) and Latin America
- Government policies and initiatives for biophotonics market in all four regions