Biophotonics is a field of science that deals with the study of optical processes in biological systems. It employs the power of light, which is in terms of photons and other types of radiant energy to image or examine the functional, structural, biological, mechanical and chemical properties of biological materials and systems.
The global biophotonics market was USD 42.5 billion in 2018 and is estimated to reach USD 83.54 billion by 2025 at a CAGR of 10.14% during the forecast period
Growth by Region
North America leads the market owing to the mounting investments in the medical sector, rising infrastructural development, increase in research and development activities and strong support from the government taken to develop the biophotonics market in the region. Europe and APAC regions, on the other hand, hold an important position due to the improving healthcare expenditure as well as a rise in R&D activities in the regions
Drivers vs Constraints
The market is mainly driven by developments in optical biotechnology, rising ageing population, rising incidences of chronic diseases and growing demand for minimally invasive surgeries. Also, ongoing research and development activities in different applications coupled with government support for new cost-effective medical technologies are also expected to harvest new growth avenues for biophotonics globally. However, the growth is hindered by escalating costs of biophotonics-based equipment and also the complications associated with biophotonics technology.
Industry Trends and Updates
Thermo-Fischer Scientific, Inc., an American biotechnology product development company has completed its acquisition of Phenom-World, a global leader in desktop scanning electron microscopy (SEM) solutions to expand the company’s entry-level and desktop SEMs offerings for customers who work in the industrial manufacturing, life sciences and electronics industries.
Olympus Corporation, a Japanese manufacturer of optics and reprography products has launched the ORBEYE surgical microscope that has 4K 3D capabilities and supports precision surgery by providing high-resolution digital images along with the stereoscopic visual field.