Major players in the biophotonics market are Thermo Fisher Scientific, OPGEN, NU Skin Enterprises, IPG Photonics Corp. , Idex Corp, Toshiba, Procter & Gamble, Horiba, and Precision Photonics Corp.
New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biophotonics Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151663/?utm_source=GNW
The global biophotonics market is expected to grow from $41.76 billion in 2020 to $45.67 billion in 2021 at a compound annual growth rate (CAGR) of 9.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $63.04 billion in 2025 at a CAGR of 8%.
The biophotonics market consists of revenues generated from the sales of biophotonic instruments combining optics, nanotechnology, photonics, and biotechnology.Biophotonics is the combination of photonics and biology and is a multidisciplinary research field embracing all light-based technologies applied to life sciences and medicine.
It refers to the use of photonic or optical means to examine, control, and track biological processes at various levels of biology: cellular, tissue, molecular, and organism level.
The biophotonics market covered in this report is segmented by product technology into in-vitro, in-vivo. It is also segmented by application into see-through imaging, inside imaging, spectro molecular, surface imaging, microscopy, light therapy, biosensors, others and by end-use into diagnostics, therapeutic, tests, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High prices of biophotonic-based devices or instruments are anticipated to limit the growth of the biophotonics market.The price of biophotonics is comparatively higher than that of conventional instruments.
They are considered as more complex attributing to the integration of biological units and the generation, manipulation, and detection of light units, thereby rising their price. This will negatively impact the biophotonics market growth.
In August 2018, Gooch & Housego (G&H), a photonics technology company engaged in manufacturing optical components and systems, announced the acquisition of medical device firm Integrated Technologies Ltd. (ITL) for an amount of $27.8 million (£22 million). This acquisition is expected to double Gooch & Housego’s revenue of life science business and accelerate the company’s value chain. Integrated Technologies Ltd (ITL) was established in 1977 and designs, develops, and manufactures life-saving medical technologies, analytical instruments, and diagnostic devices.
The increasing demand for minimally invasive surgeries is contributing to the growth of the biophotonics market.Optical engineering and imaging technologies are playing a vital role in the evolving field of minimally invasive surgeries by enabling to visualize the manipulation of tissue at remote internal sites.
According to the plastic surgery statistics report 2019, the minimally invasive cosmetic procedures reached 16.3 million in 2019, an increase of 2% over the previous year. Therefore, the surge in the number of minimally invasive surgeries annually worldwide is generating higher revenues for the biophotonics market.
The launch of new advanced techniques in the field of biotechnology is a major trend shaping the biophotonics market.For instance, a team of scientists at the University of St.
Andrews (Scotland) developed a fluorescence microscopy technique that allows imaging of delicate biological samples with low damage in neuroscience and biomedicine.This low damage optical technique is projected to transform the world of biomedicine during the forthcoming years.
Hence, the development of new and advanced techniques is gaining significant popularity in the biophotonics market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151663/?utm_source=GNW
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