Global Biophotonics Market Forecast To 2023
The global biophotonics market is expected to decline from $46.61 billion in 2019 to $41.21 billion in 2020 at a compound annual growth rate (CAGR) of -11.58%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $55.13 billion in 2023 at a CAGR of 10.18%. The increasing demand for minimally invasive surgeries is contributing to the growth of the biophotonics market. However, high prices of biophotonic-based devices or instruments are anticipated to limit the growth of the market.
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.
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The global biophotonics market is further segmented based on type and geography. By Product Technology: In-Vitro, In-Vivo By Application: See-Through Imaging, Inside Imaging, Spectromolecular, Surface Imaging, Microscopy, Light Therapy, Biosensors, Others By End Use: Diagnostics, Therapeutic, Tests, Others. By Geography: The global biophotonics market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American biophotonics market accounts for the largest share in the global biophotonics market.
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Trends In The Biophotonics Market
The launch of new advanced techniques in the field of biotechnology is a major trend shaping the biophotonics market.
Biophotonics Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides biophotonics market overviews, analyzes and forecasts biophotonics market size and growth for the global biophotonics market, biophotonics market share, biophotonics market players, biophotonics market size, biophotonics market segments and geographies, biophotonics market trends, biophotonics market drivers and biophotonics market restraints, biophotonics market’s leading competitors’ revenues, profiles and market shares. The biophotonics market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.