Biophotonics market takes a closer look at the top market performers and monitors the strategies that have enabled them to occupy a strong foothold in the market
Vancouver, BC -- (SBWIRE) -- 02/12/2021 -- The baffling penetration of modern technology in the healthcare industry has progressively brought forward constant changes in how a hospital or any organization operates and acts towards patient care or surgical procedures. Biophotonics is the combination of biology and photonics that signifies the importance of optical processes such as imaging and sensing in a living being. It has completely altered the dynamics of endoscopy, light therapy, and microscopy, etc., making them extremely efficient with accurate results. The global Biophotonics market is projected to reach USD 118.89 Billion by 2027 from USD 49.06 Million in 2019, expanding at a CAGR of 11.7%.
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Significant driving forces shaping the future of the Biophotonics market for the forecast period 2020 – 2027 find a special mention in the study and are backed by a real-time statistics. Thorough segmentation of the industry by type, application, classification, and geography works as an impetus towards increasing the sale figures and boosting business prospects alongside the hindrances that often restrict the industry's growth. In addition, bifurcation of the market on the basis of consumption volume, customer preference, end-user, and production capacity is explained through important resources including but not limited to charts, graphic images, and tables.
Biophotonics Market Drivers
The advancement in the field of medical science has introduced life-changing therapies and medications to treat potential diseases, and the awareness regarding home-based point-of-care devices is the main driving force to the biophotonics market.
The combined pipeline for detection, classification, and diagnosis has become a standard medical process with the introduction of endoscopy that uses bio-photonic technology. The in-vivo segment dominated the total revenue share by 55% due to the ameliorating demand for nosology and in-vivo watching techniques having a potentially high rate of detection for infections and diseases. Moreover, biophotonic examination procedures including SHG, near-infrared, and fa/LCI primarily drive the market growth.
Key players in the market include Andor Technology Ltd, Becton, Dickinson and Company, FEI Company, Lumenis Ltd., Zecotek Photonics Inc., Carl Zeiss AG, Hamamatsu Photonics K.K. and Affymetrix, Inc. among others.
Subject matter experts conducting the study also take a closer look at the products at their development stage and in the pipeline to help business owners conclude on the business strategies that can lower their cost and promise great returns or profits. Strong emphasis on new launches, acquisition and mergers, collaboration, import and export status and supply chain management empowers the business evangelists, manufacturers and business owners build a robust strategy when it comes to making an investment.
Technology Outlook (Revenue, USD Billion; 2017-2027)
In-vivo
In-vitro
Application Outlook (Revenue, USD Billion; 2017-2027)
Endoscopy
Spectromolecular
Surface Imaging
Microscopy
Light Therapy
Biosensors
End User Outlook (Revenue, USD Billion; 2017-2027)
Medical Diagnostics
Medical Therapeutics
Test Components
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The North American biophotonics market is expected to grow at a CAGR exceeding 11.2% over the next few years till 2027. The market is expected to witness substantial growth because of the augmented investment in R&D activities, coupled with the increasing prevalence of cancer. The rise in the expenditure surrounding healthcare over the years coupled with accelerating government initiatives are likely to fuel the demand for various markets across the analyzed regions.
Regional Analysis
North America led the global biophotonics market in 2019 with a market share of 41.8% and is expected to dominate in the projected timeline due to the rise in the non-invasive medical diagnostic techniques, especially endoscopy, growing incidences of lifestyle-induced chronic diseases, and flourishing research industry. Increasing government initiatives in medicine are also expected to be a potential growth factor for the region.
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The research provides answers to the following key questions:
What will be the growth rate and the market size of the biophotonics industry for the forecast period 2020-2027?
What are the major driving forces expected to impact the development of the biophotonics market across different regions?
Who are the major driving forces expected to decide the fate of the industry worldwide?
Who are the prominent market players making a mark in the biophotonics market with their winning strategies?
Which industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
What are the key barriers and threats believed to hinder the development of the industry?
What are the future opportunities in the biophotonics market?
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Biophotonics Market Segmentation & Impact Analysis
4.1. Biophotonics Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Emergence of nanotechnology
4.2.2.2. Rise in the demand for home-based PoC devices
4.2.3. Market restraints analysis
4.2.3.1. Decreased rate of commercialization
4.2.3.2. Heavy cost involved in research and development
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Biophotonics Market By Technology Insights & Trends, Revenue (USD Million)
5.1. Technology Dynamics & Market Share, 2019 & 2027
5.1.1. In-vivo
5.1.2. In-vitro
Continue…!
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