Biophotonics Global Market Report 2020-30: Covid 19 Growth and Change
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, July 30, 2020 /PRNewswire/ --
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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 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.
North America was the largest region in the global biophotonics market in 2019. Asia Pacific was the fastest-growing region in the global biophotonics market in 2019.
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 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; spectromolecular; surface imaging; microscopy; light therapy; biosensors; others and by end-use into diagnostics; therapeutic; tests; others.
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.
The launch of new advanced techniques in the field of biotechnology is a major trend shaping the biophotonics market. For instance, in November 2018, 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 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 2018 plastic surgery statistics report published by The American Society of Plastic Surgeons, the minimally invasive cosmetic procedures in the US reached 15.9 million in 2018, 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.
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