Global Biophotonics Market Amid COVID-19: A $5 Billion Decline is Projected for 2020 but Will Rebound and Reach $55 Billion by 2023

DUBLIN, Aug. 4, 2020 /PRNewswire/ -- The "Biophotonics Global Market Report 2020-2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

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%.

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.

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.

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.

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.

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.

Report Scope

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider global biophotonics market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
• Market segmentations break down market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
• The global biophotonics market section of the report gives context. It compares the global biophotonics market with other segments of the global biophotonics market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, global biophotonics market indicators comparison.

Key Topics Covered

1. Executive Summary

2. Biophotonics Market Characteristics

3. Biophotonics Market Size And Growth
3.1. Global Biophotonics Historic Market, 2015-2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Biophotonics Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Biophotonics Market Segmentation
4.1. Global Biophotonics Market, Segmentation By Product Technology, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• In-Vitro
• In-Vivo

4.2. Global Biophotonics Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• See-Through Imaging
• Inside Imaging
• Spectromolecular
• Surface Imaging
• Microscopy
• Light Therapy
• Biosensors
• Others

4.3. Global Biophotonics Market, Segmentation By End Use, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• Diagnostics
• Therapeutic
• Tests
• Others

5. Biophotonics Market Regional And Country Analysis
5.1. Global Biophotonics Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Biophotonics Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

• Thermo Fisher Scientific
• OPGEN
• NU Skin Enterprises
• IPG Photonics Corp.
• Idex Corp.
• Toshiba
• Procter & Gamble
• Horiba
• Precision Photonics Corp.
• Roche Group
• GE
• Philips
• Affymetrix, Inc.
• Andor Technology Ltd.
• Becton, Dickinson & Co.
• Carl Zeiss AG
• FEI Company
• Hamamatsu Photonics K.K.
• Lumenis Ltd.
• Olympus Corporation
• PerkinElmer Inc.
• Zecotek Photonics Inc.
• Zenalux Biomedical Inc.
• Glenbrook Technologies Inc.
• Oxford Instruments PLC

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