Biophotonics Market Growth Can Be Attributed to the Increasing Role of Biophotonics in Healthcare

 

Biophotonics Market

Biophotonics is a combination of four technologies, such as photonics, nanotechnology, lasers, and biotechnology. Biophotonics is the science of producing and utilizing photons or light to image, identify, and engineer biological materials. A particularly important aspect of this field is imaging and sensing cells and tissue. Over the years, biophotonic technologies have received more and more attention, as more cost-saving, effective methods with applications ranging from medicine to life sciences research and beyond. In June 2020, European Photonics Industry Consortium (EPIC) released a report outlining opportunities in the biophotonics value chain; the report was carried out by Tematys and Yole Development in close collaboration.

The aforementioned factors are expected to augment the growth of the biophotonics market. Moreover, biophotonics is widely used in the study of cells, molecules, and tissues. It is also widely used in imaging and therapeutic techniques, non-medical applications, test components, medical therapeutics, and medical diagnostics. Based on application, the biophotonics market is segregated into biosensors, light therapy, microscopy, surface imaging, spectro molecular, inside imaging, see through imaging, and other analytic sensing. Furthermore, the increasing role of biophotonics in agro, biological, and medical devices is also expected to increase the demand for biophotonics in the coming future.

The biophotonics market growth can also be attributed to the emergence of nanotechnology, growing lifestyle diseases, aging population, increase in demand for home-based point of care (POC) devices, and significant technological advancements over the years. According to the World Health Organization (WHO), the world's population aged 60 years and older is expected to total 2 billion by 2050. Moreover, growth of the biophotonics market, in North America, is driven by the emergence of nanotechnology and government initiatives to develop the industry. For example, in December 2020, Jenoptik Light and Optics’ BioPhotonics group won a number of new development orders in North America.

Furthermore, increasing prevalence of chronic diseases, such as cancers, genetic disorders, etc. is driving the market growth. There are around 7000 rare diseases that are prevalent worldwide. Biophotonics offer enhanced treatment solutions for these critical diseases. Therefore, with the increasing application of biophotonics-based treatment solutions, the demand for biophotonic technologies is also increasing with a rapid pace. This in turn is expected to offer immense growth opportunity to the biophotonics market. However, the high cost of biophotonics-based treatment and biophotonics instrument is restraining the growth of the market. Because of its high cost, end-users avoid adopting biophotonics devices. This in turn hampers the market.


Location: India

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