Global Biophotonics market
On March 04, 2021 (GLOBE NEWSWIRE) reported that the "Biophotonics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering. They concluded that the global biophotonics market grew at a CAGR of around 11% during 2014-2019. Looking forward, they concluded that the global biophotonics market will continue its strong growth during the next five years.
The increasing prevalence of chronic medical ailments, along with the widespread adoption of biophotonics for disease diagnostics, is one of the key factors driving the growth of the market.
The rising geriatric population, which is more susceptible to such ailments, is also driving the market growth.
Furthermore, the widespread adoption of biophotonics from the non-medical sector is creating a positive outlook for the market. It is being used for testing chemicals, toxins and microbial materials for environmental monitoring and defense applications. Additionally, various technological advancements, such as the advent of nanotechnology and novel photoacoustic tomography (PAT) systems, are acting as other growth-inducing factors. These systems use gold and silica nanoparticles for biomedical imaging and accurate sensing of cancer cells in the patients.
Other factors are increasing investments in the development of diagnostic and testing facilities for proteins, nucleic acids and viruses, along with extensive research and development (R&D) activities, are anticipated to drive the market further.
Published on August 10, 2021, the latest report by IMARC Group, titled "Biophotonics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," finds that the global biophotonics market size reached US$ 56.5 Billion in 2020.
The primary driver is its increasing adoption in the medical sector. It is used in healthcare instruments and components for improving accuracy and sensitivity.
The rising cases of chronic diseases, especially among the geriatric population, which is more susceptible to these ailments, are also propelling the market growth.
Governments of various countries are taking initiatives and creating awareness regarding the benefits of biophotonics.
In addition to this, the emergence of nanotechnology and biosensors has increased the use of biophotonics in non-medical sectors for testing toxins, chemicals and microbial materials for defense and environmental monitoring applications. Furthermore, the growing demand for home-based point-of-care (POC) devices and improvements in optical technologies are positively influencing the market growth.
Looking forward, the biophotonics market is expected to grow at a CAGR of 10.3% during the forecast period (2021-2026). This is slightly lower than at the beginning of the year was announced but the drivers seem to remain the same in both reports and a healthy growth for the industry is forecasted.