BIOPHOTONICS MARKET ANALYSIS

Biophotonics MarketSize and Trends

Global biophotonics market is estimated to be valued at US$ 67,324.7 million in 2022 and is expected to exhibit a CAGR of 8.7% during the forecast period (2022-2030).

Figure 1.Global Biophotonics Market Share (%), by End Use, 2022

Increasing launch of new treatments based on biophotonics is expected to drive growth of market.

Increasing product launches and approvals by regulatory authorities to key players in market are expected to drive market growth over the forecast period. For instance, in August 2018, Kleresca, a medical technology company announced the launch of a new treatment for rosacea. It is based on Kleresca’s unique and patented biophotonic technology which utilizes fluorescent light energy to stimulate the skin’s own repair mechanisms through photo bio modulation.

Figure 2.Global Biophotonics Market Share (%), by Region, 2022

Increase in inorganic strategy like partnership by key market players is expected to drive market growth during the forecast period.

Increasing partnership by key players in market is expected to drive market growth over the forecast period. For instance, in September 2020, Asphericon, a customized service provider in optical segment, announced partnership with OptoSigma, a supplier of Optical and Opto-mechanical products, to distribute aspheric optics for the European, North American, and South American markets, through OptoSigma’s websites and sales channels.

Global Biophotonics Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, UAE, Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another.

Global biophonotics market has been negatively affected due to COVID-19, owing to the lack of availability of skilled professionals to operate the biophonotics technology.