Major biophotonics market players are investing in research for tech advancements and instrument miniaturization of instrument design to reduce production and operational costs.
DUBAI, UAE / ACCESSWIRE / July 10, 2020 / The biophotonics market is expected to expand at a promising 11.3% CAGR, during the forecast period (2014-2020). The coronavirus pandemic and the resultant lockdown regulations are having a substantial impact on biotech and healthcare activities. Investments by the public and private sectors into healthcare and pharmaceuticals will aid the biophotonics market growth in terms of research into new applications. These trends will benefit market players in the foreseeable future.
“Apart from the rising applications within the healthcare industry, improvements in optical tech in the telecom and aerospace industries are increasing the scope of biophotonics supported by relatively easy access to funding for research and development,” says the FMI analyst.
Biophotonics Market – Key TakeawaysSee-through imaging applications in biophotonics are key to market revenue, supported by the popularity for non-invasive medical procedures.Medical diagnostics are prominent end users owing to applications in research labs, healthcare facilities, medical institutes, and instrument manufacturers.North America is a prominent biophotonics market supported by superior infrastructure and R&D initiatives. Asia Pacific is witnessing rapid growth driven by industrialization and healthcare investments.
Biophotonics Market – Key Driving FactorsIncorporation of IT in healthcare sector applications is influencing developments in biophotonics.Rising scope of biophotonics in niche applications including, food, security, and aerospace will generate major growth opportunities.
Biophotonics Market – Key ConstraintsHigh prices of instruments using biophotonics to hold back overall adoption rates.High complexity of biophotonics technologies are restraining market growth.
The Anticipated Impact of COVID-19
The unprecedented impact of the covid-19 crisis on the healthcare sector is widespread, and is likely to continue even after the outbreak is contained. Healthcare visits have dropped significantly and the sector is also being hurt by the lack of adequate medical insurance. However, the investments in the healthcare and food sector from public and private parties will help in biophotonics innovations including dermatology, and microscopy among others.
Players in the biophotonics market include but are not limited to Carl Zeiss, Hamamatsu Technologies, Becton Dickinson & Co., Andor Technology, Affymetrix Inc., and Olympus America. Developers are investing in device performance and cost improvements. For instance, Becton Dickinson has revealed its range of biophotonic bacterial identification systems.
More about the Report
The FMI’s market research report offers detailed insights on biophotonics market. The market is scrutinized on the basis of application (see-through imaging, inside imaging, spectro molecular, light therapy and others), and end use (components, therapeutics, diagnostics, and non-medical) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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