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Biophotonics Global Market Report 2023
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.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biophotonics Global Market Report 2023" - https://www.reportlinker.com/p06229181/?utm_source=GNW
The global biophotonics market will grow from $67.04 billion in 2022 to $74.38 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The biophotonics market is expected to grow to $113.99 billion in 2027 at a CAGR of 11.3%.
The biophotonics market includes revenue earned by systems, technologies, and instruments.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Biophotonics is the combination of photonics and biology and is a multidisciplinary research field embracing all light-based technologies applied to life sciences and medicine. It is used to examine, control, and track biological processes at various levels of biology: cellular, tissue, molecular, and organism level.
North America was the largest region in the biophotonics market in 2022.Western Europe was the second largest region in the biophotonics market.
The regions covered in the biophotonics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The biophotonics market consists of revenues generated from the sales of biophotonic instruments combining optics, nanotechnology, photonics, and biotechnology.Biophotonics is the combination of photonics and biology and is a multidisciplinary research field embracing all light-based technologies applied to life sciences and medicine.
It refers to the use of photonic or optical means to examine, control, and track biological processes at various levels of biology: cellular, tissue, molecular, and organism level.
The main product technologies in biophotonics are in-vitro and in-vivo.In vitro studies examine microorganisms, cells, and biological molecules outside of their natural biological framework.
These studies in biology and its subdisciplines are generally done in labware such as test tubes, flasks, Petri dishes, and microtiter plates, and are referred to as test-tube investigations. The different applications include see-through imaging, inside imaging, spectromolecular, surface imaging, microscopy, light therapy, biosensors, and others and are used by various sectors such as diagnostics, therapeutic, tests, and others.
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 a report by Intuitive Surgical, Inc., a US-based company specializing in minimally invasive care and the pioneer of robotic-assisted surgery, stated that they performed 10 million surgeries in 2021. Therefore, the surge in the number of minimally invasive surgeries annually worldwide is generating higher revenues for 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.
The launch of new advanced techniques in the field of biotechnology is a major trend shaping the biophotonics market.For instance, 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 in the forthcoming years.
Hence, the development of new and advanced techniques is gaining significant popularity in the biophotonics market.
In April 2021, CellaVision, a Sweden based company that offers digital Morphology Solutions acquired exclusive rights to a patent portfolio on Fourier Ptychographic Microscopy from Clearbridge BioPhotonics for $3.28 million (SEK 28.7 million). Through this acquisition, CellaVision will have access to and control over a promising future technology. CellaVision believes that the Fourier Ptychography Microscopy technology has the capability to be employed in the development of future automated microscopes for use in haematology and related fields. Clearbridge Biophotonics, Inc. is a US-based imaging solutions company.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The biophotonics market research report is one of a series of new reports that provides biophotonics market statistics, including biophotonics industry global market size, regional shares, competitors with a biophotonics market share, detailed biophotonics market segments, market trends and opportunities, and any further data you may need to thrive in the biophotonics industry. This biophotonics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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