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Biophotonics Market Evolving Latest Trends To Lead Global Industry By 2021– 2031
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Quick Summary
The biophotonics market is projected to grow at a CAGR of 11.3% from 2021 to 2031, driven by advancements in medical diagnostics and biosensors.
Biophotonics Market Trends and Global Growth Forecast
Future Market Insights (FMI) released its latest report on biophotonics market. The market is expected to register a CAGR of over 11.3% between 2021 and 2031. The study takes into account the impact of COVID-19 on Biophotonics Market.
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The global biophotonics market is driven by factors such as Increasing ageing population, the government support in technology innovations, enhanced range of biophotonics applications, and a need for improvement in healthcare.
Region-wise, North America was the highest contributor to the global biophotonics market, followed by Europe, the Middle East and Africa (EMEA) and Asia Pacific. However, the North America is expected exhibit a CAGR of over 10.9% during the forecast period
According to end-user type, the global biophotonics market is segmented as Medical diagnostics, Medical therapeutics, Test components and Non- Medical. The medical diagnostics is expected to dominate the global biophotonics market and register a CAGR of over 10.7%during the forecast period.
Non-medical applications are projected to demonstrate an impressive growth rate of over 15.5% CAGR between 2021 and 2031. Growth in global biophotonics market is largely attributed to growth in end use sectors, which largely include diagnostic centers, medical institutes, healthcare service providers, research institutes and laboratories, and medical & scientific instrument manufacturers.
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By application type, the Global Biophotonics market is segmented as See through imaging, Spectro molecular, Inside imaging, Biosensors, Surface imaging, Microscopy, Light therapy, and other analytic sensing. Among all the aforementioned segments, the biosensors is projected to witness over 17.2% CAGR during the forecast period. The microscopy and light therapy applications are expected to exhibit a CAGR of 15.1 % each respectively between 2021 and 2031.
The growth is attributed to implementation of the biosensors in other analytic sensing segment due to its specific biological analyte sensing capability such as pregnancy test, food toxicity, and cholesterol tests. Key players in the global biophotonics market are Becton, Dickinson & Co., Affymetrix Inc., Carl Zeiss, Olympus America, Andor Technology and Hamamatsu Photonics.
Biophotonics Market Segments
By Application
See-Through Imaging
Microscopy
Inside Imaging
Spectro Molecular
Analytics Sensing
Light Therapy
Surface Imaging
Biosensors
By Application
See-Through Imaging
Microscopy
Inside Imaging
Spectro Molecular
Analytics Sensing
Light Therapy
Surface Imaging
Biosensors
By End User
Tests And Components
Medical Therapeutics
Medical Diagnostics
Non-Medical Application
Tests And Components
Medical Therapeutics
Medical Diagnostics
Non-Medical Application
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Key Takeaways
- •Biophotonics market expected to grow at 11.3% CAGR by 2031.
- •North America leads the market, followed by Europe and Asia Pacific.
- •Medical diagnostics segment to dominate the market.
- •Biosensors to witness the highest growth rate.
- •Key players include Becton, Dickinson & Co. and Olympus America.
Frequently Asked Questions about Biophotonics Market Evolving Latest Trends To Lead Global Industry By 2021– 2031
1What is the main topic?
The main topic is the growth and trends of the global biophotonics market from 2021 to 2031.
2What are the key growth drivers?
Key growth drivers include technological innovations, aging population, and increased healthcare applications.
3Which region leads the biophotonics market?
North America currently leads the biophotonics market, with significant contributions from Europe and Asia Pacific.
