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The global Biophotonics market accounted for USD 37.4 Billion in 2020 and is expected to reach USD 88.1 Billion by 2028
— Prakash Torase
SUITE N202, NEW YORK, UNITED STATES, September 12, 2022 /EINPresswire.com/ — The global Biophotonics market accounted for USD 37.4 Billion in 2020 and is expected to reach USD 88.1 Billion by 2028, growing at a CAGR of around 8.3% between 2021 and 2028.
The report covers detailed analysis and forecast for the biophotonics market on a global and regional level from 2016 to 2028. The study offers historic data of 2016 along with a forecast from 2021 to 2028 based on revenue (USD Billion). The study comprises a comprehensive view of the market with the review of market drivers, restraints, and opportunities. It also provides the level of impact of drivers and restraints on the biophotonics market between 2016 and 2028.
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The study included a detailed competitive scenario and end-use portfolio of key vendors. The report evaluates Porter’s Five Forces model to analyze the different factors affecting the growth of the biophotonics market. Moreover, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by application, end-use, and region.
The report includes detailed segmentation of biophotonics market based on end-use, application, and region. Test & components, medical therapeutics, medical diagnostics, and non-medical are the key end-use segments in the biophotonics market. On the basis of application segment, the market can be classified into see-through imaging, microscopy, inside imaging, spectro molecular, light therapy, surface imaging, and biosensors. Major regional segment analyzed in this report include North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa with its further bifurcation into major countries including the U.S. Germany, France, UK, China, Japan, India, and Brazil.
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Geographically, North America has been leading the worldwide biophotonics market and is anticipated to continue on the dominant position in the years to come, states the market study. Mounting investments in the medical sector, outstanding infrastructural development, and increase in research & development activities are the key factors that have contributed towards the dominance of the North America biophotonics market.
Browse the full “Biophotonics Market By End-use (Test & Components, Medical Therapeutics, Medical Diagnostics, and Non-Medical.) By Application (See-Through Imaging, Microscopy, Inside Imaging, Spectro Molecular, Light Therapy, Surface Imaging, and Biosensors): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
COVID-19 Impact Analysis
The global Biophotonics market has witnessed a slight decline in the sales for short term to the lockdown enforcement placed by governments in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand. The market would remain bullish in upcoming year. The significant decrease in the global Biophotonics market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
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“Large-scale use of photonic parts in healthcare equipment to obtain greater accuracy and sensitivity will boost the growth of biophotonics market over the coming years,” says the author of this study. Apart from this, rapidly increasing geriatric population and rising incidences of chronic ailments will lead to more demand for biophotonics over the forthcoming years. In addition to this, favorable government policies and prominent application of IT in the healthcare sector will further boost the biophotonics market trends.
Escalating costs of biophotonics-based equipment along with the intricacies associated with the biophotonics technology, however, are likely to hinder the biophotonics market evolution over the next few years. Nevertheless, substantial advancements in the technology over the past few years and its rapid acceptance across the medical industry are anticipated to harvest new growth avenues for biophotonics market, normalizing the impact of hindrances on the biophotonics market, reports the study.
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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