Biophotonics Industry Size, Share, Demand & Growth by 2033
As per the latest market research conducted by FMI, the global biophotonics industry is expected to record a CAGR of 11.3% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 54,320.0 million. By 2033, the valuation is anticipated to reach US$ 1,58,457.0 million.
Increased product releases and approvals by regulatory
agencies to key players in the market are likely to boost market expansion over
the forecast period. For instance, a medical technology company called Kleresca
announced the introduction of a new rosacea treatment in August 2018. It is
founded on the distinct and patented biophotonic technology developed by
Kleresca, which makes use of fluorescent light energy to activate the skin’s
natural repair processes through photobiomodulation.
On the other hand, as the majority of pharmaceuticals
are still covered by patents, only a few selected firms have the ability to
benefit from medical solutions. This is one of the main factors that can have
an impact on the market expansion of biophotonics. This is anticipated to limit
market growth throughout the anticipated time frame.
Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-92
The high cost of biophotonics equipment and therapies
is anticipated to impede market expansion. Instruments for biophotonics are
highly expensive in comparison to substitutes. The expensive cost of
biophotonics technology prevents many small and medium-sized
organizations and end users from implementing it. Besides that, this might
limit the application of biophotonic technology. Hence, the industry’s growth
is likely to be constrained by the high cost of biophotonic.
Developments in the Market:
On November 24, 2020, Optics BioPhotonics Group, a
company specializing in providing technological solutions in biophotonics,
and Jenoptik Light, a company that develops optical technologies and operates
globally, announced a partnership to provide a next-generation automated
microscope for inline cellular analysis as well as microscopy, illumination
systems, and high-performance imaging systems.
Key Takeaways:
- The
biophotonics market recorded a CAGR of 3.4% from 2018 to 2022.
- China
is expected to record a CAGR of 12.4% over the forecast period.
- The
biophotonics market is anticipated to reach a valuation of US$ 54,320.0
million in 2023.
- Japan
is expected to record a CAGR of 22.8% over the forecast period.
- The
biophotonics market is expected to surpass US$ 1,58,457.0 million by 2033.
- The
increasing prevalence of chronic diseases such as cancer, cardiovascular
diseases, and diabetes is driving the growth of the market.
- The
biophotonics market is predicted to record a CAGR of 11.3% through 2033.
- India
is expected to record a CAGR of 13.4% over the forecast period.
About the Chemicals and Materials Division
at Future Market Insights (FMI)
The chemicals and materials division of Future Market
Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and
materials industry. This exhaustive coverage extends from commodity, bulk,
specialty, and petrochemicals to advanced materials, composites, and
nanotechnology in particular, with special emphasis on ‘green alternatives,
recycling and renewable technology developments, and supply-demand-trade
assessment. Our research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners, and government
bodies for developing — ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified,
recipient of the Stevie Award, and a member of the Greater New York Chamber of
Commerce) offers profound insights into the driving factors that are boosting
demand in the market. FMI stands as the leading global provider of market
intelligence, advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals
markets. With a vast team of over 400 analysts worldwide, FMI provides global,
regional, and local expertise on diverse domains and industry trends across
more than 110 countries.
Contact
Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
Comments
Post a Comment