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 ca