Biophotonics Market to Soar in the Near Future Owing to Growing Consumer Adoption

Biophotonics is the term derived by the combination of photonics and biology. Photons are central entity in information technology in the same manner as electrons in electronics. Biophotonics is the application and development of optical methodology such as imaging, diagnosing etc, to study cells and tissues. It refers to detection, emission, absorption, modification, reflection and creation of radiation from tissues, organisms, biomaterials and cells. The major applications in the field of biophotonics are Life science, agriculture, environmental science and medicine.

Global biophotonics market was valued at US$ 49.0 billion in 2018 and is predicted to reach US$ 95.0 billion, growing at a CAGR of 8.3% during the forecast period (2019 to 2027).

The biophotonics industry is being driven by rising demand for quality healthcare and an ageing population. The primary advantage of biophotonics is that it retains cells for a particular length of time when they are inspected. Aside from that, developments in optical technologies in the aerospace and telecommunications industries, as well as the availability of money for research and development, are fueling the expansion of the biophotonics market. Furthermore, the demand for minimally invasive operations and rising food security awareness are projected to drive the biophotonics market during the forecast period. The increasing demand for non-medical applications, such as the prevention of unauthorised data access and disease detection in agricultural food products, are some of the market's potential opportunities.

North America accounted for the greatest market share in 2018, which is predicted to pool considerable investment while also doing high-end research in the field of biophotonics in the next years. Furthermore, the growing number of cancer patients and demand for non-medical uses, primarily in the realm of food security, have secured this region's dominance. The primary growth factors for this geography are an ageing population and rising healthcare costs.