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.
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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.
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