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 expected 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 companies 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 expected to limit market growth throughout the anticipated time frame.

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The high cost of biophotonics equipment and therapies is expected to impede market expansion. Instruments for biophotonics are very 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 biophotonics.

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 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.