Global Biophotonics Market Amid COVID-19: A $5 Billion Decline is Projected for 2020 but Will Rebound and Reach $55 Billion by 2023
DUBLIN, Aug. 4, 2020 /PRNewswire/ -- The "Biophotonics Global Market Report 2020-2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global biophotonics market is expected to decline from $46.61 billion in 2019 to $41.21 billion in 2020 at a compound annual growth rate (CAGR) of -11.58%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $55.13 billion in 2023 at a CAGR of 10.18%.
In August 2018, Gooch & Housego (G&H), a photonics technology company engaged in manufacturing optical components and systems, announced the acquisition of medical device firm Integrated Technologies Ltd. (ITL) for an amount of $27.8 million (22 million). This acquisition is expected to double Gooch & Housego's revenue of life science business and accelerate the company's value chain. Integrated Technologies Ltd (ITL) was established in 1977 and designs, develops, and manufactures life-saving medical technologies, analytical instruments, and diagnostic devices.
Major players in the biophotonics market are Thermo Fisher Scientific, OPGEN, NU Skin Enterprises, IPG Photonics Corp., Idex Corp, Toshiba, Procter & Gamble, Horiba, and Precision Photonics Corp.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider global biophotonics market, and compares it with other markets.
Key Topics Covered
4.2. Global Biophotonics Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.3. Global Biophotonics Market, Segmentation By End Use, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Biophotonics Market Regional And Country Analysis
For more information about this report visit https://www.researchandmarkets.com/r/p17rit
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