According to the report, published by Zion Market Research, the global biophotonics market was valued at around USD 29.08 billion in 2015 and is expected to reach approximately at USD 54.39 billion by 2021, growing at a CAGR of around 11.2% between 2016 and 2021.
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Biophotonics is a promising area of scientific research which deals with interactions between biological matter and light. Biophotonics is the science and technology of generating and harnessing photons to manipulate and detect biological materials. Biophotonics uses light beams and forms of energy to diagnose and monitor medical conditions.
Global biophotonics market is expected to witness lucrative growth over the forecast period owing to increasing geriatric population coupled with rising frequency of chronic diseases. The other key factors predisposing to the growth of biophotonics market include increasing government initiatives and incorporation of IT into the healthcare applications across the globe. Moreover, the increase in the number of photonic components in the healthcare instruments for higher accuracy & sensitivity and value improvement is expected to propel the market growth in the years to come.However, the high price of biophotonics based instruments coupled with the complexity of the biophotonics technology may curb the market growth in the near future. Nevertheless, the significant technological advancements over the decade and their adoption in the medical sector are expected to open up new growth opportunities within the forecast period.
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Based on application, biophotonics market is classified into see-through imaging, microscopy, inside imaging, spectro molecular, light therapy, surface imaging, and biosensors. In 2015, see-through imaging held the largest share and is expected to witness strong growth in the near future. This is mainly due to strong demand for radical non-invasive surgical procedures in medical sectors, such as brain imaging, cardiology, neurology,and oncology.
The biophotonics market is segmented on the basis of end-use into test & components, medical therapeutics, medical diagnostics, and non-medical. In 2015, medical diagnostics dominated the biophotonics market is expected to experienced substantial growth in the years to come. This growth is mainly attributed to adoption by different end-users which include healthcare providers, research laboratories, and instrument manufacturers. Non-medical segment is expected to witness the fastest growth in the coming years its environmental screening and monitoring capabilities.
North America accounted for largest share of biophotonics market and is projected to witness the highest growth within the forecast period owing to high investments in the healthcare industry, surging R&D initiatives and accessibility to the excellent infrastructure. Asia Pacific biophotonics market is expected to be the fastest-growing region in the years to come. Growth in this region will be mainly driven by factors such as rising aged population, coupled with the growing number of cancer patients. Europe is expected to show significant growth in the years to come. Rising awareness and demand for biologics and improvement in health care infrastructure is expected to boost the market demand in the near future in Europe.
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The key market players comprise Carl Zeiss, LumenisLtd., Hamamatsu Photonics K.K., Becton, Dickinson and Company, Olympus Corporation, Perkinelmer, Inc., Andor Technology Ltd, Affymetrix Inc.,FEI Company and Olympus America.
This report segments the global biophotonics market as follows:
Global Biophotonics Market: End-use Segment Analysis
- Test & Components
- Medical Therapeutics
- Medical Diagnostics
Global Biophotonics Market: Applications Segment Analysis
- See Through Imaging
- Inside Imaging
- Spectro Molecular
- Light Therapy
- Surface Imaging
Global Biophotonics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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