The global biophotonics market was valued at USD 34.29 billion in 2015, which is estimated to reach USD 91.31 billion by 2024, according to a new report by Grand View Research, Inc. The developments in optical technologies, increasing investigations by researchers, and mounting demand for early diagnosis are anticipated to drive the market growth over the forecast period. Biophotonics, being an evolving area of scientific research, has several applications due its ability to harnesses light for comprehending the functioning of cells and tissue in living organisms. This further aids in the better diagnosis of health problems.
Biophotonics market is projected to witness a high growth during the forecast period, owing to its application in optical techniques while simultaneously preserving the integrity of the biological cells under surveillance. New laser microscopes are being developed which permit measurements of distinct molecules and tissues at exceptional resolutions.
Biophotonics also finds applications in numerous procedures including new laser microscopes, which allow exceptional specifications of molecules & single tissues, optical coherence tomography that assists in the minute imaging of biomaterials, and novel light-activated chemicals utilized for welding tissues through surgical procedures.
Considering the enormous application areas, it is becoming perplexing for the key market players to commercialize this technology. However, the market is confronted with a slow commercialization rate due to the low acceptance from end-users, price sensitivity, and concerns pertaining to authenticity, quality, and reliability of the products.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/biophotonics-market
Further key findings from the report suggest:
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The non-medical end-use segment is expected to
emerge as the fastest-growing segment over the forecast period. The snowballing
demand in the non-medical applications is predicted to offer several growth
avenues over the next few years. The usage of biophotonics to examine tissues
at macro and micro levels and diagnose diseases effectively is expected to be a
key reason for its surging end-use applications.
·
The light therapy segment is projected to grow
at a CAGR of 14.88% over the forecast period. It accounted for 3.6% of the
total market revenue in 2014. This is followed by the surface imaging segment,
which is expected to exhibit a high market growth. In addition to this, the
market is expected to observe growth with increasing adoption of this
technology across various industries, such as biotechnology, therapeutics,
agriculture, diagnostics, and life sciences R&D. Other impact rendering
applications include environmental monitoring, food analysis, dosimetry,
dentistry, and medical imaging utilizing endoscopy and Raman spectroscopy.
·
The Asia Pacific biophotonics market is expected
to grow at a CAGR exceeding 13% over the next few years. Due to the augmented
investment in R&D activities, coupled with the increasing prevalence of
cancer, the market is expected to witness a substantial growth. The increasing
healthcare expenditure and rising government initiatives are expected to fuel
the demand for the regional market.
·
The prominent industry participants include IPG
Photonics Corp., Idex Corp., Toshiba, Procter & Gamble, Horiba, Precision
Photonics Corp. (PPC), Roche, GE, Philips, and Danone. The market is projected
to exhibit an aggressive competition in the arena of technological development,
leading to the application of biophotonic devices in households.
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Grand View Research has segmented the global biophotonics market on the basis of end-use, application, and region.
Biophotonics End-Use Outlook (Revenue, USD Billion; 2013 - 2024)
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Tests and components
·
Medical therapeutics
·
Medical diagnostics
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Non-medical application
Biophotonics Application Outlook (Revenue, USD Billion; 2013 - 2024)
·
See-Through Imaging
·
Microscopy
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Inside Imaging
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Spectro Molecular
·
Other Analytics Sensing
·
Light Therapy
·
Surface Imaging
·
Biosensors
Biophotonics Regional Outlook (Revenue, USD Billion; 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
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RoW
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