The key companies in this market include Affymetrix, Inc., Andor Technology Ltd., Becton, Dickinson and Company, Carl Zeiss AG, FEI Company, and many more.
The Biophotonics market has been forecasted to be worth USD 36.8 billion in 2017 and is expected to reach around USD 59.9 billion by 2022, at a CAGR of 10.2% during the forecast years, 2017- 2022. The largest segment of the biophotonics market is see-through imaging, which accounted for a market share of over 40% in 2016.
The Biophotonics market involves the development and application of various optical techniques to study cells and tissues, and monitoring to treat medical conditions. The rising demand for quality healthcare from the growing geriatric population, worldwide, is expected to fuel the growth of the global biophotonics market. Biophotonics is an emerging research field, which includes injecting the fluorescent markers into a biological system to track cell dynamics and drug delivery. The demand for biophotonics from non-medical sectors is expected to gain momentum in the coming years.
Latest Developments
Biophotonics has a number of innovative research strands, which involve label-free imaging, vibrational spectroscopic characterization of tissue, and nanobiophotonics that are producing results for this platform. The developments in optical technologies, increasing investigations by researchers, and mounting demand for early diagnosis are also anticipated to drive the market over the forecasted period.
Market Insights
Imaging applications segment is marked to be the largest part of the Biophotonics market, worth USD 20.3 billion in 2017 and projected to witness a CAGR of 10.3% during the forecast period. The analytics and sensing applications segment is anticipated to witness a faster CAGR of 10.4%, to reach USD XX billion by 2022. The North American market is backed by the growing investments within the healthcare sector, increasing R&D, and the presence of top-class healthcare infrastructure. The Asia-Pacific market is expected to grow at a fast rate, as India, China, Indonesia, and the Philippines are increasing their healthcare expenditure to cater to the growing needs of the rising geriatric population, along with the rising prevalence of chronic diseases.
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The Biophotonics market segmentation is based on application and technology. Based on technology the market is segmented into see-through imaging, microscopy, inside imaging, spectro molecular, light therapy, surface imaging, and biosensors. The biophotonics market, based on application, is segmented into diagnostics, therapeutics, and others. The report provides an in-depth analysis of the biophotonics market across different geographical regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa, along with further country-wise segmentation. Geographically, North America accounts for the largest share of the biophotonics market and is projected to witness the highest growth during the forecast period, owing to high investments in the healthcare industry, surging R&D initiatives, and accessibility to excellent infrastructure. Affymetrix Inc., PerkinElmer, Inc., Becton Dickinson & Co., Glenbrook Technologies Inc., Hamamatsu Photonics K.K., Oxford Instruments Plc, and Zenalux Biomedical Inc., among others, are the major companies in the Biophotonics market.
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About Author: Saloni Mehar is working as a Research Associate with Mordor Intelligence, a market research and consulting firm based in Hyderabad, India with expertise in accurate research and analysis.