Biophotonics Market Overview:
The global biophotonics market size is estimated to reach $63.1 billion by 2022 from $31.6 billion in 2015, growing at a CAGR of 10.4% from 2016 to 2022. Biophotonics is the science of generating and harnessing light to visualize, detect, and manipulate biological materials. It uses light and other forms of radiant energy to understand the internal functioning of cells and tissues in living organisms.
In biology, biophotonics is utilized for the analysis of molecular mechanisms, functions, and structures. In medicine, it is used to study light‐tissue interactions at the micro-, nano-, and macro-organism level to detect, diagnose, and treat diseases. Moreover, it helps in emission, detection, absorption, reflection, modification, and creation of radiation from bimolecular, cells, tissues, organisms, and biomaterials.
Biophotonics technology is expected to witness notable growth in the coming years owing to development in biosensors and its increased use in the nonmedical sector. Availability of funds for research & development is expected to fuel growth during the forecast period. The impact of these drivers is expected to increase significantly due to rise in awareness about the benefits of the biophotonics. However, high price of biophotonics-based instruments due to complexity of technology restrains the growth of the market. Nevertheless, with the advancement in the technology, cost of biophotonics devices is expected to reduce in the years to come.
Emergence Of Nanotechnology Leads To The Development Of Biophotonics
Nanotechnology is a science that deals with dimensions at the nanoscale, which is about 1 to 100 nanometers. This technology is applicable across all the other science fields such as chemistry, biology, physics, materials science, and engineering.
The graph above shows the increase in market size of nanotechnology, and is expected to reach around $100,000 million, which fuels the market growth. Nanotechnology enhances the activity or sensing technology of biophotonics-based devices.
Practice of nano technology in healthcare sector helps a lot in sensing human cells and tissues. For example, for a cancer patient usage of biophotonics helps in connecting with the directly affected cells and improves the process of curing. The increase in penetration of advanced healthcare devices fuel the growth in biophotonics market
Top Impacting Factors
The emergence of nanotechnology, R&D in the field of optics, increased use of biophotonic devices for medical & nonmedical purposes, and high equipment cost have a significant impact on the growth of the market. Each of these factors is expected to have its definite impact on the market during the forecast period.
POTENTIAL BENEFITS FOR STAKEHOLDERS
- This report provides an in-depth analysis of the global biophotonics market along with the current trends and future estimations to identify lucrative marketing and investment opportunities.
- It elucidates on the key drivers, opportunities, and restraints that shape the market along with their impact analysis.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers facilitate better decision-making for stakeholders and strengthen their supplier and buyer networks.
BIOPHOTONICS MARKET KEY SEGMENTATION
BY END USER
- Medical Diagnostics
- Medical Therapeutic
- Tests & Components
- Nonmedical Application
- See-Through Imaging
- Inside Imaging
- Spectro Molecular
- Surface Imaging
- Light Therapy
- Analytical Sensing
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- Affymetrix Inc.
- Andor Technology Ltd.
- Carl Zeiss AG
- Becton, Dickinson and Company
- FEI Company
- Hamamatsu Photonics K.K.
- Lumenis Ltd., Olympus Corporation
- PerkinElmer Inc.
- Zecotek Photonics Inc.