Global Biophotonics Market was valued US$ 36.8 Bn in 2017 and is expected to reach US$ 81.85 Bn by 2026 at a CAGR of 10.51% during the forecast period.
Increase in geriatric population and demand for quality healthcare services are the key factors to drive the global biophotonics market.Rise in the number of diabetic patients is another factor augmenting the demand in the global biophotonics market.There are certain factors that delay growth in the global biophotonics market. As, the complexity of biophotonics and expensive cost of biophotonics-based instruments are predicted to stunt the growth of the global market. However, growing awareness about food security create rewarding opportunities in the global biophotonics market.
In the application segment of the biophotonics market, Inside Imaging (Endoscopy) is believed to have the largest market size and is expected to witness a CAGR of 9.04% in the forecast period.
The demand for biophotonics from non-medical application is expected to gain impetus in the coming years. A wide range of chemicals, toxins, and microbiological materials are now being used in warfare and terror attacks; it is expected that in the coming years, threats from such chemicals and biological warfare will rise significantly. As such, the need of biophotonics systems for the detection of such biochemical mediators will boost the demand of the biophotonics market in the defense sector. Biophotonics systems are also developed for the use in environmental monitoring. Since environmental concerns like increasing pollution and global warming are common issues faced by various nations, the use of biophotonics for environment monitoring is expected to grow in the coming years.
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North America dominates the global biophotonics market by capturing a market share of approximately xx% in 2018. The growth of the regional market is supported by the increasing investments within the healthcare sector, the presence of sophisticated healthcare infrastructure and surging R&D initiatives. The increasing prevalence of chronic diseases like cancer, Alzheimer disease and diabetes coupled with growing geriatric population base is projected to fuel the regional market growth in the coming years. The Asia-Pacific region is expected to be the fastest growing biophotonic market. The major factors that are driving the growth of the biophotonic market are the increasing healthcare expenditure in the Asia-Pacific region. China is the market leader in terms of healthcare spending in the region.
Companies such as Thermofisher Scientific, Becton, Dickinson and Company, Hamamatsu Photonics KK, Olympus Corporation, and Carl Zeiss AG, are some of the key players of BioPhotonics market. With the increase in technological improvements in the imaging industry, there are efforts being taken by the healthcare companies to offer efficient and novel products to the customers. Therefore, it is believed that there might be an emergence of the more new players in the future.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by end user, application and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the biophotonics market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Scope of Global Biophotonics Market
Global Biophotonics Market, By End User
• Medical Therapeutic
• Tests & Components
• Nonmedical Application
• Inside Imaging
• Spectro Molecular
• Surface Imaging
• Light Therapy
• Analytical Sensing
• Asia Pacific
• Middle East & Africa
• South America
• 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.
• Thermofisher Scientific
• Olympus Corporation
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