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 to its ability to harnesses light for comprehending the functioning of cells and tissue in living organisms. This further aids in better diagnosis of health problems.
The
biophotonics market is projected to witness 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 the authenticity, quality, and
reliability of the products.
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Further key
findings from the report suggest:
- 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 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 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)
- Tests and components
- Medical therapeutics
- Medical diagnostics
- Non-medical application
Biophotonics
Application Outlook (Revenue, USD Billion; 2013 - 2024)
- See-Through Imaging
- Microscopy
- Inside Imaging
- Spectro Molecular
- Other Analytics Sensing
- Light Therapy
- Surface Imaging
- Biosensors
Biophotonics
Regional Outlook (Revenue, USD Billion; 2013 - 2024)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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