According to the report, the global biophotonics market was valued at around USD 29.08 billion in 2015 and is expected to reach approximately at USD 54.39 billion by 2021, growing at a CAGR of around 11.2% between 2016 and 2021.
Biophotonics is the combination of biological materials and light which integrates lasers, photonics, biotechnology, and nanotechnology. Biophotonics is applied in dentistry and medicine for diagnosis and treatment of diseases. Biophotonics uses light beams and forms of energy to diagnose and monitor medical conditions. Biophotonics plays an important role in dentistry for the early detection of diseases.
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Increasing geriatric population coupled with rising frequency of chronic diseases are major driving factors for biophotonics market. Moreover, increasing government initiatives and incorporation of IT in the healthcare sectors is expected to have a positive impact on the biophotonics market. The increase in the number of photonic components in the healthcare instruments for higher accuracy & sensitivity and value improvement is anticipated to drive the market growth in the years to come.However, the high price of biophotonics-based instruments coupled with the complexity of the biophotonics technology may curb the market growth in the near future. Nevertheless, the significant technological advancements over the decade and their adoption in the medical sector are expected to open up new growth opportunities within the forecast period.
The application segments of biophotonics market are see-through imaging, microscopy, inside imaging, spectral molecular, light therapy, surface imaging, and biosensors. In 2015, see-through imaging was sharing the largest part of revenue due to strong demand for radical non-invasive surgical procedures in medical sectors, such as brain imaging, cardiology, neurology, and oncology. Light therapy is expected to witness the fastest growth in the years to come.
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Test & components, medical therapeutics, medical diagnostics, and non-medical are the key end-users in the biophotonics market. Medical diagnostics accounted for the largest share of revenue, as a result of increasing adoption by different end-users which include healthcare providers, research laboratories, and instrument manufacturers.Non-medical is another key outlet of biophotonics market and is expected to experienced strong growth in the near future. This growth is mainly due to its environmental screening and monitoring capabilities. Moreover, test & components and medical therapeutics are projected to witness significant growth within the forecast period.
In terms of geography, the market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America dominated this market with the largest share of biophotonics market as a result of surging R&D initiatives and accessibility to the excellent infrastructure coupled with the high investments in the healthcare sector.Europe accounted for a profitable share in terms of revenue in 2015owing to various ongoing development activities in the medical sector. However, Asia Pacific is anticipated to witness robust growth in the years to come on account of the developing economic status and rising demand for the R&D projects. Latin America and the Middle East & Africa is expected to show significant growth in the coming years. This growth is mainly due to increase awareness and demand for biologics and improvement in health care infrastructure.
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The key market players comprise Carl Zeiss, Toll FreeLumenisLtd., Hamamatsu Photonics K.K., BD (Becton, Dickinson and Company), Andor Technology Ltd, Olympus Corporation,Perkinelmer, Inc., Affymetrix Inc.,FEI Company and Olympus America.
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