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 its ability to harnesses light for comprehending
the functioning of cells and tissue in living organisms. This further aids in
the better diagnosis of health problems.
Biophotonics market is projected to witness a
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 authenticity, quality, and reliability of the products.
Browse full research report on Biophotonics
Market:
https://www.grandviewresearch.com/industry-analysis/biophotonics-market
- 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 a
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 an aggressive competition in the arena of
technological development, leading to the application of biophotonic
devices in households.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/biophotonics-market/request/rs1
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.
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