The global biophotonics market is anticipated to contribute $59.9 billion by 2022 growing at a CAGR of 11.6% during 2016-2022. The biophotonics market is segregated on the basis of end use including medical therapeutics, test components, medical diagnostics and non-medical end use. In 2015, medical diagnostics segment holds the largest market share in the end use segment owing to its increasing adoption rate by numerous end-users which include instrument manufacturers, healthcare providers, research laboratories and medical institutes. However, the non-medical end use is anticipated to be the fastest growing segment due to its environmental screening and monitoring capabilities.
The improvement in the studies related to pathogen exposures in agricultural food items, continuous blood monitoring and inhibition of unauthorized data visualization is anticipated to significantly influence the biophotonics market for numerous non-medical applications. Furthermore, biophotonics finds its application in the study of working of molecular mechanisms, proteins, DNA and other important molecules. The global biophotonics market can further be bifurcated on the basis of application including surface imaging, see-through imaging, microscopy, endoscopy, light therapy, spectromolecular biosensors and others.
In 2015, see-through imaging application segment held the largest market share owing to rising demand for radical non-invasive surgical procedures in numerous medical fields such as neurology, oncology, cardiology and brain imaging. However, surface imaging segment is expected to witness the highest CAGR during the forecast period.
The biophotonics market is dominated by some major companies such as Hamamatsu Technologies, Becton, Dickinson and Company; Olympus America, Oxford Instruments and Carl Zeiss AG.
The biophotonics market is majorly driven by the rapidly growing geriatric population and high prevalence rate of chronic diseases. In U.K., around 2.5 million people are suffering with cancer presently and this number is anticipated to reach 4 million by 2030. In 2015, the number of people suffering from cancer in UK has increased by almost half a million people in the last five years. The increasing prevalence of cancer is expected to significantly influence the demand for minimally invasive surgeries which in turn will boost the growth of biophotonics market. The other factors that have contributed significantly towards the growing demand for point of care devices, significant technological advancements and emergence of nanotechnology. Supportive government initiatives and rising healthcare amends are also expected to have a positive impact on the growth of biophotonics market. High price of the biophotonics based instruments and complexity of the biophotonics technology are anticipated to hamper the market growth in the upcoming scenario. Moreover, increasing demand from emerging economies and rising application of biophotonics in non-medical sector are expected to create significant growth opportunities for the global biophotonics market.
The report segmented biophotonics devices market on the basis of application, technology, end-use and regions. The country level analysis of each geographical region is the USP of our report. The analysis of the report is based on various parameters such as R&D on biophotonics industry, prevalence of chronic diseases across regions and revenue of key market players. The data is collected through primary and secondary research. The report provides detailed analysis of key market players and their strategies.