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.
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Further key findings from the study 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 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.
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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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
sales@grandviewresearch.com
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