Biophotonics is an emerging interdisciplinary field that involves the use of light and other forms of radiant energy to analyse and manipulate the working of cells and tissues. Biophotonics finds its use in the fields of medicine, biology, agriculture, and environmental science.
The invention of the laser and the development of optical fibres in the 1960s were the main factors that contributed to the emergence of photonics. Biophotonics became an interdisciplinary field after the commission of The Center for Biophotonics, Science and Technology (CBST) in 2002.
The easy availability of funds for biophotonics research and development (R&D) activities has augured well for the advancement of the biophotonics sector. The European Commission, Medical Research Council, The Robertson Trust, and BBSRC are some of the leading organisations that have supported R&D activities in the biophotonics sector.
Global Biophotonics Market: Widening Range of Biophotonics Applications and Increased Healthcare Spending Key Drivers
The global biophotonics market is forecasted to expand at a CAGR of 11.3% through 2020 and reach a valuation of US$ 59.7 Bn. North America, Europe, Middle East & Africa (EMEA), and Asia Pacific are projected to be the key regions for the growth of the global biophotonics market. The key drivers for the stellar growth of the global biophotonics market include widening range of biophotonics applications, increase in ageing population, widespread prevalence of chronic diseases, and government support for innovations in the healthcare sector.
Global Biophotonics Market: Key End Uses
On the basis of key end uses, the global biophotonics market is segmented into:
The medical diagnostics segment had a market share of 69.3% in 2014 and it is anticipated that the segment will witness a 10.7% CAGR through 2020. On the other hand, the non-medical components segment is forecasted to witness a 15.5% CAGR during the forecast period. The growth of the global photonics market will be on account of applications of biophotonics in diagnostic centres, scientific instrument manufacturing, and medical and research institutes.
Global Biophotonics Market: Key Application Segments
The key application segments of the global biophotonics market include:
Among these key application segments, biosensors and light therapy segments are forecasted to witness a steady growth through the forecast period. Furthermore, the biosensors application segment is also projected to witness a high growth rate through 2020.
Demand from the Healthcare Sector will Provide an Impetus to the Global Biophotonics Market
Healthcare is the largest sector for biophotonics applications and it is anticipated that the increased healthcare spending in both developed and emerging economies will augur well for the growth of the global biophotonics market. It is projected that the growth in North America’s biophotonics market will be a key contributor to the global biophotonics market. Apart from North America, healthcare spending in Europe and Asia Pacific are also projected to contribute to the growth of the global biophotonics market.
Global Biophotonics Market: Key Players
The key players in the global biophotonics market are, PerkinElmer, Inc. (U.S.), Olympus Corporation (Japan), Carl Zeiss A.G. (Germany), Oxford Instruments Plc. (U.K.), Hamamatsu Photonics K.K. (Japan), Becton Dickinson & Co. (U.S.), Affymetrix Inc. (U.S.). It is projected that these companies will further consolidate their position during the forecast period on account of applications of the biophotonics market in the healthcare and agriculture sector.
Browse full Report of Global Biophotonics Market: https://www.futuremarketinsights.com/reports/details/global-biophotonics-market
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