The global biophotonics market is foreseen in a report by Transparency Market Research (TMR) to find players introducing the study in different non-medical applications. There are a number of companies operating in the global biophotonics market, viz. Oxford Instruments Plc., Hamamatsu Photonics K.K., Olympus Corporation, PerkinElmer Inc., and Becton Dickinson & Co. Among these, Hamamatsu Photonics K.K. and Becton Dickinson & Co. are projected to make their presence known in the global biophotonics market. They could bank on their technical expertise, brand value, financial power, and dedicated research facilities to gain a strong foothold in the global biophotonics market.
TMR prophesies the global biophotonics market to reach a US$50.20 bn valuation by the end of 2020. Among various end uses of biophotonics, non-medical applications could show faster growth in the global market. Regionally, North America is foretold to dominate the global biophotonics market with its larger share.
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Growth of Aging Population and Demand for Quality Healthcare to Catapult Market
The global biophotonics market is anticipated to gain momentum due to the increase in geriatric population and demand for quality healthcare services. In the near future, the global biophotonics market could grow handsomely on the back of the availability of private and government funds provided for research and development purpose. The aerospace and telecom industries witnessing advancement in optical technologies are forecast to push the growth of the global biophotonics market.
Rising demand in non-medical applications is prognosticated to propel the growth of the global biophotonics market. Biophotonics is used to detect pathogens in agricultural food products and prevent unauthorized access to agricultural data. Besides non-medical, the global biophotonics market is envisaged to find growth in other lucrative end uses such as medical diagnostics, which currently holds a lion’s share. Swelling demand for non-invasive surgical procedures in oncology, cardiology, neurology, and brain imaging could augur well for the global biophotonics market. Rise in the number of diabetic patients could be another factor augmenting the demand in the global biophotonics market.
Market to Suffer with Complexities of Biophotonics Technology and High Cost
There are certain factors that could delay growth in the global biophotonics market. For instance, the complexity of biophotonics and expensive cost of biophotonics-based instruments are predicted to stunt the growth of the global market. However, growing awareness about food security could create rewarding opportunities in the global biophotonics market. On the other hand, rising demand for minimally invasive surgeries is expected to give impetus to the global biophotonics market.
Emerging regions such as Asia Pacific could offer lucrative prospects in the global biophotonics market because of improving healthcare expenditure. Among developed regions, North America is envisioned to provide a profit-making platform for vendors as the number of cancer patients increases.
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The global biophotonics market is segmented into:
Global Biophotonics Market by End Use
- Tests and Components
- Medical Therapeutics
- Medical Diagnostics
- Non-medical Applications
Global Biophotonics Market by Application
- See-through Imaging
- Inside Imaging
- Spectro Molecular
- Other Analytics Sensing
- Light Therapy
- Surface Imaging