Biophotonics is the science of producing and harnessing light to identify, image and manipulate biological substances. It includes the implementation and growth of different optical procedures to analyze molecules, cells and tissues. Biophotonics is necessarily an amalgamation of photonics and biology. Photonics refers to the technology and analysis of utilizing light to send out data.
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The worldwide biophotonics market is estimated to attain about USD 50 billion by 2020. It was anticipated to have produced revenue worth around USD 25 billion in 2013. The market is expected to increase at about 10 percent CAGR during 2014 to 2020. Rising demand for untimely and correct detection of illnesses and growing population of the elderly are estimated to be the two most vital factors, positively influencing the market.
Innovations in optical technologies are also likely to drive further growth of the biophotonics market during the forecast phase. Increased demand for superior healthcare from the geriatric population across the globe is also estimated to steer the sales of the market through the said period. High-tech developments in the sectors of aerospace and telecom would aid further growth of the biophotonics market. Individual and governmental investments for the research and development of biophotonics are also expected to drive further demand for biophotonics. However, high costs of biophotonics-based devices and intricacies of biophotonics technology are estimated to prevent further expansion of the biophotonics market.
Growing demand for biophotonics in non-healthcare applications would open new opportunities for the market through the forecast phase. Rising demand for biophotonics across consumer and application segments is also predicted to increase the market further.
The worldwide biophotonics market is trifurcated on the strength of three categories. These include applications, consumers and geographies. The various applications are inside imaging, surface imaging, microscopy, other analytics sensing, light therapy, biosensors, see-through imaging and spectromolecular market. The consumers biophotonics market consists of medical diagnostics, medical therapeutics, non-medical applications and tests and components.
The market, in view of geographies, is fragmented on the strength of Asia Pacific, rest of the world, Europe and North America.
The applications biophotonics market was dominated by see-through imaging in 2013. See-through imaging occupied most of the shares. This was because of the rising demand for innovative non-invasive surgical practices across different medical sectors. The consumers biophotonics market was leaded by medical diagnostics in 2013. Medical diagnostics contributed maximum income to the market. The geographies market was leaded by North America in 2013. The North American biophotonics market occupied the biggest share. Owing to augmented investments in the research and development of biophotonics and growing cancer cases, this region is estimated to increase significantly through the forecast period.
The Asian Pacific market was estimated at about USD 4 billion in 2013. Increased population of old people and rising medical expenses are estimated to expand this market further. The region is also likely to be the most swiftly growing biophotonics market in the years ahead. Boosting demand for the worldwide market also owes to amplified demand for biophotonics across four geographical regions.
Information Source: Grand View Research