Biophotonics is the combination of biology and photonics, with being the science and technology of generating photons to detect biological materials. Biophotonics can be used to study biological materials. Biophotonics uses light beams and forms of energy to diagnose and monitor medical conditions.
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According to the Zion Market Research, the global biophotonics market was valued at around US$ 29.08 billion in 2015 and is expected to reach approximately at US$ 54.39 billion by 2021, rising at a CAGR of approximately 11.2% between 2016 and 2021. The market is primarily driven by rising aging population coupled with the prevalence of chronic diseases. Furthermore, increasing government support and incorporation of IT in the medical sectors is expected to have the positive impact on the biophotonics market. However, a high cost of biophotonics-based instruments coupled with the complexity of the biophotonics technology may hamper the market growth in the near future. Nevertheless, growing technological advancements over the decade and increasing adoption in the healthcare are anticipated to open up new growth avenues in the years to come.
Based on application, the biophotonics market can be segmented into see-through imaging, microscopy, inside imaging, spectro molecular, light therapy, surface imaging, and biosensors. See-through imaging accounted for largest share of the total market in 2015. Light therapy was another dominant segment and is projected to demonstrate strong growth during the forecast period.
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The biophotonics market is segmented on the basis of end-user such as test & components, medical diagnostics, medical therapeutics and non-medical. Medical diagnostics segment accounted for a large amount of the market share in the year 2015. This growth is mainly attributed to increasing acceptance by different end-users such as research laboratories, healthcare providers, and instrument manufacturers. The non-medical segment is another key segment and is expected to witness significant growth within the forecast period due to its environmental screening and monitoring capabilities. Moreover, test & components and medical therapeutics are projected to show significant growth over the forecast period.
The biophotonics market was dominated by North America with the largest share of the total market in 2015. This growth is mainly due to increase R&D activities and accessibility to the excellent infrastructure coupled with the high investments in the healthcare sector. In terms of demand, North America is followed by Europe and Asia Pacific in 2014. Furthermore, Europe was another leading regional market in 2015 owing to various ongoing development activities in the medical sector. Asia Pacific is expected to witness the fastest growth in the coming years owing to developing economic status and strong demand for the R&D projects. However, the Middle East & Africa and Latin America are also projected to exhibit noticeable growth over the forecast period.
Some of the key market players comprise Carl Zeiss, Lumenis Ltd., Hamamatsu Photonics K.K., BD (Becton, Dickinson and Company), Andor Technology Ltd, Olympus Corporation, Perkin Elmer, Inc., Affymetrix Inc., FEI Company and Olympus America.