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.
In depth research report on Biophotonics Market
Further key findings from the report 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.
Grand
View Research has segmented the global biophotonics market on the basis of
end-use, application, and region.
Biophotonics End-Use Outlook (Revenue, USD Billion;
2013 - 2024)
·
Tests and components
·
Medical therapeutics
·
Medical diagnostics
·
Non-medical application
Biophotonics Application Outlook (Revenue, USD
Billion; 2013 - 2024)
·
See-Through Imaging
·
Microscopy
·
Inside Imaging
·
Spectro Molecular
·
Other Analytics Sensing
·
Light Therapy
·
Surface Imaging
·
Biosensors
Biophotonics Regional Outlook (Revenue, USD Billion;
2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
RoW
Browse more research reports of this category:
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
No comments:
Post a Comment