BioPhotonics Market - Growth, Trends, and Forecast (2019 - 2024)
The key factors propelling the growth of the market are the growing geriatric population, increasing use of biophotonics in cell and tissue diagnostics, emergence of nanotechnology in biophotonics, and the development of the novel photoacoustic tomography (PAT) system.
Research in biology has shifted from the level of cell to viruses and cellular constituents, such as proteins and nucleic acids. Tools for the investigation of these constituents must operate on the same scale, shifting focus from micro-scale to nano-scale. As a result, nanotechnology’s applications in imaging biological processes, for analyzing biological materials, have been increasing. Gold and iron nanoparticles are used in biomedical imaging. For instance, the gold nanoparticle is used by researchers from the University of Rochester on the tip of an optical fiber as an antenna, to enhance the fluorescence of labeled proteins in the cell membrane. Gold nanoparticles are also used, along with laser, to destroy cancer cells. In comparison, silica nanoparticles are less toxic than gold nanoparticles, and can be targeted against specific pathogens or tumors.
These nanoparticles can also carry chemotherapy drugs directly to tumors, reducing the harmful effects of these drugs on the body. The increasing benefits of biophotonics, concerning nanotechnology through improved artificial markers, are expected to drive the market.
Scope of the Report
As per the scope of the report, biophotonics is an emerging interdisciplinary research area, dealing with all light-based technologies that are significantly used in life sciences and medicine. This report gives a detailed analysis of the technologies that are available in the biophotonics market, in various regions across the world.
Key Market Trends
Inside Imaging (Endoscopy) is Expected to Hold the Highest Market Share in the Technology Segment
In the Technology segment of the market, inside imaging (endoscopy) is believed to have the largest market size, and is expected to witness a CAGR of 9.04% during the forecast period.
The integration of detection, characterization, diagnosis, and staging, during the time of endoscopy, is still an unmet medical need. The beginning of biophotonics in endoscopy has unlocked new prospects, and created some significant and new opportunities for enhanced identification and biochemical characterization of diseases. The most appropriate and useful method for categorizing biophotonic endoscopic techniques can be according to their ability to provide functional and biochemical information, and to enhance spatial resolution. SHG (Second Harmonic Generation), fa/LCI (frequency-domain angle-resolved low coherence interferometry), and near-IR (near-infrared) technologies are some of the commonly used visualization technologies. The aforementioned applications of these technologies drive the demand for the biophotonics market.
North America Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period
Currently, North America dominates the market for biophotonics, and is expected to continue its stronghold for a few more years. The United States is a major market in the biophotonics industry, owing to the US government’s initiatives to develop the industry. In addition, the emergence of nanotechnology has driven the biophotonics market in the United States.
Companies, such as Thermofisher Scientific, Becton, Dickinson, and Company, Hamamatsu Photonics KK, Olympus Corporation, and Carl Zeiss AG, are some of the key players of the market. With increase in technological advancements in the imaging industry, efforts are being taken by healthcare companies to offer efficient and novel products to the customers. Therefore, an emergence of more new players is anticipated in the future.
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