Biophotonics Market - Segmented by Technology and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Biophotonics market was valued at USD 41,449 million in 2017, is expected to register a CAGR of about 9.08% during the forecast period, 2018-2023. Growing geriatric population, increasing use of biophotonics in cell and tissue diagnostics, emergence of nanotechnology in biophotonics, and development of novel photoacoustic tomography (PAT) system are the major factors fueling the growth of the Biophotonics market. However, lack of awareness of biophotonics technology and skilled personnel, and high cost of technology are limiting the market growth.
Growing Geriatric Population Propels the Biophotonics Market
The worldwide biophotonics market is expected to witness a significant growth in the future, due to the rising ageing population, along with the increasing incidence of chronic diseases. It is estimated that approximately 90% of the aged adults have at least one chronic disease. People of age 55 years, or above, are prone to the various chronic diseases, such as cardiovascular diseases, infectious diseases, cancer, and diabetes, and due to the rising old age population, the use of this technology is increasing, which is fueling the growth of market for biophotonics.The other factors include, increasing use of biophotonics in cell and tissue diagnostics, emergence of nanotechnology in biophotonics, and development of novel photoacoustic tomography (PAT) system.
High Cost of the Technology Acts as a Major Barrier for the Biophotonics Market
The usage of new technologies and the latest advancements in the field of the laser devices and LED’s is increasing the cost of the technology. The development in sensors and other accessories that are being used in biophotonics-based instruments are leading to a high cost, which acts as a barrier for the market. Some of the optical coherence tomography (OCT) systems are being priced, which are usually beyond the reach of most of the users. The high cost associated with the technology is restraining the growth of the market.The other factor that is also responsible for restraining the market, is the lack of awareness of biophotonics technology and skilled personnel.
Market Segmentation Insights for the Biophotonics Market
The global Biophotonics market is segmented by technology. By technology, it is further segmented into surface imaging, inside imaging, see-through imaging, microscopy, biosensors, medical lasers, spectromolecular, and others. In 2017, the see-through imaging technology segment held 37% revenue share in the market. Tissue clearing technology is currently one of the fastest growing fields in biomedical sciences. Tissue removal techniques have become a dominant approach in understanding the structural information of intact biological tissues further. In addition, technological developments in tissue clearing and optics allowed the visualization of the neural network in the whole brain tissue with subcellular resolution
Microscopy is a field of study where microscopes are used to view objects and those areas of objects, which cannot be seen with the naked eye. There are three branches of microscopy- electron, optical and scanning probe microscopy. This segment is expected to witness the highest CAGR during the forecast period.
North America Dominates the Biophotonics Market
North America is a major market in the biophotonics industry, and this is mainly due to the US government’s initiatives taken to develop this market. The United States had the largest biophotonics market in 2015. Also, the emergence of nanotechnology has driven the biophotonics market in the United States and is expected to grow in the near future. Moreover, the high investments that are being taken in the healthcare industry and growing R&D initiatives are further expected to drive the market in this region. Europe, along with APAC, is also expected to witness a significant growth in the years to come.
Key Developments in the Market
- December 2017- Thermo Fisher Scientific completed acquisition of Phenom-World, which strengthens Thermo Fisher's leadership in electron microscopy
- September 2017- Olympus Corporation launches the ORBEYE surgical microscope with 4K 3D capabilities supporting precision surgery, with high-resolution digital images and stereoscopic visual field
Major Players -Thermo Fisher Scientific Inc., NU Skin Enterprises, Becton Dickinson & Co., Glenbrook Technologies, Hamamatsu Photonics KK, Olympus Corporation, Carl Zeiss AG, Oxford Instruments PLC, and Zenalux Biomedical Inc., among others
Reasons to Purchase the Report
- Current and future market outlook for biophotonics in the developed and emerging markets
- Analyze various perspectives on the market, with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth, during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the market estimate sheet (in Excel)
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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