The global market for biophotonics is at a value of $XX billion in 2014 and is expected to grow consistently at a CAGR of XX% to $XX billion during the period 2016-2021.
The combination of biology and photonics, Biophotonics, is an emerging area of scientific research to generate and harness light to image, detect and manipulate biological materials. The biophotonics technology has varied application in industries like diagnostics, therapeutics, agriculture and biotechnology.
The primary light source used in biophotonics is a laser and these laser devices are faster and more sensitive and accurate for the diagnosis of diseases. This key point contributes to the largest share of biophotonics market. Also, the availability of government and private funds for research and development will help the market grow in the coming years.
A high-throughput biophotonic instrument which is needed to identify and optimize novel photodynamic therapy (PDT) agents is developed based on light-emitting diode (LED) technology. It has the capacity to screen large chemical or biological libraries. Using this instrument, a novel photosensitizing fluorescent protein called KR (Killer Red) which has potential in gene therapy has been identified. Also, a novel therapeutic strategy called PhotoGene Therapy (PGT) for pathologic angiogenesis was proposed. There are many potential advantages of this instrument which is set to have a huge impact on the biomedical sector. The market is expected to witness a high growth with such innovative instruments paving way for the future.
The market for biophotonics is segmented based on Application (Surface imaging, Inside imaging, See-through imaging, Optical microscopy, Spectro-molecular, Biosensors, Medical lasers and others), End-Users (Medical diagnostics, Medical therapeutics, Test components and Non-medical end users) and Geographical Regions.
North America holds the largest share in the market. This can be due to the increased investment in research and development activities along with rising prevalence of cancer. While Europe is in the position next to North America for this market, the Middle East and Africa (EMEA) and Asia Pacific follow to contribute for the revenues.
The major players of this market include Affymetrix Inc, PerkinElmer, Inc., Becton Dickinson & Co., Glenbrook Technologies Inc., Hamamatsu Photonics K.K., Olympus Corporation, Carl Zeiss A.G., Oxford Instruments Plc, and Zenalux Biomedical Inc. among others
The major factors driving the growth of biophotonics market are growing geriatric population, advances in optical technologies, increasing investments in R&D and government support. The growth of personalized medicine fuels the growth opportunities for biophotonics technology.
The high price of biophotonics-based instruments and complexity of biophotonics technology are key factors constraining its market growth.
What the report offers?
1) Market Definition for the specified topic along with identification of key drivers and restraints for the market.
2) Market analysis for the Global Biophotonics Market in Healthcare Industry, with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
5)Identification and analysis of the Macro and Micro factors that affect the Global Biophotonics Market in Healthcare Industry on both global and regional scale.
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.