Biophotonics Market was valued at USD 34.29 billion in 2015 and is expected to reach USD 91.31 billion by 2024. The growth is primarily attributed to the advancements in nanotechnology, increasing the sophistication of medical devices and healthy demand for point-of-care treatment solutions. Biophotonics involves the use of light energy to detect measure and manipulate the biological materials or activities. The growing sophistication of medical research is expected to fuel further studies in this field, thereby providing avenues for market growth. Besides research, biophotonics finds application in the biotechnology, defense, therapeutic, diagnostic and agriculture sector.
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The key driving factors responsible for the growth of Biophotonics
market :
In-vitro diagnostic and medical
imaging is expected to be the core application areas for biophotonics. However,
the increased government support for innovative and affordable therapy may
provide wider application scope and is expected to impact the market growth
positively. Biophotonics is anticipated to witness high penetration in
point-of-care devices, owing to the potential of minute observations which may
offer targeted therapy options without causing any side effects. The
advancements in the biosensors coupled with rapid applications of light therapy
and microscopy are also expected to contribute towards industry growth.
Biophotonics techniques are
rapidly deployed in agriculture applications for testing the crops.
Microfluidics and monitoring techniques are expected to dominate the
agriculture sector, owing to advancements in food surveillance and testing
procedures. Genetically modified crops may also provide growth opportunities
due to applications of this technology in biotechnology laboratories and
research centers. Besides agriculture, the defense sector is also expected to
provide growth opportunities owing to the emergence of chemical and biological
warfare.
The market is segmented, by the
application into spectro molecular, surface imaging, biosensors, see-through
imaging, light therapy and microscopy. The see-through imaging sector is
expected to command the highest share owing to the healthy demand for
non-invasive treatment and applications in brain imaging. On the basis on end-use, the market is
segmented into medical therapeutics and diagnostics, its related test
components and non-medical applications. Although the medical sector accounts
for the ongoing industry growth, future growth may be due to the increased use
in the non-medical fields such as agriculture and defense. Environment
monitoring applications may also propel the market demand over the next eight
years.
North America biophotonics market
accounted for a sizeable share in 2015 owing to sound investment in R&D and
the healthcare industry. Asia Pacific market is expected to witness significant
growth due to rising geriatric population. Companies may eye developing
countries such as Thailand and India, which are increasing their expenditure on
healthcare facilities and R&D.
Technological advancements in
imaging techniques are poised to keep research active. Imaging solutions such
as 3D volumetric mapping are emerging as the key research areas providing an
upsurge in uptake. However, owing to the nascent nature of such technologies,
the applications are limited. Active collaboration of computer engineers and
biologists is expected to help overcome challenges, eventually leading to
industry growth. Further, y the ongoing research in nanotechnology is
anticipated to provide growth opportunities.
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