Growth in Global Demand for Biophotonics Propelled by Applications Outside Healthcare Domain, $60 Billion by 2022
Thursday 18 May 2017
Industry Experts introduced the new global market report on Biophotonics. The report entitled ‘Biophotonics – A Global Market Overview’ reveals that the Medical Diagnostics is the largest end-use sector for Biophotonics with US$24.7 billion in 2017 while Non-Medical applications, such as agriculture, biotechnology and food diagnostics, projected the fastest growing sectors with 2017-2022 CAGR of about 11%.
Biophotonics is a field of science that employs the power of light (in terms of photons) and other types of radiant energy to examine the functional, structural, biological, mechanical and chemical properties of biological materials and systems. Though the initial focus of this technology has been in providing enhanced diagnosis for various health conditions, the current application of Biophotonics in a multitude of verticals, such as agriculture, biotechnology, food diagnostics and therapeutics has been the primary driving force behind its wider adoption. This has been made possible by untiring research efforts aimed at attuning the technology to encompass a wider base of applications in the more promising areas of environment control and monitoring and agriculture and food applications.
Advancements in optical technology, high incidences of chronic diseases and increasing demand for minimally invasive surgeries are also contributing to the growth in Biophotonics. Emerging economies have yet to fully exploit the opportunities offered by Biophotonics, which is slated to propel demand in regions such as Asia-Pacific and Latin America. Despite these developments, it is anticipated that a bulk of the market for Biophotonics would be accounted for by its use in the medical sector. The technology offers capability of addressing some of the essential healthcare needs of an aging global population, which will remain a key factor in bolstering demand. Other significant factors contributing to growth in the market for Biophotonics include ongoing research and development activities in various applications and government support for novel cost-effective medical technologies.
The market for Biophotonics forecast to be US$36.8 billion in 2017 and projected to reach US$59.9 billion by 2022 at a CAGR of robust 10.2% between 2017 and 2022. Imaging estimated the largest consumer of biophotonics with market worth US$20.3 billion 2017 and projected to grow by a CAGR of 10.3% during the same analysis period. Analytics & Sensing applications anticipated to grow at a faster phase at a CAGR of 10.4% to reach US$19.4 billion by 2022.
The study exclusively analyzes the Biophotonics applications/sub-types, technologies and application sectors are analyzed in terms of USD for 2014-2022 analysis period across the global markets comprising North America, Europe, Asia-Pacific, Latin America and Rest of World. The regional markets further analyzed for 13 independent countries across North America &ndash: The United States and Canada; Europe &ndash: France, Germany, Italy, the United Kingdom and Rest of Europe; Asia-Pacific &ndash: China, India, Japan, South Korea and Rest of Asia-Pacific; South America &ndash: Argentina, Brazil, Mexico and Rest of South America.
Global market for Biophotonics applications analyzed in this study include Analytics & Sensing, Imaging, and Processing & Curing. These applications further categorized in to Analytics & Sensing &ndash: Biosensors, Molecular Spectroscopy, Other Analytics & Sensing Applications; Imaging &ndash: Inside Imaging (Endoscopy), Optical Microscopy, See-Through Imaging and Surface Imaging; and Processing & Curing &ndash: Light Therapy and Other Processing & Curing. The report also explores the global markets of Biophotonics by end-use sectors comprising Medical Diagnostics, Medical Therapeutics, Tests & Components and Non-Medical Applications while special focus on technologies including In Vitro and In Vivo.
This 486 page global biophotonics market research report includes 333 charts (includes a data table and graphical representation for each chart), supported with meaningful and easy to understand graphical presentation, of market numbers. This report profiles 17 key global players and 28 major players across North America &ndash: 17; Europe &ndash: 6; Asia-Pacific &ndash: 4; and Rest of World &ndash: 1. The research also provides the listing of the companies engaged in the domain of Biophotonics. The global list of companies covers the address, contact numbers and the website addresses of 119 companies.
For more details, please visit https://industry-experts.com/verticals/biotechnology/biophotonics-a-global-market-overview