Biophotonics Market Size to be Valued Close to $91 Billion By 2024 | Million Insights

FELTON, California, May 10, 2018 /PRNewswire/ --

The global 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.

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.

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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.

The industry supply chain includes biologists and imaging solutions providers, which may integrate research to develop new products. The industry may face fierce competition leading to utilization of biophotonic devices at home. It may incentivize companies to develop competencies either by research or merger & acquisitions. Precision Photonics' acquisition by Idex Corporation is one such example, leading to the development of in-house manufacturing capabilities for Idex. The healthy growth potential may incentivize firms to enter the industry. However, with only a handful key player with hefty investments, there is a potential barrier to new entrants.

Key players in the sector include AdvanDx, Affymetrix, Andor, Carl Zeiss, FEI Company, Hamamatsu Photonics, Lumenis, Olympus Corporation and Zecotek Photonics. The industry exhibits significant dominance of the US-based firms Affymetrix, which is established player in the healthcare instrument sector and FEI Company, which is into microscopy and imaging solutions.

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Biophotonics End-Use Outlook (Revenue, USD Billion; 2013 - 2024) 

        • Tests and components

        • Medical therapeutics

        • Medical diagnostics

        • Non-medical application

Biophotonics Application Outlook (Revenue, USD Billion; 2013 - 2024) 

        • See-Through Imaging

        • Microscopy

        • Inside Imaging

        • Spectro Molecular

        • Other Analytics Sensing

        • Light Therapy

        • Surface Imaging

        • Biosensors

Biophotonics Regional Outlook (Revenue, USD Billion; 2013 - 2024) 

        • North America

        • Europe

        • Asia Pacific

        • RoW

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