Global biophotonics market size is expected to reach $63.1 billion by 2022 from $31.6 billion in 2015, growing at a CAGR of 10.4% from 2016 to 2022. Biophotonics is the science of generating and harnessing light to visualize, detect, and manipulate biological materials. Biophotonics uses light and other forms of radiant energy to understand the internal activities of cells and tissues in living organisms. In biology, biophotonics is utilized for the analysis of molecular mechanisms, functions, and structures. In medicine, it is used to study the light-tissue interactions at micro-, nano-, and macro-organism level to detect, diagnose, and treat diseases. Moreover, it helps in emission, detection, absorption, reflection, modification, and creation of radiation from bimolecular, cells, tissues, organisms, and biomaterials.
The biophotonics market is expected to register substantial growth in the near future owing to emergence of nanotechnology. Moreover, increase in technological advancement and R&D activities in optical technologies across telecom & information technology sectors drive the growth of biophotonics market. However, high price of biophotonics devices and complexity associated with this technology restrain the of market growth. Increased use of biophotonics in nonmedical sectors provides lucrative opportunity for the market.
The biophotonics market is segmented on the basis of end user, application, and geography. Based on end user, the market is categorized into medical diagnostics, medical therapeutic, tests & components, and nonmedical application. Applications covered in the study include see-through imaging, inside imaging, molecular spectroscopy, surface imaging, microscopy, light therapy, analytical sensing, and biosensors. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-pacific,) and LAMEA (Latin America, Middle East, and Africa).
Key market players included in this report are Affymetrix Inc.; Andor Technology Ltd.; Carl Zeiss AG; Becton, Dickinson and Company; FEI Company; Hamamatsu Photonics K.K.; Lumenis Ltd.; Olympus Corporation; PerkinElmer Inc.; Zecotek Photonics Inc.; and others.
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