Biophotonics Market: Rising elderly population will boost the industry growth, Says ZMR

22-May-2017 | Zion Market Research

Biophotonics is a potential part of scientific research that is concerned with the interactions between light and biological matter. It is the technology and science of harnessing and producing photons to identify and manipulate biological materials. It utilizes light beams and type of energy to analyze and examine medical conditions. As per the report, the worldwide biophotonics market was priced at almost USD 29.08 Billion in 2015 and is anticipated to achieve roughly at USD 54.39 Billion by 2021, developing at an 11.2% CAGR between 2016 and 2021.

The worldwide market is projected to witness beneficial growth in the near future due to the rising elderly population along with the increasing incidences of chronic diseases. The other major factors influencing the growth of the market consist of the rising initiatives by the government and integration of IT into the health care applications all over the world. Furthermore, the rise in the digit of photonic constituents in the healthcare equipment for higher sensitivity & accuracy and value enhancement is projected to fuel the market growth in coming period. Nonetheless, the huge cost of these devices along with the intricacy of the biophotonics technology may hamper the growth of the market. However, the considerable technological improvements over the decade and their implementation in the medical domain are anticipated to open up new growth avenues in the near future.

The major players in the market are Lumenis Ltd., Carl Zeiss, Becton, Dickinson and Company, Hamamatsu Photonics K.K., Perkinelmer, Inc., Olympus Corporation, Affymetrix Inc., Andor Technology Ltd, Olympus America, and FEI Company.

According to a research paper published in Nature Protocols, the engineers at the University of Wisconsin–Madison developed a transparent sensor to be used for brain imaging. They intended to use the graphene-based neural electrode arrays in optical coherence tomography, fluorescent microscopy, and optogenetics. The see-through sensors help the researchers to better observe the activity of the brain.

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The market is divided based on application and end-use. On the basis of application, the market is diversified into microscopy, see-through imaging, spectro molecular, inside imaging, surface imaging, biosensors, and light therapy. Based on end-use, the market is categorized into medical therapeutics, test & components, non-medical, and medical diagnostics.

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