Biophotonics Market Is Expected To Grow 11.2% CAGR till 2023

The biophotonics market is expected to witness a CAGR of 11.2% during the forecast period( 2018-2023). The United States holds the largest share in the biophotonics market, in the year 2015. 

Rising of the Aging Population

The worldwide biophotonics market is expected to witness a significant growth in the future, due to the rising old age population, along with the increasing incidence of chronic diseases. It is estimated that approximately 90% of the aged adults have at least one chronic disease. People of age 55 years, or above, are prone to the various chronic diseases, such as cardiovascular diseases, infectious diseases, cancer, and diabetes, and due to the rising old age population, the use of this technology is also rising, which is fueling the market for biophotonics.

The other factors include, increasing use of biophotonics in cell and tissue diagnostics, emergence of nanotechnology in biophotonics, and development of novel photoacoustic tomography (PAT) system.

Major Players: Thermo Fisher Scientific Inc., NU Skin Enterprises, Becton Dickinson & Co., Glenbrook Technologies, Hamamatsu Photonics KK,  Olympus Corporation, Carl Zeiss AG, Oxford Instruments PLC, and Zenalux Biomedical Inc., amongst others.

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High Cost of the Technology acts as Barrier

The usage of new technologies and the latest advancements in the field of the laser devices and LED’s is increasing the cost of the technology. The development in sensors and other accessories that are being required in biophotonics-based instruments are leading to a high cost, which acts as a barrier for the market. Some of the pptical coherence tomography (OCT) systems are being priced, which are usually beyond the reach of most of the users. The high cost associated with the technology is restraining the growth of the market.

The other factor that is also responsible for restraining the market, is the lack of awareness of biophotonics technology and skilled personnel.

North America Dominates the Biophotonics Market

North America is a major market in the biophotonics industry, and this is mainly due to the US government’s initiatives taken to develop this market. The United States had the largest biophotonics market in 2015. Also, the emergence of nanotechnology has driven the biophotonics market in the United States and is expected to grow in the near future. Moreover, the high investments that are being taken in the healthcare industry and growing R&D initiatives are further expected to drive the market in this region. Europe, along with APAC, is also expected to witness a significant growth in the years to come.

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Regions Covered in this report are as Follows:

United States, North America (Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).

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