Biophotonics Market estimated to grow at a CAGR of 9.57% to reach US$79.660 billion by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Biophotonics Market – Forecasts from 2018 to 2024" to their offering.

Biophotonics refers to the combination of biology and photonics. It can be defined as the development, application, and usage of optical techniques, generally imaging to facilitate the study of biological molecules, tissues, and cells.

According to the report, the biophotonics market is projected to expand at an impressive CAGR of 9.57% over the forecast period 2018-2024. The Biophotonics Market is expected to surge over the coming years owing to the growing demand for quality healthcare and medical services. Moreover, the market growth will be bolstered by the rising demand for advanced medical instruments with an additional photonic component which provides greater accuracy and sensitivity and is required by different healthcare and medical industries. Biomedical sensors are able to detect serious diseases like cancer, tumours and etc.  The defense sector also makes use of biophotonics for the detection of biochemical agents used in terror attacks and warfare. Biophotonics can be used for a wide variety of applications such as see-through imaging, inside imaging, microscopy, light therapy, biosensors, and others. These multi-fold applications it can cater to will also bolster the market growth.

Geographically, North America holds a significant amount of share in the market owing to the highly developed healthcare sector and top quality medical infrastructure. Also, advanced technologies like biophotonics aid in the early detection of various diseases in the initial stages making it a highly preferred method which is also boosting the growth of the biophotonics market. Europe also holds a considerable amount of share in the market owing to the rapidly advancing medical and healthcare sector and infrastructure in order to provide better services to people. In regions like Asia Pacific, the factors like economic growth and good disposable income is facilitating more research and development in biophotonics. By application, the see-through imaging and inside imaging holds a significant share in the market owing to the fact that it becomes easier to evaluate data and carry out imaging and sensing at a molecular level. By end-user, the medical segment holds a significant amount of share in the market owing to the fact that biophotonics finds many applications in different medical domains such as diagnostics, therapeutics, and research. Biophotonics also finds applications in the non- medical segment such as cosmetics packaging, water treatment, agriculture among others. Furthermore, the upcoming improvements and advancements in the field of biophotonics and investments by market players will continue to drive the biophotonics market in the coming years.

Some of the major players covered as part of the report are Affymetrix Inc., Becton, Dickinson, and Company, Carl Zeiss Microimaging GmbH, FEI Company, Hamamatsu Photonics K.K., Newport Corporation, Ocean Optics, PerkinElmer Inc.andAndor Technology

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This report segmented the biophotonics market on the basis following terms

  • By End-User

    • Medical

      • Diagnostics
      • Therapeutics
      • Research
    • Non-Medical
  • By Application

    • See-through
    • Inside Imaging
    • Surface Imaging
    • Microscopy
    • Light Therapy
    • Biosensor
    • Others
  • By Technology

    • In-Vivo
    • In-Vitro
  •  By Geography

    • North America

      • USA
      • Canada
      • Mexico
    • South America

      • Brazil
      • Argentina
      • Others
    • Europe

      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa

      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific

      • Japan
      • China
      • India
      • Australia
      • Others