According to a new market research report “Biophotonics Market by Application(See-through Imaging, Inside Imaging, Spectromolecular, Surface Imaging, Microscopy, Light Therapy, Biosensors), Technology(In-vivo, In-vitro), End-use(Diagnostics, Therapeutic, Tests), & Geography - Global Forecast to 2020”, the total market was valued at USD 26.26 Billion in 2014 and is expected to reach USD 50.18 Billion by 2020, at a CAGR of 11.5% between 2015 and 2020.
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Nanotechnology has helped in the improvement of the sensing phenomenon by the use of nanomaterials ranging from nanocantilevers, nanowires, nanoparticles, nanorods, and nanotubes. Nanomaterials such as carbon nanotubes and indium oxide nanowires are widely used for the construction of nanobiosensors. The most promising nanobiosensors technology is said to be based on the electronic detection of the target molecule such as Field Effect Transistor (FET) nanosensor.
See-through Imaging segment holds the largest market share
The largest segment for biophotonics market is see-through imaging, it accounted for a market share of about 40% in 2014. There have been significant developments in the field of see-through imaging techniques in recent years, especially in drug discovery and medical diagnostics. Over the years, see-through imaging has emerged as an effective tool for in-vitro and in-vivo imaging, and become an integral part of biomedical research. These techniques have helped in enhancing the knowledge of disease detection and progression, thereby expediting the development of effective therapeutics.
Non-Medical Sector will have higher growth rates during the forecast period
The demand for biophotonics from non-medical sectors is expected to gain momentum in the coming years. A wide range of chemicals, toxins, and microbiological materials are now being used in warfare and terror attacks; it is expected that in the coming years, threats from such chemicals and biological warfare will increase significantly. As such, the need of biophotonics systems for the detection of such biochemical agents will boost the demand of the biophotonics market in the defense sector. Biophotonics systems are also being developed for the use in environmental monitoring. Since environmental concerns such as increasing pollution and global warming are common issues faced by various nations, the use of biophotonics for environment monitoring is expected to grow in the coming years.
The report covers key application areas of the biophotonics market, which include see-through imaging, inside imaging, spectromolecular, surface imaging, microscopy, light therapy, biosensors, and others. The biophotonics market in different geographic regions– the Americas, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW) has also been covered in the report. The Americas was the largest market for the biophotonics in 2014.
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The report profiles major players with a SWOT analysis of the top five players in the biophotonics market. The market is expected to witness a series of new product launches, announcements, and partnerships during the forecast period. The key companies in this market include Affymetrix, Inc. (U.S.), Andor Technology Ltd. (U.K.), Becton, Dickinson and Company (U.S.), Carl Zeiss AG (Germany), FEI Company (U.S.), Hamamatsu Photonics K.K. (Japan), Lumenis Ltd. (Israel), Olympus Corporation (Japan), PerkinElmer, Inc. (U.S.), and Zecotek Photonics Inc. (Canada). Brief information on Research methodology for the report can be found in the report description provided on website.
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