Press release
Biophotonics Market worth $63.1 Billion by 2022
Biophotonics Market - AMR
Biophotonics is a technology used to produce and harness light to visualize, detect, and manipulate biological materials. The global biophotonics market is driven by emergence of nanotechnology, development in biosensors, and availability of funds for R&D. However, high price of biophotonics-based instruments due to complexity of this technology restrains the growth of the market.
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In 2015, medical diagnostics held over 68% market share, in terms of revenue. Technological advancements in the field of diagnostics, rise in incidences of chronic diseases, and increase in healthcare awareness are the key factors that contribute to the growth of the biophotonics market. Moreover, owing to increase in geriatric population, the role and importance of medical diagnostics are expanding, which considerably drives the market growth.
By application, the see-through imaging segment held over 28% of the revenue share in 2015, owing to increase in research in this field. North America dominated the global biophotonics market with over 36% share in overall revenue, and is anticipated to grow at the CAGR of 9.5%, followed by Europe, Asia-Pacific, and LAMEA.
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Dominating Market Players Profiled in this Industry Insight:
•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.
Biophotonics Market Key Findings:
•Medical diagnostics segment dominated the market in 2015, with over 68% of market share. However, nonmedical application segment is expected to grow at a higher CAGR of 14.3%.
•See-through imaging application segment accounted for about 28% of the market in 2015.
•LAMEA is anticipated to show high growth rate owing to the rapidly growing automotive industry.
•Asia-Pacific dominated the market in 2015 due surge in demand for biophotonics-based devices in China, South Korea, and Japan.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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