Biophotonics Market Expected to Reach $63.1 Billion by 2022 | Key Players Affymetrix, Andor Technology, Carl Zeiss AG, Becton, Dickinson and Company, FEI Company

The biophotonics market is witnessing a high growth rate due to emergence of nanotechnology, development in biosensors, and availability of funds for R&D. Increased use of biophotonic devices in nonmedical application is expected to provide major opportunity for the growth of the market. The U.S. established the Biophotonics Technology Centre (BTC) for research of biophotonics-based devices, with the objective of increasing the use of biophotonics in medical field for treatment of cancer and other diseases.

global market size is estimated to reach $63.1 billion by 2022 from $31.6 billion in 2015, growing at a CAGR of 10.4% from 2016 to 2022. In 2015, North America dominated with over 37% share of the overall market, and is anticipated to continue this trend during the forecast period.

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By end user, medical diagnostics generated the highest revenue, and accounted for 68.5% in 2015. Technological advancements in the field of diagnostics, rise in incidences of chronic diseases, and increase in healthcare awareness are the key factors that fuel the growth of the biophotonics market. Others segment is expected to witness fastest growth over the forecast period.

Analytical sensing and biosensors are projected to show high growth rate during the forecast period, owing to the need for better methods for environmental monitoring and rapid pathogen detection. The biosensors industry is expanding to encompass nonclinical applications such as defense, environmental surveillance, and food manufacturing units.

North America accounted for the highest revenue in 2015 due to increase in the use of biophotonic devices for medical and non-medical applications. This has resulted in technological advancement and launch of new products by the key players of the market. Asia-Pacific is expected to maintain its dominant position over the forecast period.

Key players such as Affymetrix Inc.; Andor Technology Ltd.; Carl Zeiss AG; Becton, Dickinson and Company; FEI Company; Hamamatsu Photonics K.K.; Lumenis Ltd.; Olympus Corporation; PerkinElmer Inc.; and Zecotek Photonics Inc. are engaged in the process of product innovation, collaboration, and acquisition to further expand their services across various geographies.

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