The growth for the biophotonics market is expected to be high over the next five to six years, as the overall healthcare market is growing rapidly all over the world. The biophotonics technology has gone through a lot of advancements in recent few years and is being used widely in the medical sector especially for diagnostics and therapeutics. This report provides a detailed segmentation of the biophotonics market based on various applications, which include see-through imaging, inside imaging, spectro molecular, surface imaging, microscopy, light therapy, biosensors, and others. Out of these applications, see-through accounted for the largest market share of about 40% in 2014. Another promising application area is surface imaging, the market for which is expected to grow at the highest CAGR of about 23% during the forecast period. A fundamental application area in the growth of this market has been endoscopy, which has witnessed exponential growth in recent years owing to an increased patient acceptance for minimally invasive procedures for treatment as well as diagnosis.
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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 disease detection, thereby expediting the development of effective therapeutics.
Geographically, the Americas is the largest market for biophotonics products. In 2014, the region accounted for a share of about 43% of the global biophotonics market. The U.S. holds the largest share of the biophotonics market in the Americas. The combined effects of an aging population, increasing incidence of lifestyle diseases, immense application scope, and several technological innovations in the biophotonics technique are expected to propel the market growth. A large number of academic and research laboratories are based in this region, thereby fueling technological progress of biophotonics.
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The increased demand for effective solutions and focus on early diagnosis of diseases has led to huge investments for technological development in the healthcare sector. There is a rise in the investments being made in fiber optics and photonics, thus augmenting the growth of the biophotonics technology. Also, biophotonics is of special importance in pharmaceutical research owing to its low cost, versatility, and high throughput capability for experimental studies in small animals. In the recent years, two- and three-dimensional biophotonics methods are also being used to monitor biological processes in organisms.
