The Global biophotonics market was valued at $42136.97 million in 2018 & is estimated to generate net revenue of approximately $10455.61 million by 2027, growing at a CAGR of 10.12%. The market development can be accredited to the swelling demand for point of care devices, higher prevalence of chronic diseases and rapidly mounting geriatric population. The following factors primarily drive the global biophotonics market:

• Increasing geriatric population
• Dawn of nanotechnology
• Government initiatives
• Increasing demand for point of care devices
• Technical advancement

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The important drivers increasing growth in the global biophotonics market are the increasing geriatric population and the key technical advancement. The growing population of elderly patients is a major driving factor which is inflicting huge growth in global biophotonics market. Advancement in a number of fields, including lasers, camera and imaging technology, advanced neural networks have shifted the center of technology innovation. Many companies have advancement in technology related to biophotonics.

The applications of biophotonics market lie extensively in various purposes that are crucial for overall market growth. Inside imaging (Endoscopy) is an instrument used by doctors to work on the internal organs of the body. Surgeons, using endoscopy can view internal problems without making a large incision. See through imaging are of three kinds: x-ray imaging, optical molecular imaging and photoacoustic imaging. Spectromolecular imaging is used to measure a given molecule at its qualitative and quantitative level. Some of the spectromolecular imaging techniques commonly applied are Infrared spectroscopy, UV-visible spectroscopy, Raman spectroscopy and colorimetric systems. Microscopy (optical microscopy) is used commonly for in-vitro applications. There are three types of microscopy, optical, electron and scanning probe microscopy. Surface imaging is a technique used to understand the physical or molecular makeup of an in-vivo biomolecule. Light therapy (phototherapy) involves exposing the body to different wavelengths of light. It is a technique used to treat seasonal affective disorders (SAD) like depression. The biosensor is an analytical device that consists of a biological component (enzyme, antibody, nucleic acid) and a transducer. Analytical sensing technique has been used for analytical instruments as a detector unit/device.

The high prices of the biophotonics-based instruments and the lack of precise training and knowledge for using biophotonics technology are the major factors hindering the biophotonics market. The price of the biophotonics technology is high. If we compare the biophotonics scanner price with the conventional scanner, the price of the biophotonics is found to be higher. The biophotonics technology is very complex due to the integration of the biological unit and the manipulation, generation and detection of light units. To use this technology, an individual has to know about the biology and light for perfectly using this technology.

The global biophotonics market segments include end-user, applications and technology.

End users are sub-segmented into:

• Medical Therapeutics
• Tests and components
• Medical diagnostics
• Non-medical application

Applications are sub-segmented into:

• See-through imaging
• Light therapy
• Spectro molecular
• Surface imaging
• Microscopy
• Biosensors
• Analytics sensing
• Inside imaging (Endoscopy)
• Other application

Technologies are sub-segmented into:

• In-Vitro
• In-Vivo

This report covered the present market conditions and the growth prospects of the global biophotonics market for 2019-2027 and considered the revenue generated through the sales of biophotonics market for the end user, technology as well as applications.

Geographically, the biophotonics market has been segregated by four chief regions, which include:

• North America Biophotonics Market – The United States & Canada
• Asia-Pacific Biophotonics Market – China, India, Japan, South Korea, Australia & Rest of Asia Pacific
• Europe Biophotonics Market – United Kingdom, France, Germany, Italy, Spain & Rest of Europe
• Rest of World- Latin America & Middle East and Africa

North America’s biophotonics market dominates the global biophotonics market by capturing a market share of approximately xx% in 2018. The growth of the regional market is backed by the increasing investments within the healthcare sector, the presence of sophisticated healthcare infrastructure and surging R&D initiatives. The increasing prevalence of chronic diseases like cancer, Alzheimer disease and diabetes coupled with growing geriatric population base is projected to fuel the regional market growth in the coming years.

On the other hand, the Asia-Pacific region is anticipated to be the fastest growing biophotonic market. The major factors that are driving the growth of the biophotonic market are the increasing healthcare expenditure in the Asia-Pacific region. China is the market leader in terms of healthcare spending in the region.

The biophotonics market is segmented by the end user that is further sub-divided into medical diagnostics, tests and components, medical therapeutics, and non-medical application. The biophotonics market is also segmented based technology which is sub-divided into in vitro and in vivo. Medical therapeutics deals with the utilization of drugs for the treatment of diseases. The biophotonic test component includes optical instruments, parts & accessories for optical instruments, instruments used in molecular biology assay, enzymatic sensors based on fiber optics, probes, X-ray diffractometers, and others. In-vitro biophotonics market includes the use of optical and photonic techniques such as microscopy, tomography, spectrometry and other techniques in diagnostic and laboratory research. In vivo biophotonics is a non-invasive technique that is implemented in research and diagnosis of the living system.

The major market players of the global biophotonics market are:

• Carl Zeiss AG
• Hamamatsu Photonics
• OPGEN
• Perkin Elmer
• Thermo Fisher Scientific

Company Profiles covers analysis of important players. Carl Zeiss AG (Carl Zeiss) is a manufacturer of devices for medicinal technology with an emphasis on optoelectronic and optical industry. It distributes and develops computing technology, lithography optics, microscopes and photomask systems, medical technology products including ophthalmic diagnostic and therapeutic products, eyeglass lenses, camera and cine lenses, binoculars and planetarium technology. Thermo Fisher Scientific Inc. (Thermo Fisher Scientific or ‘the company’) is a developer and manufacturer of equipment, reagents, analytical instruments, consumables, software and services for manufacturing, research, discovery, analysis and diagnostics.

Key Findings of the global biophotonics market:

• In vivo technology holds the largest market share in terms of technology
• Analytics sensing is the fastest growing application
• Medical diagnostics are majorly used in terms of the end user