Global Biophotonics Market is projected to grow to US$72.267 billion by 2023, from US$46.036 billion in 2018 growing at a CAGR of 9.44% over the forecast period
Demand for the quality healthcare, growing prevalence of personalized medication and development of healthcare instruments with a photonic component for higher accuracy and sensitivity are some of the key factors for the growth of biophotonics in the global healthcare sector.
Government and private funding for research and development activities and the emergence of non-medical applications such as prevention of unauthorized access to confidential data and pathogen detection in agriculture products further propel the growth of global biophotonics market.
Growing need for biophotonics systems for the detection of biochemical agents used in warfare and terror attacks will augment the demand for biophotonics by defense sector in the coming years. Since biophotonics systems are also used in environmental monitoring, rising environmental issues such as pollution and global warming will further drive the market growth.
Endoscopic applications of Biophotonics instruments help in minimal or non-invasive surgical treatment and hold the largest market share due to early adoption. Use of biophotonics for early diagnosis of the diseases such as cancer and others has also helped to capture major market globally. North America region is the largest in terms of market share while the Asia Pacific is expected to grow at the fastest rate during the next five years.
This is due to growing cases of chronic diseases coupled with rising aging as well as the geriatric population in the region. However, the growth of global biophotonics market will be restrained due to highly complex biophotonics technology coupled with the high price of biophotonics-based instruments during the forecast period.
By End User
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Biophotonics Market Forecast by End User (US$ billion)
6. Biophotonics Market Forecast by Application (US$ billion)
7. Biophotonics Market Forecast by Technology (US$ billion)
8. Biophotonics Market Forecast by Geography (US$ billion)