The Biophotonics market is being driven by the rising demand for quality healthcare from all parts of the world. North America is the largest region that contributes to the Biophotonics Market and drives the advancements in optical technologies in the telecom and aerospace industries, which has also boosted its growth
Biophotonics refers to the development and application of various optical techniques used to study the live cells, molecules, and tissues. Biophotonics is essentially a combination of biology and photonics, the latter being the study and technology of using light to transmit the information. It is an emerging area of scientific research to generate and tackle the light to image, detect and manipulate the various biological materials. It uses light beams and forms of energy to diagnose and monitor medical conditions.
Biophotonics has its applications in laser media, optical communication channel, optical signal processing, and high-capacity data storage. It also has varied applications in areas, like diagnostics, therapeutics, agriculture, and biotechnology. The primary factor leading to the growth of biophotonics market is the demand for betterment and safety of individual health and the demand for biophotonics in the optical and telecommunication industries.
Biophotonics is a new but growing field, which uses light to view and analyze living tissues, cells to detect, diagnose, and treat various diseases. The interaction of light with matter results in absorption, fluorescence, reflection and scattering of the beam, which explains about the structure.
The European Commission identified photonics and imaging as technologies of exceptional importance for a knowledge-based economy, with the photonics industry in Europe worth approximately EUR 58 billion. Researchers in the National Biophotonics and Imaging Platform, Ireland (NBIPI), are pushing the boundaries of imaging applications to understand biological processes underpinning both normal cellular function and disease, and to develop novel diagnostic tools for the clinicians.
A report by Market Intelligence Firm, has forecasted the Biophotonics market to be worth USD 36.8 billion in 2017 and is expected to reach around USD 59.9 billion by 2022, at a CAGR of 10.2% during 2017 – 2022. The Biophotonics market can be segmented by technology, application, and geography.
This industry has witnessed huge technological improvements over the past few years. The primary light source used in biophotonics is laser and these laser devices are faster and more sensitive and accurate for the diagnosis of diseases. This key point contributes to the largest share of biophotonics market. Further, the availability of government and private funds for R&D will help the market to grow in the next few years.
The main hurdles for the biophotonics market include, high price of biophotonics-based instruments, complexity of technology, slow rate of commercialization, high cost involved in R&D, and reluctance toward the adoption of new treatment practices.