The
global biophotonics market was valued at USD 34.29 billion in 2015 and is
expected to reach USD 91.31 billion by 2024. The growth is primarily attributed
to the advancements in nanotechnology, increasing the sophistication of medical
devices and healthy demand for point-of-care treatment solutions.
Biophotonics involves the use of light energy to detect measure and manipulate
the biological materials or activities. The growing sophistication of medical
research is expected to fuel further studies in this field, thereby providing
avenues for market growth. Besides research, biophotonics finds application in
the biotechnology, defense, therapeutic, diagnostic and agriculture sector.
In-vitro
diagnostic and medical imaging is expected to be the core application areas for
biophotonics. However, the increased government support for innovative and
affordable therapy may provide wider application scope and is expected to
impact the market growth positively. Biophotonics is anticipated to witness
high penetration in point-of-care devices, owing to the potential of minute
observations which may offer targeted therapy options without causing any side
effects. The advancements in the biosensors coupled with rapid applications of
light therapy and microscopy are also expected to contribute towards industry
growth.
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Biophotonics
techniques are rapidly deployed in agriculture applications for testing the
crops. Microfluidics and monitoring techniques are expected to dominate the
agriculture sector, owing to advancements in food surveillance and testing
procedures. Genetically modified crops may also provide growth opportunities
due to applications of this technology in biotechnology laboratories and
research centers. Besides agriculture, the defense sector is also expected to
provide growth opportunities owing to the emergence of chemical and biological
warfare.
The
market is segmented, by the application into spectro molecular, surface
imaging, biosensors, see-through imaging, light therapy and microscopy. The
see-through imaging sector is expected to command the highest share owing to
the healthy demand for non-invasive treatment and applications in brain
imaging. On the basis on end-use, the market is segmented into medical
therapeutics and diagnostics, its related test components and non-medical
applications. Although the medical sector accounts for the ongoing industry
growth, future growth may be due to the increased use in the non-medical fields
such as agriculture and defense. Environment monitoring applications may also
propel the market demand over the next eight years.
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North
America biophotonics market accounted for a sizeable share in 2015 owing to
sound investment in R&D and the healthcare industry. Asia Pacific market is
expected to witness significant growth due to rising geriatric population.
Companies may eye developing countries such as Thailand and India, which are
increasing their expenditure on healthcare facilities and R&D.
Technological
advancements in imaging techniques are poised to keep research active. Imaging
solutions such as 3D volumetric mapping are emerging as the key research areas
providing an upsurge in uptake. However, owing to the nascent nature of such
technologies, the applications are limited. Active collaboration of computer
engineers and biologists is expected to help overcome challenges, eventually
leading to industry growth. Further, y the ongoing research in nanotechnology
is anticipated to provide growth opportunities.
The
industry supply chain includes biologists and imaging solutions providers,
which may integrate research to develop new products. The industry may face
fierce competition leading to utilization of biophotonic devices at home. It
may incentivize companies to develop competencies either by research or merger
& acquisitions. Precision Photonics’ acquisition by Idex Corporation is one
such example, leading to the development of in-house manufacturing capabilities
for Idex. The healthy growth potential may incentivize firms to enter the
industry. However, with only a handful key player with hefty investments, there
is a potential barrier to new entrants.
Key
players in the sector include AdvanDx, Affymetrix, Andor, Carl Zeiss, FEI
Company, Hamamatsu Photonics, Lumenis, Olympus Corporation and Zecotek
Photonics. The industry exhibits significant dominance of the US-based firms
Affymetrix, which is established player in the healthcare instrument sector and
FEI Company, which is into microscopy and imaging solutions.
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