Advances in Aviation and Telecom Augmenting Demand for Biophotonics

2024-10-27 02:48:45 News & Society

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Biophotonics refers to the development as well as application of numerous optical techniques used to study cells, molecules, and tissue. Biophotonics is essentially a combination of biology and photonics, the latter being the study and technology of using light to transmit information.

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The biophotonics market has grown over the years owing to rising applications in the fields of medicine, life science, environmental science, and agriculture. The rate of investments and research in this field has been remarkable and for this very reason, North America is by far the largest market for biophotonics in the world. There has been a rise in healthcare expenditure in regions such as Asia Pacific and this has also fueled the growth of the biophotonics market.

Advances in optical technologies in telecom and aerospace industries coupled with availability of government and private funds for research and development will help the market grow in the coming years. However, high price of biophotonics-based instruments and complexity of biophotonics technology is expected to negatively impact the overall market. Increasing demand for biophotonics in non-medical applications will open new avenues for the global biophotonics market during the forecast horizon.Medical diagnostics, medical therapeutics, tests and components, and non-medical applications are the major end-use segments of the global biophotonics market. In 2013, medical diagnostics was the dominant segment of the market. However, during the period between 2014 and 2020, implementation of biophotonics in non-medical applications such as prevention of unauthorized critical data access and pathogen detection in agricultural food products is expected to gain a majority share in the market.

The significant advantage of biophotonics is that it safeguards the cells for a particular period after they are examined. Additionally, advances in optical innovations in aviation and telecom industry and availability of funds for development and research are likewise driving the development for biophotonics market. Furthermore, the demand for minimum invasive surgeries and the growing awareness about food security are predicted to drive biophotonics market over the forecasting horizon. The expanding interest for non medicinal applications including demand for prohibition of unauthorized access and for pathogen identifications in agricultural food items are some of the factors, which will drive the market in the near future.

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The biophotonics market, based on geography, is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America represented the biggest market share in the year 2013, which is anticipated to pool overwhelming market share. Additionally, top of the line exploration is required to be carried out in the field of biophotonics in the advancing years. Also, expanding number of patients suffering from cancer and the growing demand for non-medical applications principally in the field of food security has further guaranteed its dominance. The Asia Pacific biophotonics market was valued at USD 4.23 billion in the year 2013, and is expected to be the fastest growing biophotonics market in the coming years. Aging population and the rise in healthcare expenditure are the major growth factors for the Asia Pacific biophotonics market.

Some of the key vendors in the global biophotonics market include PerkinElmer, Inc., Becton Dickinson & Co., Hamamatsu Photonics K.K., Olympus Corporation, Carl Zeiss A.G., Oxford Instruments Plc, and Affymetrix Inc.

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