The global biophotonics market has been projected in a report by Transparency Market Research (TMR) to find players introducing the study in different non-medical applications. Several companies operate in the global biophotonics market, including Oxford Instruments Plc., Hamamatsu Photonics K.K., Olympus Corporation, PerkinElmer Inc., and Becton Dickinson & Co. Among these, Hamamatsu Photonics K.K. and Becton Dickinson & Co. are projected to lead the global biophotonics market in the next few years. They can bank on their technical expertise, brand value, financial power, and dedicated research facilities to gain a strong foothold in the global biophotonics market.
TMR projects that the global biophotonics market is estimated to reach value of US$ 100.15 Bn by 2027. Among end-uses, the non-medical applications segment of the global market is expected to witness rapid growth during the forecast period. Among regions, North America is estimated to dominate the global biophotonics market during the forecast period.
Growth of Elderly Population and Rise in Demand for Quality Healthcare to Drive Market
The global biophotonics market is anticipated to gain momentum during the forecast period, due to increase in the geriatric population and rise in demand for high-quality healthcare services across the world. In the near future, the global biophotonics market is projected to witness significant growth, on the backdrop of availability of private and government funds offered for the research and development purpose. Aerospace and telecom industries witnessing advancements in optical technologies are projected to drive the global biophotonics market during the forecast period.
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Rising demand for biophotonics for use in non-medical applications is expected to propel the global biophotonics market during the forecast period. Biophotonics is employed to detect pathogens in agricultural food products and prevent unauthorized access to agricultural data. Other lucrative end-use segments such as medical diagnostics of the global biophotonics market are also projected to witness significant growth during the forecast period. Rising demand for non-invasive surgical procedures in oncology, cardiology, neurology, and brain imaging is expected to drive the global biophotonics market from 2019 to 2027. Rise in the number of diabetic patients can be another factor augmenting the global biophotonics market.
Complexities of Biophotonics Technology and High Costs to Hamper Market
There are certain factors that can hamper the global biophotonics market. For instance, the complexity of biophotonics and high costs of biophotonics-based instruments are projected to hinder the global market during the forecast period. However, growing awareness about food security can create significant opportunities for the global biophotonics market. On the other hand, rising demand for minimally invasive surgeries is expected to fuel the global biophotonics market during the forecast period.