Biophotonics may also be called as photomedicine which utilize photons to study and detect biological materials such as cells and tissues. The global biophotonic market is gaining momentum and is expected to witness lucrative growth during the forecast period. Major drivers of the market include; advancing geriatric population growth, increasing incidences of cancer in patients, advancement in optical technology worldwide and growth in areas of application of biophotonics. Biophotonics are useful in fields of environmental monitoring, medical imaging, food analysis and many others. Biophotonic instruments are exceedingly used in endoscopy and Raman spectroscopy leading to growth of the market. Change in parts of existing instruments used in medical field with photonic components is also a major propeller of the growth of the market.
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See-through imaging application held the largest share of the market. Advantages of non-invasive surgeries and their growing popularity among patients is the major propeller expected to augment the growth for this segment over the forecast period. Also, increasing occurrence of brain injuries and need for brain imaging has led to growth of the segment. Medical diagnostics held the largest share of the market in end use segment in 2014 owning to enhancing probability of chronic disease occurrence demanding regular testing and diagnosing. The non-medical end use segment is expected to show lucrative and fastest growth during the forecast period. The propellants of this growth are the budding demand for food security and environmental monitoring such as marine water testing.
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Regionally, North America dominated the biophotonic market and it is expected to retain its dominance during the forecast period. The drivers of this dominance are rising interests of researchers in the field, higher investment by market players in R&D, and eradication of various drawbacks by application of biophotonics such as non-degradation of tissue and cells. Europe held the second largest share of the market with Germany dominating the region due to increase in geriatric as well as cancer patients’ population base. APAC is expected to be the fastest growing region owing to increasing awareness level, enhanced industrialization leading to higher investments and availability of cheaper labor.
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Major market players of the industry include Precision Photonics Corp. (PPC), Carl Zeiss, Procter & Gamble, Becton and Dickinson & Co., Andor Technology, Olympus America, Idex Corp., Hamamatsu Technologies, Affymetrix Inc, Philips, GE, Horiba, Thermo, Roche, Toshiba, IPG Photonics Corp., and Danone. Idex Corp. acquired Precision Photonics Corp. in July 2012 with the vision of in-house manufacturing of optical components for its photonic platforms, thereby providing cost efficiency. Technological advancement such as miniaturization of the instruments along with providing cost efficiency is expected to lead to aggressive competition in the market and thereby its growth.
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