The global biophotonics market is expected to grow at a CAGR of 10.12% for the forecast period of 2019-2027. Because of this, the market value is also anticipated to increase from $ XX million in 2018 and reach $XX million by 2027. The growing elderly population in the world will be significant for driving the market growth, and this particular population is facilitated by the reducing fertility rates amongst the youth and a momentous increase in the life expectancy rate of the aging population that is predicted to grow at a uniform pace in the next ten years.
The global biophotonics market is segmented on the basis of technology, application and end-user. Regardless of such wide market segmentation, it has to face certain restraints due to the prolonging certification & approval procedures and the sluggish commercialization rate. Also, the high price of the biophotonics technology is hindering the Biophotonics market growth. Although, the increasing rate of occurrence of chronic diseases like cancer, diabetes, cardiovascular diseases, respiratory diseases, etc. in the developing countries like India, China, Brazil and Russia will be opening many doors for market development in the global arena. The major factors that are responsible for the increasing frequency of chronic and other diseases in these developing countries are because of the increasing urbanization, smoking, obesity rate and enlarging population.
The North American market is backed by the growing investments within the healthcare sector, growing R&D initiatives and the presence of top-class healthcare infrastructure. This is the reason the market dominated the global scene with a share of XX% in the year 2018. The market is predicted to continue its dominance in the coming years due to the rising prevalence of chronic diseases like cancer, Alzheimer disease and diabetes coupled with growing geriatric populace. The Asia-Pacific market will be growing the fastest during the forecast period because of the increasing healthcare expenditure in the region. Countries like India spend over XX% annually of its overall GDP on healthcare. This number is expected to rise to XX% over the forecast period. Also, China’s healthcare expenditure is predicted to grow by XX% annually during the forecasted period making it a leader in terms of healthcare spending in the Asia-Pacific.
The companies that are operating in the global market for biophotonics technology are Zecotek Photonics Inc., Hamamatsu Photonics K.K., Fisba AG, Idex Corp., Medlumics Sl, MKS Instrument, Halma PLC, Thermo Fisher Scientific Inc., Olympus Corporation, Becton, Dickinson, And Company, OpGen, Lumenis Ltd., Perkinelmer, Inc., Oxford Instruments & Carl Zeiss AG.