The global biophotonics market is growing significantly due to advancement in optical technology, high incidences of chronic diseases, and increasing demand for minimally invasive surgeries. The massive unexplored biophotonics market in the emerging economies and large number of non-medical applications of biophotonics are creating ample opportunities for the growth of the global biophotonics market. The advanced research and development facilities and new product development by the key market players are propelling the demand for cost effective biophotonics instruments, thus fuelling the growth of the global biophotonics market.
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Some of the factors driving the growth of the global biophotonics market are aging population, increasing prevalence of chronic diseases, advancements in optical technology, and up surging research and development expenditure by major players in the market. In addition, the increasing focus on minimally invasive surgeries and growing usage of biophotonics instruments in agriculture and food industry, are propelling the growth of the global biophotonics market. However, lack of skilled professionals, high cost of biophotonics instruments and complexity of biophotonics techniques are some of the factors, restraining the growth of the global biophotonics market to some extent.
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Geographically, North America leads the global biophotonics market, due to advancement in biophotonics techniques, high healthcare expenditure, increasing incidences of chronic diseases and growing geriatric population. In addition, the increasing usage of biophotonics in food and agriculture, high government funding for research and development in biophotonics, and stringent regulation regarding food security are fuelling the growth of the biophotonics market in North America.
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Asia-pacific is the fastest growing region in the global biophotonics market. The major reasons for the fastest growth of the Asia-Pacific biophotonics market are increasing research and development activities, growing usage of biophotonics techniques in food industry, and up surging healthcare expenditure. Moreover, the biophotonics market in the region is growing rapidly, due to high prevalence of chronic diseases, increasing geriatric population and improving healthcare infrastructure in the emerging economies, such as India and China.
The major players operating in the global biophotonics market are Hamamatsu Photonics K.K., Becton Dickinson and Company, PerkinElmer Inc., Oxford Instruments PLC, OLYMPUS CORPORATION, Affymetrix Inc., and Carl Zeiss Stiftung.
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