Wellesley, Mass, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Product development and technology advancements are driving double-digit growth in the global biophotonics market. BCC Research reveals in its new report that other key drivers include the rising incidence of diseases and new, innovative diagnostic and monitoring applications.
Biophotonics is the interdisciplinary science of applying light to biological life sciences, such as biomechanics, molecular and cell biology, genomics, and pharmacology. Biophotonics-based technologies enable medical diagnostics and imaging, medical devices, therapeutics, life sciences and environmental sciences.
The global biophotonics market is projected to reach $32.2 billion and $53.8 billion in 2016 and 2021, respectively, demonstrating a five-year compound annual growth rate (CAGR) of 10.8%. The North American market should grow from nearly $13.4 billion in 2016 to $22.00 billion by 2021 at a five-year CAGR of 10.5%. The Asian market should total $11.2 billion in 2021, up from $6.4 billion in 2016, reflecting a five-year CAGR of 11.7%.
The U.S. accounts for the largest share of the North American and global market, followed by Germany, France and the United Kingdom. Other prominent regions are Italy and Spain. In the emerging market context, China leads in terms of market size as well as growth followed by India, Brazil, and Russia.
The biophotonics technology has a broad range of application areas such as pathology, immunology, environmental microbiology, cellular biology, molecular biology, marine biology, plant neology, medicine (transplantation, oncology, stem cell research, hematology, HIV, chemotherapy, sex preselection), genomics and proteomics, and more.
Biophotonics is especially gaining pace in clinical applications that include diagnosis, monitoring and evaluating treatment effectiveness of diseases such as neurosciences cancer, and non-medical applications in agro, food and environment testing market.
Key factors restraining the market growth include commercialization and adoption issues, development costs coupled with pricing pressure and regulatory and reimbursement issues.
"The market is growing at a healthy growth rate, with applications such as optical biosensing, light therapy, and medical lasers achieving rapid and high growth," says BCC Research analyst Himani Singhi. "In terms of market size, see-through imaging and inside imaging constitute the largest market share."
Biophotonics: Technologies and Global Markets (PHO024A) analyzes the roles of molecular imaging and understanding the biophysics of photon interaction with cells and tissue, to the clinical realm of non-invasive diagnostics, drug delivery, and therapy. The report also examines the increasing demand of monitoring and diagnostic technologies, a growing trend of miniaturization, and organic growth associated with mature markets like X-ray imaging. Global market drivers and trends, with data from 2015, estimates for 2015, and projections of CAGRs through 2020 also are provided.
About BCC Research BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com . Follow BCC Research on Twitter at @BCCResearch .
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
