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Global Biophotonics Market Projected to Grow at a CAGR of 10.2% over the Forecast Period 2016-2024
Biophotonics Market Report over the Forecast Period 2016-2024
The increasing application of biophotonics in laser processing such as coagulation, incision, and excision follow various laser-tissue interaction procedures are anticipated to be a major driving factor for the growth of global biophotonics market. Biophotonics has wide application across multiple fields of healthcare such as ophthalmology, urology, dentistry, gynecology, and surgery. According to Goldstein Research, Biophotonics Market size is expected to reach USD 65.0 billion by 2024, growing at a compounded annual growth rate of 10.2% during the forecast period 2016-2024. Global biophotonics market segmentation has been carried out on the basis of application, end user and geography. Based on the end user, the medical segment accounted for nearly 55.0% of global biophotonics market share in 2016. Whereas based on application, the global biosensors market is growing at a rapid pace and by 2024 it is expected to reach USD 28.67 billion.
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Further, Global biophotonics industry is estimated to be dominated by North America with a market share of 37.5% in 2016 followed by Europe biophotonics market share. Whereas, the Asia Pacific being the opportunistic market across the globe, is thus anticipated to grow at fastest CAGR over the forecast period. Furthermore, high development is witnessed in medical image analysis software market which therefore is anticipated to open growth opportunities for biophotonics market.
On the basis of our in-depth analysis, Global Biophotonics Market can be segmented as follows:
- See Through Imaging
- Inside Imaging
- Surface Imaging
- Light Therapy
- Analytics Sensing
By End User
- Medical Diagnostics
- Medical Therapeutics
- Test & Components
- Environmental Monitoring
Industry Analysis By Application
According to Goldstein Research, Biosensors Market is expected to reach more than USD 28.6 billion by 2024 from USD 15.8 billion in 2016, growing at a compounded annual growth rate of 7.6% over the forecast period 2016-2024. Development in biosensor technology drives much of the mobile and wearable device industry.
Invivo Imaging System Market
Global in vivo imaging system market is largely driven by North America and is closely followed by Europe APAC market is growing rapidly owing to increasing number of research institutes, the rise in government research funds and affordability due to the implementation of reimbursement policies.
Image Sensors Market
image sensors market is expected to reach USD18.76billion by the end of 2024, growing at a CAGR of 7.5%. Growth in global image sensors market is driven by technology advancement, rising demand for camera integrated devices and surveillance and security concerns.
Image sensors segment accounted for the largest market share of nearly 23% in 2017 followed by touch sensors. The Biosensors acquire nearly 16% market share and pressure sensors acquire 15% of the total sensors market.
Further, for the in-depth analysis, Global Biophotonics Market Report encompasses the market growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies
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