LONDON, July 20, 2017 /PRNewswire/ -- KEY FINDINGS
The global biophotonics market is expected to grow at a CAGR of 11.62% for the forecast period of 2017-2025. Because of this, the market value is also anticipated to increase from $ 27855 million in 2016 and reach $74524 million by 2025. Download the full report: https://www.reportbuyer.com/product/5012006/The key drivers responsible for this growth include:
Growing population of elderly patients Dawn of nanotechnology Growing demand for early diagnosis of diseases Government initiatives Rising healthcare expenditure Increasing demand for point of care devices Technical advances in biophotonics Of these, the growing elderly population is the most significant driver which is facilitated by the falling fertility rates amongst the youth and a momentous increase in the life expectancy rate of the aging population which is predicted to grow at a uniform pace in the next 10 years. MARKET INSIGHTS
The global biophotonics market is segmented on the basis of technology, application, and end-user. The biophotonics technology market can further be divided into In-Vitro Technology In-Vivo Technology. The in-vivo technology is currently leading the market scene. The market by technology is further segmented into:
Endoscopy Surface imaging Light therapy See-through imaging Spectromolecular Microscopy Biosensors Others Whereas, the end-user segment is further divided into:
Therapeutics Diagnostics Test components Non-medical use In spite of such wide market segmentation, the market has to face certain restraints due to the prolonged certification & approval procedure and the sluggish commercialization rate. Also, the high price of the biophotonics technology is hindering the Biophotonics market growth. REGIONAL INSIGHTS
The global biophotonics market has been geographically segmented into four major regions:
North America - U.S. & Canada
Asia-Pacific China, India, Japan, South Korea, Australia and Rest of APAC Europe United Kingdom, France, Germany, Italy, Spain and Rest of Europe
Rest of World- Latin America, Middle East and Africa
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 41.5% in the year 2016. 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. On the other hand, the Asia-Pacific market is expected to grow at the fastest rate during the forecast period. The key factor driving this growth is the increasing healthcare expenditure in Asia-Pacific region. Countries like India spend over 2.5% annually of its overall GDP on healthcare. This number is expected to rise up to 11.6% over the forecast period. Also, china's healthcare expenditure is predicted to grow by 8.8% annually during the forecasted period making it the leader in terms of healthcare spending in the Asia-Pacific. COMPETITIVE INSIGHTS
Thermo Fisher Scientific Inc. (Thermo Fisher Scientific or 'the company') is a major manufacturer of reagents, equipment, analytical instruments, software consumables, and services for research, manufacturing, diagnostics, and analysis. Carl Zeiss AG (Carl Zeiss) distributes and develops lithography optics, measuring technology, microscopes, medical technology products that include ophthalmic diagnostic and therapeutic products, photo mask systems, eyeglass lenses, binoculars and planetarium technology etc Some of the other players of the global biophotonics market include:
Hamamatsu Photonics Perkin Elmer OLYMPUS CORPORATION OXFORD INSTRUMENTS PERKINELMER, INC Download the full report: https://www.reportbuyer.com/product/5012006/About ReportbuyerReportbuyer is a leading industry intelligence solution that provides all market research reports from top publishershttp://www.reportbuyer.comFor more information: Sarah Smith
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