Besides agriculture, the defense sector is also expected to provide growth opportunities owing to the emergence of chemical and biological warfare. The market is segmented, by the application into spectro molecular, surface imaging, biosensors, see-through imaging, light therapy and microscopy. The see-through imaging sector is expected to command the highest share owing to the healthy demand for non-invasive treatment and applications in brain imaging. On the basis on end-use, the market is segmented into medical therapeutics and diagnostics, its related test components and non-medical applications. Although the medical sector accounts for the ongoing industry growth, future growth may be due to the increased use in the nonmedical fields such as agriculture and defense. Environment monitoring applications may also propel the market demand over the next eight years.
North America biophotonics market accounted for a sizeable share in 2015 owing to sound investment in R & D and the healthcare industry. Asia Pacific market is expected to witness significant growth due to rising geriatric population. Companies may eye developing countries such as Thailand and India, which are increasing their expenditure on healthcare facilities and R & D. Technological advancements in imaging techniques are poised to keep research active. Imaging solutions such as 3D volumetric mapping are emerging as the key research areas providing an upsurge in uptake.
Browse Full Research Report @ https:// www. millioninsights. com / industry-reports / biophotonics-market
However, owing to the nascent nature of such technologies, the applications are limited. Active collaboration of computer engineers and biologists is expected to help overcome challenges, eventually leading to industry growth. Further, y the ongoing research in nanotechnology is anticipated to provide growth opportunities. The industry supply chain includes biologists and imaging solutions providers, which may integrate research to develop new products. The industry may face fierce competition leading to utilization of biophotonic devices at home. It may incentivize companies to develop competencies either by research or merger & acquisitions. Precision Photonics’ acquisition by Idex Corporation is one such example, leading to the development of inhouse manufacturing capabilities for Idex. The healthy growth potential may incentivize firms to enter the industry. However, with only a handful key player with hefty investments, there is a potential barrier to new entrants.
Key players in the sector include AdvanDx, Affymetrix, Andor, Carl Zeiss, FEI Company, Hamamatsu Photonics, Lumenis, Olympus Corporation and Zecotek Photonics. The industry exhibits significant dominance of the USbased firms Affymetrix, which is established player in the healthcare instrument sector and FEI Company, which is into microscopy and imaging solutions.