The international market of Biophotonics is anticipated to reach US$ XX billion of market valuation by 2027 end, exhibiting a CAGR of XX% during the forecast period.
The global market is driven by the following factors:
• Growing elderly population
• Provision by government in technology innovations
• Improved variety of biophotonics applications
• Requirement for enhancement in healthcare
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The overall market is segmented by region, by end user and by application.
Forecast by region
The global market is categorized into five main geographies
• Latin America
• North America
The North America was the maximum contributor to the global market with around market share of XX% in 2017, followed by MEA, APAC and Europe. North America dominated the overall market and accounted for US$ XX billion with a market share of XX% in the beginning of the forecast period. Though, the region is set to reach a market value of US$ XX billion by the end of the forecast period. The North American market is also projected to grow at a CAGR of XX% over the projection period. The MEA region accounted for the market share of XX%, along with APAC with XX% in 2017. By 2027, the APAC region is anticipated to account for market share over XX%.
Forecast by end user
By end user type, the market is sub-categorized as
• Medical diagnostics
• Medical therapeutics
• Test components
• Non- Medical
The medical diagnostics category had lead the market in the beginning of the forecast period with a valuation of US$ XXbillion and over XX market share. The market is expected to grow at a steady growth rate exhibiting CAGR of XX% in the said period. The non-medical category will be projecting a remarkable growth rate of XX% during 2017-2027 Evolution in worldwide market is mostly because of growth in end use sectors, which broadly include medical institutes, diagnostic centers, service providers, healthcare research institutes, medical & scientific instrument makers and laboratories.
Forecast by application
On the basis of application type, the market is sub-segmented as
• Surface imaging
• See through imaging
• Inside imaging
• Spectro molecular
• Light therapy
• Another analytic sensing
Amongst all the said segments, the biosensors segment is set to reach CAGR of XX% between 2017 and 2027. The light therapy and microscopy segments are projected to grow a CAGR of XX% each one, separately by the end of the forecast period .
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Key Market Player
Some of the prominent participants in the worldwide bio photonics market include
• Carl Zeiss
• Andor Technology
• Dickinson & Co.
• Olympus America
• Affymetrix Inc.
• Hamamatsu Technologies