With the presence of a large pool of participants, the global biophotonics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Becton, Dickinson and Company, Carl Zeiss AG, FEI Company, Hamamatsu Photonics K.K., Olympus Corporation, and Andor Technology Ltd are some of the key vendors of biophotonics across the world. These players across biophotonics market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the market study.
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Rising Elderly Population Prone To Chronic Ailments To Accelerate Growth
“Large-scale use of photonic parts in healthcare equipment to obtain greater accuracy and sensitivity will boost the growth of biophotonics market over the coming years,” says the author of this study. Apart from this, rapidly increasing geriatric population and rising incidences of chronic ailments will lead to more demand for biophotonics over the forthcoming years. In addition to this, favorable government policies and prominent application of IT in the healthcare sector will further boost the biophotonics market trends.
Biophotonics finds wide applications in dentistry and medical sectors, owing to its ability to effectively diagnose & treat diseases. Massive applications in biosensors, microscopy, surface imaging, see through mapping, light therapy, inside imaging, and spectro molecular will elevate the biophotonics market expansion over the few years span.
Escalating costs of biophotonics-based equipment along with the intricacies associated with the biophotonics technology, however, are likely to hinder the biophotonics market evolution over the next few years. Nevertheless, substantial advancements in the technology over the past few years and its rapid acceptance across the medical industry are anticipated to harvest new growth avenues for biophotonics market, normalizing the impact of hindrances on the biophotonics market, reports the study.
Access To Advanced Healthcare Infrastructure Facility To Help Dominance
Geographically, North America has been leading the worldwide biophotonics market and is anticipated to continue on the dominant position in the years to come, states the market study. Mounting investments in the medical sector, outstanding infrastructural development, and increase in research & development activities are the key factors that have contributed towards the dominance of the North America biophotonics market.
The global biophotonics market is segmented as follows:
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