Press Releases

Neurophotonics Market to See 12.6% Annual Growth Through 2023

Increasing Prevalence of Neurological Disorders Helping Boost Industry Expansion

April 19, 2019

WELLESLEY, Mass., April 19, 2019–The increasing prevalence of neurological disorders, the search for state-of-the-art diagnostic techniques, and the need to provide better healthcare are factors helping to drive the neurophotonics market, according to a report by BCC Research.

The market expects to see a compound annual growth rate (CAGR) of 12.6% through 2023, when it could be worth $1.7 billion, according to the report “Neurophotonics: Global Markets and Technologies to 2023.”

Major players in the market include Axsun, Cairn Research, Fujifilm (FUJIY), GE Healthcare (GE), Lumedica, Molecular Devices (MDCC), Nikon (NINOY) and PerkinElmer (PKI).

Research Highlights

  • Imaging leads the market by growth, with a CAGR through 2023 of 127%, followed by therapy at 10.8%.
  • By optical technology, market growth is led by ISPSM, with a CAGR through 2023 of 17.7%, followed by imaging at 12.5% and light therapy at 10.8%.
  • Between 2016 and 2018, PM imaging led the market by growth, with a CAGR of 14.6%, followed by spectroscopy at 12.6% and multimodal imaging at 10.0%.

“Optical technologies are gaining increasing popularity in the biomedical field for evaluating and treating a range of medical conditions,” notes report author Margareth Gagliardi. “During the past 50 years, optical technologies have also been introduced into the study of neurons and neural activities, contributing to the expansion of a new branch of biophotonics and neuroscience called neurophotonics. Light-based technologies are gaining growing interest in neurology because they offer advantages over other methods (e.g., X-rays, magnetic fields and radio waves), such as lower cost, long-term safety and portability.”

New Technological Developments Include Wearable Tomography, Wireless Wearable Monitors

While functional magnetic resonance imaging is one of the most popular methods for studying brain activities, it is not practical in all cases. A new technology entering the market is the wearable diffuse optical tomography cap, which offers super-pixel detection. New wireless monitoring systems, meanwhile, measure brain blood oxygenation and employ Bluetooth to send signals to a mobile terminal. Finally, researchers in South Korea have introduced a deep brain stimulation system that incorporates surface-enhanced Raman spectroscopy.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Neurophotonics: Global Markets and Technologies to 2023( PHO031A )
Publish Date:     

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.