Defining Biophotonics
Highlights from the OSA Industry Development Associates (OIDA) biophotonics town hall forum.
Life science applications. Segmentation of biophotonics products by application. The bubbles are approximately proportional to each segment’s revenues for 2014, totaling US$54 billion. [Source: OIDA, 2015]
Arguably the most exciting market opportunities today are in biophotonics—products that address life sciences applications. The size of the biophotonics market is staggering. According to the World Health Organization, about 9 percent (US$6.7 trillion) of the annual global output of goods and services was spent on health care in 2014. OIDA estimates that 9 percent of those health care expenditures (US$600 billion) was spent on medical hardware and pharmaceuticals, and US$54 billion of that was spent specifically on biophotonics systems and component sales for all life science applications. While that is just a small fraction of overall health care spending, the US$54 billion spent on biophotonics products is essential to delivering health services.
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