Transparency
Market Research has released a recent report on the global
biophotonics market. The report, titled “Biophotonics
Market - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast, 2014 - 2020”, projects the market to grow
consistently at a CAGR of 10.4% during the period between 2014 and
2020. The global biophotonics market was worth US$25.16 billion in
2013 and with the positive growth expected in the forecast period,
the market is expected to reach a valuation of US$50.20 billion by
2020. Biophotonics involves development and application of various
optical techniques to study molecules, cells, and tissues. Demand for
quality healthcare from the growing geriatric population worldwide is
expected to fuel the growth of the global biophotonics market during
the forecast period.
Advances
in optical technologies in telecom and aerospace industries coupled
with availability of government and private funds for research and
development will help the market grow in the coming years. However,
high price of biophotonics-based instruments and complexity of
biophotonics technology is expected to negatively impact the overall
market. Increasing demand for biophotonics in non-medical
applications will open new avenues for the global biophotonics market
during the forecast horizon.Medical diagnostics, medical
therapeutics, tests and components, and non-medical applications are
the major end-use segments of the global biophotonics market. In
2013, medical diagnostics was the dominant segment of the market.
However, during the period between 2014 and 2020, implementation of
biophotonics in non-medical applications such as prevention of
unauthorized critical data access and pathogen detection in
agricultural food products is expected to gain a majority share in
the market.
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In
terms of application, the global biophotonics market has been
segmented into surface imaging, light therapy, inside imaging,
biosensors, spectro molecular market, microscopy, see-through
imaging, and other analytics sensing. In 2013, the see-through
imaging segment accounted for a majority share in the overall market,
owing to the increasing demand for advanced noninvasive surgical
procedures in various medical fields such as brain imaging,
neurology, cardiology, and oncology.The global biophotonics market
has been divided into four key regions: Asia pacific, North America,
Europe, and Rest of the World. North America held the largest share
in the market in 2013. Due to the increased investment in research
and development activities along with rising prevalence of cancer,
the biophotonics market in the region is expected to grow
substantially during the forecast period. The market in Asia Pacific
was worth US$4.23 billion in 2013. Rising geriatric population and
increasing healthcare expenditure is expected to boost the growth of
the biophotonics market in Asia Pacific during the forecast horizon.
Some
of the key players in the global biophotonics market are Becton
Dickinson & Co., PerkinElmer Inc., Olympus Corporation, Hamamatsu
Photonics K.K., Oxford Instruments Plc, Carl Zeiss A.G., and
Affymetrix Inc. The key players are involved in introducing
biophotonics across various non-medical applications.
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