Home Press Releases Biophotonics Market is Expected to Reach USD 50.20 Billion in 2020
Biophotonics Market is Expected to Reach USD 50.20 Billion in 2020
Posted on Jun 30, 2014
According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) “Biophotonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” the market was valued at USD 25.16 billion in 2013, which is expected to reach USD 50.20 billion by 2020, growing at a CAGR of 10.4% from 2014 to 2020.
Increasing demand for accurate early diagnosis and growth of ageing population are the major forces driving the biophotonics market. Apart from this, advances in optical technologies in aerospace and telecom industry and availability of funds for research and development are also fuelling the growth for biophotonics market. European commission provided grants of USD 13.74 million to pan European biophotonics consortium for the development of advanced light sources and lasers. Moreover, there are other organizations such as medical research council, the Robertson trust and BBSRC among others are providing fund for research and development. In addition, the demand for minimum invasion surgeries and the increasing awareness about food security are expected to drive biophotonics market over the forecasted period. The increasing demand for non medical applications including prevention of unauthorized access of data and for pathogen detections in agricultural food products will be the future opportunities for the biophotonics market.
Medical diagnostics segment accounted for the largest revenue share in 2013. The non-medical applications segment is expected to experience fastest growth rate growing at a CAGR of 14.5% from 2014 to 2020. In terms of application, see-through imaging segment held the highest market share, in 2013. Increasing number of patients suffering from chronic diseases such as cancer and the demand for early diagnosis and treatment are the major factors fuelling the growth in this segment. The biosensors segment is expected to grow the fastest, growing at a CAGR of 12.6% from 2014 to 2020.
North America held the largest market share in 2013. This was attributed to the increasing number of cancer patients and the advent of new technologies such as mobile c-arm and flat panel detectors. Asia Pacific is expected to be the fastest growing region, with an expected CAGR of 12.9% from 2014 to 2020. The growth in the region is attributed to increasing old age population and increasing healthcare expenditure in the emerging economies.
Major industry participants include Olympus Corporation (Japan), Affymetrix Inc. (U.S.), Hamamatsu Photonics K.K. (Japan), Oxford Instruments Plc. (U.K.), Becton Dickinson & Co. (U.S.), Carl Zeiss A.G. (Germany) and PerkinElmer, Inc. (U.S.) among others. The report studies the global biophotonics market, and provides estimates in terms of revenue (USD Billion) from 2014 to 2020. Market estimates on the basis of end-use and application have also been provided for each region.
Browse the full Biophotonics Market report at http://www.transparencymarketresearch.com/biophotonics-market.html
The market has been segmented as follows:
Biophotonics Market, by End-use
- Tests and components
- Medical therapeutics
- Medical diagnostics
- Non-medical Applications
Biophotonics Market, by application:
- See-through imaging
- Inside imaging
- Spectro molecular market
- Other analytics sensing
- Light therapy
- Surface imaging
Biophotonics Market, by Geography:
- North America
- Asia Pacific
- Rest of the World
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Ms. Sheela AK
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Share This Article!
- Powered Surgical Instruments Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
- A powered surgical instrument is a specifically designed device that utilizes power sources for carrying out specific action during surgery. Power sources may be electrical (line current or battery operated), or pneumatic - which make use of compressed medical gasses, such as nitrogen, carbon dioxide or compressed air. The powered surgical instrument market is experiencing significant growth with the advent of...
- Infectious Disease Testing Instrumentation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020Infectious disease is currently the largest and well established segment of molecular diagnostics market. Testing of human papilloma virus which is a major cause of cervical cancer is expected to propel the infectious diseases testing market as the test is still in the emerging stage. Rise in incidences of hospital acquired infections, longer stay in the hospital that is associated with increased mortality...
- Brain Imaging, Biomarkers and NeuroInformatics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020Imaging is now becoming an increasing important tool in both clinical and research. A wide range of imaging techniques commercially available provides sensitivity to visualization of brain structure and function from the level of individual molecules to whole brain. Hence, brain imaging helps the researchers or the physicians to identify the area of brain which are affected by neurological disorders. Moreover,...