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Increased Demand for Technologically Advanced Healthcare Facilities to Drive Global Biophotonics Market at a CAGR of 10.4%



 
Posted on May 25, 2015
In a recent market study published by Transparency Market Research (TMR), the Global Biophotonics Market is projected to grow impressively at a CAGR of 10.4% between 2014 and 2020. TMR, a market intelligence company based in the U.S., states that the global biophotonics market will reach a value of US$50.20 billion in 2020 from US$25.16 billion in 2013. The research report “Biophotonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020” is available for sale on the company website.According to the study, rising geriatric population worldwide, which results in rising demand for technologically advanced healthcare facilities, is the primary force driving growth of the biophotonics market. Biophotonics preserves cells, tissues, and biomaterial kept under examination for a certain period owing to which it is highly demanded in the market. Additionally, optical technology advancements in telecom and aerospace industry and enhanced funding of R&D initiatives will further propel the growth of the global biophotonics market.

As examined by the TMR research report, demand for minimally invasive surgeries and rising food safety awareness will create future prospects for the expansion of the biophotonics market during the forecast period. Increased non-medical applications of biophoptonics in the prevention of unlawful access to data and pathogen detection in agrarian produce also offer significant growth opportunities for the market. For the purpose of the study, the TMR research report segments the global biophotonics market on the basis of end-use industries, application, and geography. TMR study segments the global biophotonics market based on the end-use industries into medical therapeutics, tests and components, medical diagnostics, and non-medical applications.

                                      
As examined by the research report, medical diagnostics segment accounted for the largest share of the biophotonics market in 2013. However, as per the report, the non-medical application segment will exhibit fastest growth in the forecast period. The use of biophotonics in the prevention of unauthorized critical data access and for blood monitoring has further spurred the growth opportunities for the global biophotonics market. On the basis of application, TMR study segmented the biophotonics market into surface imaging, inside imaging, see-through imaging, biosensors, microscopy, light therapy, spectro molecular market, and other analytics sensing. In 2013, see-through imaging dominated the application segment of the market on account of growing demand for non-invasive surgical procedures and advancement in surgical procedures in oncology, neurology, cardiology, and brain imaging, as observed by the market research report.

Geography-wise, the market study segments the global biophotonics market into North America, Asia Pacific, Europe, and Rest of the World (RoW). As per the findings of the study, North America held the largest share of the biophotonics market in 2013. The region is expected increase their investment to facilitate R&D activities in near future. Increasing prevalence of cancer and rising demand for biophotonics for non-medical applications in North America are fuelling the biophotonics market in the region.

Browse the full Biophotonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/biophotonics-market.html

According to the report, growing geriatric populace and rising healthcare expenditure are major factors driving the biophotonics market in Asia Pacific, which was valued at US$ 4.23 billion in 2013.

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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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