Press release
Biophotonics Market: Current trends, Opportunities, Challenges and Forecast by 2020
Biophotonics Market
Increasing demand for quality healthcare and growth of ageing population are the major forces driving the biophotonics market. The major benefit of biophotonics is that it preserves the cells for a specific period when they are examined. Apart from this, advances in optical technologies in aerospace and telecom industry and availability of funds for research and development are also propelling the growth for biophotonics market. In addition, the demand for minimum invasion surgeries and the increasing awareness about food security are expected to drive biophotonics market over the forecast period. The increasing demand for non medical applications including prevention of unauthorized access of data and for pathogen detections in agricultural food products are some of the future opportunities for this market.
North America accounted for the largest market share in 2013, which is expected to pool heavy investment and at the same time high end research is expected to be carried out in the field of biophotonics in coming years. In addition, increasing number of cancer patients and demand for non-medical applications mainly in the field of food security in this region has ensured its dominance. The Asia Pacific biophotonics market was valued at USD 4.23 billion in 2013, and is expected to be the fastest growing biophotonics market in the coming years. Increasing old age population and increasing healthcare expenditure are the key growth factor for this geography.
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The surging demand for quality healthcare from all parts of the world is the primary growth driver for the biophotonics market, and this demand stems from the rise in the global aging population. There has been a lot of support from private as well as government bodies and the availability of funds for research and development in the field of biophotonics has increased tremendously in recent times. Besides this, advancement in optical technologies in the telecom and aerospace industries has also boosted the growth of the biophotonics market.
The report predicts that this market is expected to witness greater expansion during the course of the forecast period thanks to rising awareness about food security, surging demand for minimally invasive surgeries, and its applications in non-medical areas such as pathogen detection in agricultural food products and prevention of unauthorized data access.
According to the report, the global biophotonics market is set to grow from a value of US$25.16 billion in 2013 to US$50.20 billion by 2020. If these values hold true, the biophotonics market is projected to present an impressive CAGR of 10.4% during the forecast period of 2014 to 2020.
There are, however, a few factors that threaten to restrict the growth of the biophotonics market and these include complexities associated with biophotonics technology and high cost of biophotonics-based instruments.
This 97 page report gives readers a comprehensive overview of the Biophotonics Market. Browse to unlock the hidden opportunities in this 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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