Biophotonics Market to represent a significant expansion at 11.3% CAGR by 2020

The international market of Biophotonics is anticipated to reach US$ 59.7 billion of market valuation by 2020 end, exhibiting a CAGR of 11.3% during the forecast period.

Market Drivers

The global market is driven by the following factors:

• Growing elderly population

• Provision by government in technology innovations

• Improved variety of biophotonics applications

• Requirement for enhancement in healthcare

Market segmentation

The overall market is segmented by region, by end user and by application.

Forecast by region

The global market is categorized into five main geographies

• Latin America

• North America

• MEA

• Europe

• APAC

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The North America was the maximum contributor to the global market with around market share of 39.8% in 2014, followed by MEA, APAC and Europe. North America dominated the overall market and accounted for US$ 12.5 billion with a market share of 39.8% in the beginning of the forecast period. Though, the region is set to reach a market value of US$ 23.3 billion by the end of the forecast period. The North American market is also projected to grow at a CAGR of 10.9% over the projection period. The MEA region accounted for the market share of 26.8%, along with APAC with 17.8% in 2014. By 2020, the APAC region is anticipated to account for market share over 18.6%.

Forecast by end user

By end user type, the market is sub-categorized as

• Medical diagnostics

• Medical therapeutics

• Test components

• Non- Medical

The medical diagnostics category had lead the market in the beginning of the forecast period with a valuation of US$ 21.8 billion and over 69.3% market share. The market is expected to grow at a steady growth rate exhibiting CAGR of 10.7% in the said period. The non-medical category will be projecting a remarkable growth rate of 15.5% during 2014-2020. Evolution in worldwide market is mostly because of growth in end use sectors, which broadly include medical institutes, diagnostic centers, service providers, healthcare research institutes, medical & scientific instrument makers and laboratories.

Forecast by application

On the basis of application type, the market is sub-segmented as

• Surface imaging

• See through imaging

• Inside imaging

• Spectro molecular

• Light therapy

• Microscopy

• Biosensors

• Another analytic sensing

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Amongst all the said segments, the biosensors segment is set to reach CAGR of 17.2% between 2014 and 2020. The light therapy and microscopy segments are projected to grow a CAGR of 15.1 % each one, separately by the end of the forecast period .

Key Market Player

Some of the prominent participants in the worldwide bio photonics market include

• Carl Zeiss

• Andor Technology

• Dickinson & Co.

• Olympus America

• Affymetrix Inc.

• Hamamatsu Technologies

• Becton

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