A new research report published by Transparency Market Research states that the global photonics market is poised to achieve remarkable growth in the coming years. The report, titled “Photonics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, elaborates upon the market thoroughly with the aim of providing a guiding document to the readers. The research analysts have attempted to view the global photonics market through a microscopic lens to examine the finer nuances of the dynamics governing it and present a granular view of the market for readers.
According to the research report, the global photonics market was valued at US$509.7 bn in 2013 and is expected to reach US$765.9 bn by the end of 2020, growing at a CAGR of 5.80% between 2014 and 2020. The steady increase in the demand for photonics across the globe is attributable to the growing demand for efficient electronic products. The global photonics market will also be propelled by the exponentially growing volume of data that is in a constant process of transfer. Additionally, the advantages of photonic-based devices such as less consumption of electricity will also give an impetus to the market. The only restraint on the global photonics market is the poor commercialization of photonic devices at present.
The global photonics market is segmented on the basis of geography, product, and application. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Products sold in this market are optical modulators, waveguides, optical interconnects, LED, wavelength division multiplexer filters, lasers, photo detectors, amplifiers, and others. Applications of photonics are seen in consumer electronics, safety and defense technology, displays, metrology, communication, sensing, high-performance computing, medical and healthcare, and others.
Photonics for Medical and Healthcare
The application of photonics in the medical and healthcare industry is registering the fastest growth, at a 7.4% CAGR during the 2014-2020 period. The demand for more accurate and early diagnosis is rising incredibly, impelled by the increasing incidence of chronic ailments. This has augmented the demand for photonics-based equipment in the medical and healthcare segment significantly. Furthermore, growing demand for minimally invasive surgery is also expected to fuel the demand from the global photonics market.
Free PDF For Full Details with Technological breakthroughs is @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=863