The rising demand for quality healthcare services and advances introduced in optical technologies in the telecom and aerospace industries have been giving significant impetus to the market for biophotonics.A report released recently by Transparency Market Research presents insights into the various growth drivers and restraints that have been driving the global market for biophotonics. The report is titled “Biophotonics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020” and is available on the company’s website for sale. The report projects that the market will reach from a valuation of US$25.26 bn in 2013 to US$50.2 bn by the end of 2020. The global biophotonics market is likely to exhibit a CAGR of 10.4% between 2014 and 2020.
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The term biophotonics is derived from photonics and biology. Photons are considered a central entity in information technology, as electrons are considered in electronics. Biophotonics is the development and application of optical methodologies such as diagnosing, imaging, and others to study tissues and cells. It is the science of harnessing and using light to image, manipulate, and detect biological materials. The major applications of biophotonics include life science, environmental science, medicine, and agriculture.
The availability of private and government funds for research and development into biophotonics has been a key factor helping the market to grow. However, the complexity associated with biophotonics technology and its high cost have emerged as crucial concerns inhibiting the market. Nevertheless, the market is expected to gain significantly from the demand for biophotonics in non-medical applications in the forthcoming years.
Medical diagnostics, tests and components, medical therapeutics, and non-medical applications constitute the major end-use segments of the global biophotonics market. Of these, the medical diagnostics segment held the dominant share in the market in 2013. However, during the forecast period, the non-medical application is anticipated to emerge as the leading application segment owing to the increased use of photonics in the prevention of unauthorized data access and pathogen detection in food products.
Based on application, the global biophotonics market is segmented into light therapy, surface imaging, biosensors, inside imaging, spectro molecular market, see-through imaging, microscopy, and other analytics sensing. Amongst these, the see-through imaging segment led the market in 2013, driven by the increasing demand for noninvasive surgical procedures.
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Regionally, the report has segmented the global biophotonics market into Europe, North America, Asia Pacific, and Rest of the World. Among these regions, North America accounted for largest share in the global market in 2013. The region boasts high investment in research and development activities, coupled with the rising prevalence of chronic ailments such as cancer, which has been a key factor fuelling demand from the global biophotonics market.
The market will also witness lucrative opportunities in Asia Pacific. The biophotonics market in the region stood at US$4.23 bn in 2013. The rising geriatric population, together with the rising healthcare expenditure, boosts the biophotonics market in Asia Pacific.
The report presents a holistic overview of the global biophotonics market covering the various factors that have been influencing its growth across key regional segments. To study the prevailing competitiveness in the market, the report also profiles companies such as PerkinElmer Inc., Becton Dickinson & Co., Hamamatsu Photonics K.K., Carl Zeiss A.G., Olympus Corporation, Oxford Instruments Plc, and Affymetrix Inc.