Albany, NY -- (SBWIRE) -- 10/31/2017 -- Transparency Market Research has released a recent report on the global biophotonics market. The report, titled "Biophotonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", projects the market to grow consistently at a CAGR of 10.4% during the period between 2014 and 2020. The global biophotonics market was worth US$25.16 billion in 2013 and with the positive growth expected in the forecast period, the market is expected to reach a valuation of US$50.20 billion by 2020.
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Biophotonics involves development and application of various optical techniques to study molecules, cells, and tissues. Demand for quality healthcare from the growing geriatric population worldwide is expected to fuel the growth of the global biophotonics market during the forecast period.
Advances in optical technologies in telecom and aerospace industries coupled with availability of government and private funds for research and development will help the market grow in the coming years. However, high price of biophotonics-based instruments and complexity of biophotonics technology is expected to negatively impact the overall market. Increasing demand for biophotonics in non-medical applications will open new avenues for the global biophotonics market during the forecast horizon.Medical diagnostics, medical therapeutics, tests and components, and non-medical applications are the major end-use segments of the global biophotonics market.
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In 2013, medical diagnostics was the dominant segment of the market. However, during the period between 2014 and 2020, implementation of biophotonics in non-medical applications such as prevention of unauthorized critical data access and pathogen detection in agricultural food products is expected to gain a majority share in the market.
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.
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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.