Albany, NY -- (SBWIRE) -- 03/26/2015 -- The market was valued at US$25.16 billion in 2013 and is now growing at a 10.4% CAGR from 2014 to 2020. With the help of Porter's Five Forces analysis and market attractiveness analysis, the report provides information about and a comprehensive review of the various factors contributing to or impeding the market's growth. The report elaborates on the market drivers, opportunities, and restraints, describing several current trends and their impact on the overall market size.

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Through this report, TMR analysts explain the major benefits of biophotonics and its use in different end-use applications. Biophotonics refers to the study of cells and tissues employed in the fields of agriculture, life science, medicine, and environmental science. One of the main reasons the market for biophotonics is in demand in these fields is its ability to preserve cells for a specific period when they are examined. The market is also applied in optical methodology such as imaging and diagnostics. The increasing global geriatric population is creating a growing demand for facilities equipped with high-quality medical technology. These prove to be the major driving forces of the biophotonics market.

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Moreover, availability of funds for advanced research and development activities and advances in optical technology in the fields of telecom and the aerospace industry are some of the factors fueling growth in the biophotonics market. The report also studies the global biophotonics market based on end use, and enlists medical therapeutics, tests and components, medical diagnostics, and non-medical applications as key segments under this study. Among all, the medical diagnostics segment was represented as the largest biophotonics sector in 2013. However, the non-medical application segment is projected to exhibit the fastest growth in the next five years. The increasing demand for the non-medical segment, including pathogen exposures in agriculture food products, need for constant blood monitoring, and prevention of unauthorized access to critical data has stirred up great opportunities for the entire biophotonics market.

See-through imaging was the largest application segment in 2013, due to the rising demand for minimally invasive surgeries and advancing medical procedures in the field of cardiology, oncology, brain imaging, and neurology. Furthermore, based on geographical analysis the report takes into account a decisive view of four major regions actively involved in the biophotonics market. The market for biophotonics is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW), with North America holding the largest share in the global market.

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"In the coming years, North American countries are expected to contribute heavy investments and conduct high-end research activities in the field of biophotonics. Moreover, due to increasing healthcare expenditure and growing geriatric population in Asia-Pacific, the region is expected to be the next fastest growing area in the next five years," stated a TMR analyst during this study.

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