Biophotonics is an emerging area of scientific research which harnesses light to understand the working of cells and tissue in living organisms to aid better diagnosis of health problems.
Albany, NY -- (SBWIRE) -- 09/08/2015 -- Market Research Reports Search Engine (MRRSE) has added a new research report to its rapidly expanding collection, titled ' Global Biophotonics Market Analysis & Opportunity Assessment, 2014 - 2020'. The report draws on extensive historical data about the biophotonics market to make studied growth forecasts about the market. The report includes an elaborate examination of market drivers and restraints and their impact analysis, detailed information about each segment of the global biophotonics market, and a precise analysis of the competitive landscape of the market.
According to the report, the global biophotonics market is expected to grow at a strong 11.3% CAGR from 2014 to 2020 upon its 2013 value of US$28 billion.
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Biophotonics refers to the various applications of light (both visible and invisible to the human eye) in medicine. This developing field is used mainly in diagnosis and photo-manipulation of bioactive substances to aid in various medical processes, mainly in hematological and histological disorders. The inclusion of biophotonics makes these diagnostic procedures more precise and efficient.
Accordingly, the medical diagnostics end-use segment of the biophotonics market is expected to exhibit the strongest growth rate during the forecast period – a 17.2% CAGR, considerably more than the overall market. Other end-use sectors utilizing biophotonics include medical therapeutics, agriculture, biotechnology, and test components.
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The applications of the biophotonics market are found in see-through imaging, inside imaging, spectromolecular processes, surface imaging, light therapy, microscopy, biosensors, and other analytical sensing. Among these, light therapy and microscopy are expected to dominate the biophotonics market in the forecast period.
The report includes detailed information about the impact of various determinant factors on the growth trajectory of the global biophotonics market during the forecast period. Government support for incorporation of and innovation in biophotonics, due to the clear benefits it offers to the medical sector, counts as a prime driver of the global biophotonics market. The increasing incidence of chronic diseases around the world, complemented by the growing geriatric population more prone to such diseases, is aiding the acceptance of biophotonics into established medical procedures.
Due to its readiness in accepting technological innovations and infrastructural support for easily incorporating advanced techniques, North America remains the smart market for biophotonics investors and market players. The North America market for biophotonics is expected to double in value over the forecast period, approaching US$25 billion by 2020.
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