Biophotonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 10/30/2015 -- Biophotonics is the term created by combining the words photonics and science. Photons are focal entities in information technology just as electrons in electronics. Biophotonics encompass application and improvement of optical methodology, such as diagnosing, imaging, and so forth, to study tissues and cells. It refers to detection, emanation, ingestion, alteration, reflection and production of radiation from tissues, biomaterials, organisms, and cells. Biophotonics find applications across segments such as agriculture, life science, medicine, and environmental science.
Biophotonics also entail the development as well as uses of various optical techniques, which in turn are used to study molecules cells, and tissue. It represents a combination of science and photonics, where photonics is defined as the technology and study of utilizing light to transmit information. The market for biophotonics was valued at US$25.16 billion in 2013 and is projected to expand at 10.4% CAGR between the years 2014 to 2020.
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Non-Medical Application Segment: The Most Swiftly Growing Segment in the Global Biophotonics Market
The global biophotonics market can be segmented on the basis of end-use, into medical therapeutics, medical diagnostics, tests and components, and non-medical applications. Among these, medical diagnostics represented the biggest biophotonics end-use segment in 2013. However, non-medical application segment will emerge as the most swiftly growing segment in the global biophotonics market during the forecast period between 2014 and 2020. Its applications in non-therapeutic areas such as identification of pathogens in agricultural food products, requirement for consistent blood monitoring, and the need to forestall unauthorized access are driving the development in this segment.
On the basis of applications, see-through imaging was the biggest application segment in 2013 attributing to the rising demand for minimum invasive surgeries and boundless number of applications in the field of cardiology, oncology, neurology, and brain imaging among others. On the other hand, biosensors are predicted to gain maximum development rate in the forecasting horizon.
Advances in Aviation and Telecom Augmenting Demand for Biophotonics
Surging demand for quality healthcare and rise in the aging population are the key driving factors responsible for the growth of biophotonics market. The significant advantage of biophotonics is that it safeguards the cells for a particular period after they are examined. Additionally, advances in optical innovations in aviation and telecom industry and availability of funds for development and research are likewise driving the development for biophotonics market. Furthermore, the demand for minimum invasive surgeries and the growing awareness about food security are predicted to drive biophotonics market over the forecasting horizon. The expanding interest for non medicinal applications including demand for prohibition of unauthorized access and for pathogen identifications in agricultural food items are some of the factors, which will drive the market in the near future.
The biophotonics market, based on geography, is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America represented the biggest market share in the year 2013, which is anticipated to pool overwhelming market share. Additionally, top of the line exploration is required to be carried out in the field of biophotonics in the advancing years. Also, expanding number of patients suffering from cancer and the growing demand for non-medical applications principally in the field of food security has further guaranteed its dominance. The Asia Pacific biophotonics market was valued at USD 4.23 billion in the year 2013, and is expected to be the fastest growing biophotonics market in the coming years. Aging population and the rise in healthcare expenditure are the major growth factors for the Asia Pacific biophotonics market.
Some of the key vendors in the global biophotonics market include PerkinElmer, Inc., Becton Dickinson & Co., Hamamatsu Photonics K.K., Olympus Corporation, Carl Zeiss A.G., Oxford Instruments Plc, and Affymetrix Inc.
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