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
New York, NY -- (SBWIRE) -- 11/11/2016 -- Biophotonics refers to the development as well as application of numerous optical techniques used to study cells, molecules, and tissue. Biophotonics is essentially a combination of biology and photonics, the latter being the study and technology of using light to transmit information.
The biophotonics market has grown over the years owing to rising applications in the fields of medicine, life science, environmental science, and agriculture. The rate of investments and research in this field has been remarkable and for this very reason, North America is by far the largest market for biophotonics in the world. There has been a rise in healthcare expenditure in regions such as Asia Pacific and this has also fueled the growth of the biophotonics market.
This report is an all-inclusive and thoroughly researched analysis of the structure, elements, and dynamics of the global biophotonics market.
Overview of the global biophotonics market
The surging demand for quality healthcare from all parts of the world is the primary growth driver for the biophotonics market, and this demand stems from the rise in the global aging population. There has been a lot of support from private as well as government bodies and the availability of funds for research and development in the field of biophotonics has increased tremendously in recent times. Besides this, advancement in optical technologies in the telecom and aerospace industries has also boosted the growth of the biophotonics market.
The report predicts that this market is expected to witness greater expansion during the course of the forecast period thanks to rising awareness about food security, surging demand for minimally invasive surgeries, and its applications in non-medical areas such as pathogen detection in agricultural food products and prevention of unauthorized data access.
According to the report, the global biophotonics market is set to grow from a value of US$25.16 billion in 2013 to US$50.20 billion by 2020. If these values hold true, the biophotonics market is projected to present an impressive CAGR of 10.4% during the forecast period of 2014 to 2020.
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There are, however, a few factors that threaten to restrict the growth of the biophotonics market and these include complexities associated with biophotonics technology and high cost of biophotonics-based instruments.
Companies mentioned in the research report
The research report offers a thorough analysis of the vendor landscape of the global biophotonics market. The key players featured in the report are PerkinElmer, Inc., Becton Dickinson & Co., Hamamatsu Photonics K.K., Olympus Corporation, Carl Zeiss A.G., Oxford Instruments Plc, and Affymetrix Inc. The biophotonics market report focuses on aspects such as company and financial overview, business strategy, recent developments, and a SWOT analysis.