Posted in | News | Optics and Photonics

Global Biophotonics Market Forecast to Grow at 10.4% CAGR

Aug 4 2014

According to a new market report published by Transparency Market Research "Biophotonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the market was valued at USD 25.16 billion in 2013, which is expected to reach USD 50.20 billion by 2020, growing at a CAGR of 10.4% from 2014 to 2020.

Increasing demand for accurate early diagnosis and growth of ageing population are the major forces driving the biophotonics market. Apart from this, advances in optical technologies in aerospace and telecom industry and availability of funds for research and development are also fuelling the growth for biophotonics market. European commission provided grants of USD 13.74 million to pan European biophotonics consortium for the development of advanced light sources and lasers. Moreover, there are other organizations such as medical research council, the Robertson trust and BBSRC among others are providing fund for research and development. In addition, the demand for minimum invasion surgeries and the increasing awareness about food security are expected to drive biophotonics market over the forecasted period. The increasing demand for non medical applications including prevention of unauthorized access of data and for pathogen detections in agricultural food products will be the future opportunities for the biophotonics market.

Medical diagnostics segment accounted for the largest revenue share in 2013. The non-medical applications segment is expected to experience fastest growth rate growing at a CAGR of 14.5% from 2014 to 2020. In terms of application, see-through imaging segment held the highest market share, in 2013. Increasing number of patients suffering from chronic diseases such as cancer and the demand for early diagnosis and treatment are the major factors fuelling the growth in this segment. The biosensors segment is expected to grow the fastest, growing at a CAGR of 12.6% from 2014 to 2020.

North America held the largest market share in 2013. This was attributed to the increasing number of cancer patients and the advent of new technologies such as mobile c-arm and flat panel detectors. Asia Pacific is expected to be the fastest growing region, with an expected CAGR of 12.9% from 2014 to 2020. The growth in the region is attributed to increasing old age population and increasing healthcare expenditure in the emerging economies.

Major industry participants include Olympus Corporation (Japan), Affymetrix Inc. (U.S.), Hamamatsu Photonics K.K. (Japan), Oxford Instruments Plc. (U.K.), Becton Dickinson & Co. (U.S.), Carl Zeiss A.G. (Germany) and PerkinElmer, Inc. (U.S.) among others. The report studies the global biophotonics market, and provides estimates in terms of revenue (USD Billion) from 2014 to 2020. Market estimates on the basis of end-use and application have also been provided for each region. The market has been segmented as follows:

Biophotonics Market, by End-use