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Global Biophotonics Market Rides on Strong Research and Development Activities

Blog Description

Biophotonics is a rapidly developing area of scientific research that aids in improved diagnosis of a wide range of health problems with the help of light to fully understand the working of tissues and cells in living organisms. Biophotonics is being increasingly used in multiple industry verticals including diagnostics, biotechnology, food analysis, therapeutics, environmental monitoring, and agriculture.

Browse the full Global Biophotonics Market Report:

According to a report by Future Market Insights, the global biophotonics market is forecast to expand at an impressive 11.30% CAGR from 2014 to 2020, growing from a value of US$31.4 bn in 2014 to US$59.7 bn by 2020.

Multiple Medical and Non-medical Benefits of Biophotonics Driving Global Market

Here’s a look at some of the major factors driving the global biophotonics market:

  • Rise in global aging population means increasing incidence of various illnesses, which fuels the need for effective diagnostic techniques
  • Increasing demand for quality healthcare has also pushed the need for improved diagnostic and imaging solutions
  • Availability of funds for research and development from several private, public, and government sources drives innovation in the field of biophotonics
  • The biophotonics area of scientific research is greatly benefited by the advances in optical technologies in the telecom and aerospace industries
  • Biophotonics helps in the preservation of cells during examination, a benefit that boosts its importance in a wide scope of applications
  • The demand for minimally invasive surgical procedures has risen over recent years, fueling the demand for more advanced biophotonics research
  • Surging awareness about food security is anticipated to lead to increased demand for biophotonics in pathogen detection in agricultural food products
  • Non-medical applications such as prevention of unauthorized access to important data also drive the demand for biophotonics.

North America Largest Market for Biophotonics

The global biophotonics market is segmented into four key regions: North America, Latin America, Asia Pacific, and Europe, the Middle East, and Africa (EMEA). In 2014, North America accounted for a 39.8% share in the global biophotonics market, making it the largest regional segment that year. This region is likely to expand from a value of US$12.5 bn in 2014 to US$23.3 bn by 2020, at a strong CAGR of 10.90% from 2014 to 2020. Factors such as a rise in the number of cancer patients, heavy investments, high-end research, and increasing demand in the field of food security drive the North America biophotonics market.

Browse the full Press Release of Global Biophotonics Market

The EMEA biophotonics market held a 26.8% share in 2014, while Asia Pacific is anticipated to grow from a market share of 17.8% in 2014 to 18.6% in 2020. The APAC biophotonics market is fueled by rising healthcare expenditure and rise in geriatric population.

Some of the leading players functioning in the global biophotonics market are Affymetrix Inc., Andor Technology, Becton, Dickinson & Co., Olympus America, Hamamatsu Photonics, and Carl Zeiss.