Increasing Consumer Adoption to Fuel Demand for Biophotonics Market
The international market of Biophotonics is anticipated to reach US$ 59.7 billion of market valuation by 2020 end, exhibiting a CAGR of 11.3% during the forecast period.
The global market is driven by the following factors:
• Growing elderly population
• Provision by government in technology innovations
• Improved variety of biophotonics applications
• Requirement for enhancement in healthcare
The overall market is segmented by region, by end user and by application.
Forecast by region
The global market is categorized into five main geographies
• Latin America
• North America
The North America was the maximum contributor to the global market with around market share of 39.8% in 2014, followed by MEA, APAC and Europe. North America dominated the overall market and accounted for US$ 12.5 billion with a market share of 39.8% in the beginning of the forecast period. Though, the region is set to reach a market value of US$ 23.3 billion by the end of the forecast period. The North American market is also projected to grow at a CAGR of 10.9% over the projection period. The MEA region accounted for the market share of 26.8%, along with APAC with 17.8% in 2014. By 2020, the APAC region is anticipated to account for market share over 18.6%.
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Forecast by end user
By end user type, the market is sub-categorized as
• Medical diagnostics
• Medical therapeutics
• Test components
• Non- Medical
The medical diagnostics category had lead the market in the beginning of the forecast period with a valuation of US$ 21.8 billion and over 69.3% market share. The market is expected to grow at a steady growth rate exhibiting CAGR of 10.7% in the said period. The non-medical category will be projecting a remarkable growth rate of 15.5% during 2014-2020. Evolution in worldwide market is mostly because of growth in end use sectors, which broadly include medical institutes, diagnostic centers, service providers, healthcare research institutes, medical & scientific instrument makers and laboratories.
Forecast by application
On the basis of application type, the market is sub-segmented as
• Surface imaging
• See through imaging
• Inside imaging
• Spectro molecular
• Light therapy
• Another analytic sensing
Amongst all the said segments, the biosensors segment is set to reach CAGR of 17.2% between 2014 and 2020. The light therapy and microscopy segments are projected to grow a CAGR of 15.1 % each one, separately by the end of the forecast period .
Key Market Player
Some of the prominent participants in the worldwide bio photonics market include
• Carl Zeiss
• Andor Technology
• Dickinson & Co.
• Olympus America
• Affymetrix Inc.
• Hamamatsu Technologies