Biophotonics Market Poised for Growth
The global biophotonics market is expected to reach $50.2 billion by 2020, according to a report published by Transparency Market Research of Albany, N.Y. The market was valued at $25.16 billion in 2013 and is expected to grow at a compound annual growth rate of 10.4 percent between 2014 and 2020.
Increased demand for accurate early diagnosis and the growth of an aging population are the major forces driving this expansion, along with advances in optical technologies. Funding for research and development is rising, along with demand for minimally invasive surgeries and the recognition of food security.
The medical diagnostics segment accounted for the largest revenue share in 2013. The nonmedical applications segment is expected to experience the fastest expansion, with a compound annual growth rate of 14.5 percent from 2014 to 2020. The see-through-imaging segment held the largest market share in 2013, with an increasing number of patients suffering from chronic diseases. Biosensors are expected to grow at a compound annual growth rate of 12.6 percent.
The fastest growth is expected in the Asia-Pacific region, at a rate of 12.9 percent from 2014 to 2020. North America held the largest share of the industry in 2013, due to an increasing number of cancer patients and the advent of new technologies such as the mobile C-arm and flat panel detectors.
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