NEW YORK, Nov. 23, 2015 /PRNewswire/ -- Emergence of nanotechnology and significant technological advancements in the field of biophotonics are major market drivers
The global biophotonics market is expected to reach USD 50.18 billion by 2020, at a CAGR of 11.5% between 2015 and 2020. The biophotonics industry has witnessed tremendous technological improvements over the past few years. Major drivers identified for the growth of the biophotonics market are emergence of nanotechnology, significant technological advancements over the last few years, increase in the demand for home-based POC devices, and increasing population & growing lifestyle diseases. Major restraints are slow rate of commercialization, high cost involved in research and development, and reluctance toward the adoption of new treatment practices.
Surface imaging market is expected to grow at higher CAGR during the forecast period
The report provides a detailed segmentation of the biophotonics market based on various application areas which include see-through imaging, inside imaging, spectromolecular, surface imaging, microscopy, light therapy, biosensors, and others. The application in see-through imaging accounted for the largest market share of the total biophotonics market. However, the market for surface imaging t is expected to grow at the highest CAGR between 2015 and 2020.
Medical diagnostics has emerged as a largest market segment for biophotonics market in 2014
Based on the end use of the biophotonics technology, the market is segmented into medical diagnostics, medical therapeutics, tests & components, and other (non-medical) sectors. Medical diagnostics accounted for the largest share of in 2014. The biophotonics market in the following geographic regions has been included in the report - the Americas, Europe, Asia-Pacific, and Rest of the World (RoW). Out of these regions Americas market is expected to grow at a highest CAGR during the forecast period.
During this market study several interviews were conducted with industry leaders such as CEOs, VPs, directors, and marketing executives for key insights. Break-up of profile of primary participants for the report is as given below:
- By Company Type - Tier 1 – 35 %, Tier 2 – 40% and Tier 3 – 25%
- By Designation – C level – 35%, Director level – 25%, Others – 40%
- By Region – Americas - 43%, Europe – 19%, APAC – 29%, RoW – 9%
The report identifies market dynamics such as drivers, restraints, and opportunities. Apart from the market segmentation, the report also includes critical market data and quantitative information for each segment along with qualitative analyses such as the Porter's five forces analysis and value chain analysis. The report also discusses the future of the global market, supply chain, upcoming technologies, and applications with respect to biophotonics. Key players profiled in this report include Affymetrix, Inc. (U.S.), Andor Technology Ltd. (U.K.), Becton, Dickinson and Company (U.S.), Carl Zeiss AG (Germany), FEI Company (U.S.), Hamamatsu Photonics K.K. (Japan), Lumenis Ltd. (Israel), Olympus Corporation (Japan), PerkinElmer, Inc. (U.S.), and Zecotek Photonics Inc. (Canada).
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