ALBANY, New York, August 1, 2014 /PRNewswire/ --
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.
Browse the full Biophotonics Market Report at http://www.transparencymarketresearch.com/biophotonics-market.html
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
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