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Full Information Regarding the Market of Biophotonics is Available
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The biophotonics market has grown over the years owing to rising
applications in the fields of medicine, life science, environmental
science, and agriculture. The rate of investments and research in
this field has been remarkable and for this very reason, North
America is by far the largest market for biophotonics in the world.
There has been a rise in healthcare expenditure in regions such as
Asia Pacific and this has also fueled the growth of the biophotonics
market.
Advances in optical technologies in telecom and aerospace industries
coupled with availability of government and private funds for
research and development will help the market grow in the coming
years. However, high price of biophotonics-based instruments and
complexity of biophotonics technology is expected to negatively
impact the overall market. Increasing demand for biophotonics in
non-medical applications will open new avenues for the global
biophotonics market during the forecast horizon.Medical diagnostics,
medical therapeutics, tests and components, and non-medical
applications are the major end-use segments of the global
biophotonics market. In 2013, medical diagnostics was the dominant
segment of the market. However, during the period between 2014 and
2020, implementation of biophotonics in non-medical applications such
as prevention of unauthorized critical data access and pathogen
detection in agricultural food products is expected to gain a
majority share in the market.
The significant advantage of biophotonics is that it safeguards the
cells for a particular period after they are examined. Additionally,
advances in optical innovations in aviation and telecom industry and
availability of funds for development and research are likewise
driving the development for biophotonics market. Furthermore, the
demand for minimum invasive surgeries and the growing awareness about
food security are predicted to drive biophotonics market over the
forecasting horizon. The expanding interest for non medicinal
applications including demand for prohibition of unauthorized access
and for pathogen identifications in agricultural food items are some
of the factors, which will drive the market in the near future.
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The biophotonics market, based on geography, is segmented into North
America, Europe, Asia-Pacific, and Rest of the world (RoW). North
America represented the biggest market share in the year 2013, which
is anticipated to pool overwhelming market share. Additionally, top
of the line exploration is required to be carried out in the field of
biophotonics in the advancing years. Also, expanding number of
patients suffering from cancer and the growing demand for non-medical
applications principally in the field of food security has further
guaranteed its dominance. The Asia Pacific biophotonics market was
valued at USD 4.23 billion in the year 2013, and is expected to be
the fastest growing biophotonics market in the coming years. Aging
population and the rise in healthcare expenditure are the major
growth factors for the Asia Pacific biophotonics market.
Some of the key vendors in the global biophotonics market include
PerkinElmer, Inc., Becton Dickinson & Co., Hamamatsu Photonics
K.K., Olympus Corporation, Carl Zeiss A.G., Oxford Instruments Plc,
and Affymetrix Inc.
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