Biophotonics Market to represent a significant expansion at CAGR of 11.3% by 2Posted by Bisvjeet on November 16th, 2018 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. Market Drivers 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 Market segmentation The overall market is segmented by region, by end user and by application. Forecast by region Request For Report Sample: https://www.researchreportinsights.com/report/sample/110114968/Biophotonics-Market The global market is categorized into five main geographies • Latin America • North America • MEA • Europe • APAC 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%. 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 • Microscopy • Biosensors • 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 • Becton Like it? Share it!More by this author |