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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Published: September 2014

Glossary

machine vision: Machine vision, also known as computer vision or computer sight, refers to the technology that enables machines, typically computers, to interpret and understand visual information from the world, much like the human visual system. It involves the development and application of algorithms and systems that allow machines to acquire, process, analyze, and make decisions based on visual data. Key aspects of machine vision include: Image acquisition: Machine vision systems use various...
nano: An SI prefix meaning one billionth (10-9). Nano can also be used to indicate the study of atoms, molecules and other structures and particles on the nanometer scale. Nano-optics (also referred to as nanophotonics), for example, is the study of how light and light-matter interactions behave on the nanometer scale. See nanophotonics.
positioning: Positioning generally refers to the determination or identification of the location or placement of an object, person, or entity in a specific space or relative to a reference point. The term is used in various contexts, and the methods for positioning can vary depending on the application. Key aspects of positioning include: Spatial coordinates: Positioning often involves expressing the location of an object in terms of spatial coordinates. These coordinates may include dimensions such as...

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