The global biophotonics market was valued at $31.4 billion in 2014 and is expected to reach $59.7 billion by 2020, according to a new report from Future Market Insights (FMI; London, England). This represents a compound annual growth rate (CAGR) of 11.3% between 2014 and 2020.
Related: The four segments of biophotonics market growth
The global biophotonics market is driven by factors such as the increasing aging population, government support in technology innovations, an enhanced range of biophotonics applications, and a need for improvement in healthcare.
Region-wise, North America was the highest contributor to the global biophotonics market, with 39.8% share in 2014, followed by Europe, the Middle East, and Africa (EMEA) and Asia Pacific. North America dominated the global biophotonics market and accounted for $12.5 billion, with 39.8% of the market share in 2014. However, North America is expected to reach $23.3 billion by 2020, exhibiting a CAGR of 10.9% during the forecast period. EMEA accounted for 26.8% of the market share in 2014, followed by Asia Pacific with 17.8% in the same year. However, the Asia Pacific market is expected to account for 18.6% of the market share by 2020.
According to end-user type, the global biophotonics market is segmented as medical diagnostics, medical therapeutics, test components, and non-medical. Medical diagnostics dominated the global biophotonics market in 2014, valued at $21.8 billion with 69.3% market share in 2014. This segment is expected to register a CAGR of 10.7% during the forecast period. Non-medical applications are projected to demonstrate an impressive growth rate of 15.5% between 2014 and 2020. Growth in the global biophotonics market is largely attributed to growth in end-use sectors, which largely include diagnostic centers, medical institutes, healthcare service providers, research institutes and laboratories, and medical and scientific instrumention manufacturers.
The full report, "Biophotonics: A New Boulevard for Healthcare Investments, Global Market Analysis and Forecast; 2014 to 2020," is available for purchase at www.futuremarketinsights.com.
Follow us on Twitter, 'like' us on Facebook, connect with us on Google+, and join our group on LinkedIn