A report by Transparency Market Research has labelled North America as the largest market for photonics, but that Asia Pacific is the fastest growing driven by demand for instruments from India, China and Japan. The report predicts the global photonics market value to increase to $765.89 billion by 2020 at a CAGR of 5.8 per cent from 2014 to 2020.
The report believes the presence of a large number of business utilities coupled with demand for high speed computing and communication are boosting the photonics market in North America. However, Asia Pacific is the fastest growing market for photonics globally. India, China and Japan are some of the major countries supporting the demand for photonics-based instruments in Asia Pacific.
The prices of photonics based instruments being on the lower side compared to conventional devices is one of the major factors driving the demand for photonics-based instruments globally. Furthermore, the application of photonics-based instruments in medical and healthcare segment is also boosting the demand for photonics-based instruments. The demand for fast and early diagnosis and minimally invasive surgery are boosting the instruments using photonics globally.
Wavelength division multiplexer filters is one of the major product segments for photonics-based instruments. Increasing demand for high speed communication is the major factor boosting the demand for wavelength division multiplexers.
An aging population is driving the demand for instruments using photonics globally in the medical and healthcare segment. The report said the medical and healthcare field is one of the fastest growing application segments for photonics instrumentation.