Optical Sensing Market size was valued at USD 2.33 Billion in 2023 and is likely to cross USD 16.97 Billion by the end of 2036, expanding at more than 16.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of optical sensing is estimated at USD 2.68 Billion. The reason behind the growth is impelled by the growing electronics sector. This would significantly increase the demand for optical sensing technologies since optical sensors can be easily miniaturized which makes them suitable for miniaturized electronics. The global consumer electronics industry is anticipated to increase by more than 2% between 2023 and 2028, reaching a market size of over USD 1150 billion.
The growing adoption of minimally invasive procedures are believed to fuel the optical sensing market. As a safe and efficient procedure and owing to several technical developments, minimally invasive surgery first gained popularity among surgeons and patients. Moreover, the major advantages of minimally invasive surgery include smaller and fewer incisions, a less painful recovery, and more accuracy than open surgery.
Optical sensing technologies assist doctors in reducing patient recovery time and performing procedures accurately by providing real-time visualization of internal structures.
Growth Drivers
Challenges
High Cost of Manufacturing – Optical sensing technologies may involve complex designs which can be expensive to develop. This may limit their production in areas with limited financial resources.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
16.5% |
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Base Year Market Size (2023) |
USD 2.33 Billion |
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Forecast Year Market Size (2036) |
USD 16.97 Billion |
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Regional Scope |
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Type (Image Sensors, Fiber Optic Sensors, Ambient Light Sensors, Position Sensors)
The image sensor segment in the optical sensing market is estimated to gain a robust revenue share of 30% in the coming years owing to the growing demand for medical imaging devices. Medical imaging is a very significant part of medical equipment used in hospitals, and sensor technology has an impact on the accuracy of imaging data.
Moreover, image sensor technologies, such as charge-coupled devices (CCD) image sensors, have gained immense popularity in digital medical imaging as they offer unprecedented accuracy in uses ranging from diagnosis to cutting-edge surgical procedures.
Technology (Fiber Braggs Grating, Spectroscopy, Laser Doppler Velocimetry, Fabry-Perot Interferometers)
Optical sensing market from the laser doppler velocimetry segment is set to garner a notable share shortly on the account of growing demand in automotive industry. Laser Doppler Velocimetry (LDV) is a technique that can be used to provide the true velocity over the ground of a vehicle, and can also be used to measure the vehicle's altitude. Besides this, the vehicle velocity is measured using a laser doppler velocimeter (LDV) with an increased signal-to-noise ratio (SNR), and it is laser-based, high-precision technology that can also enhance the performance of vehicle navigation.
Our in-depth analysis of the global optical sensing market includes the following segments:
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End-User |
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Application |
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Operations |
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Type |
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Technology |
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North American Market Forecast
Optical sensing market in North America is predicted to account for the largest share of 32% by 2036 impelled by growing spending in healthcare. This has created more demand for optical sensing in the region since it is used in various medical applications such as endoscopy, fluorescence spectroscopy, and biomedical optics.
In 2021, the United States spent over 2% more on health care, amounting to roughly USD 4 trillion per person.
European Market Statistics
The Europe optical sensing market is estimated to be the second largest, during the forecast timeframe led by increasing focus on sustainability. One of the fundamental tenets of the Treaty on European Union is sustainable development, and the country has implemented several regulations to achieve its 2030 goal of over 50% reduction in net emissions from 1990 levels. As a result, there is an increase in demand for optical sensing in the region as it supports remote patient monitoring which reduces the need for travel, leading to a more sustainable healthcare system.
Author Credits: Abhishek Verma
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