Global Radiometric Detectors Market Highlights Over 2022 - 2031
The global radiometric detectors market is estimated to garner a large amount of revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising number of research laboratories resulting from improvements in healthcare infrastructure, and increase in penetration of the product across the globe. According to a report by the World Health Organization (WHO), the global spending on health grew continually between 2000 and 2018, and reached a value of USD 8.3 trillion, or 10% of global GDP.
Along with these, growing awareness levels regarding automated in-built sensors and user-friendly interface that can be used in radiometric detectors are also expected to drive market growth in the forthcoming years. Furthermore, escalating usage of these detectors in pharmaceutical and chemical industries is projected to offer lucrative opportunities to the market in the near future.
The market is segmented by application into proximity detection, RGB color sensing, gesture recognition, light sensing, and UV/IR detection. Out of these, the UV/IR detection segment is anticipated to hold the largest share in the global radiometric detectors market on account of the high utilization of the device for measuring electromagnetic radiations from visible light. Apart from this, radiometric detectors are also used for spectral broadband irradiance measurements within a defined spectral range, which is also predicted to drive the growth of the market segment in the future. Additionally, on the basis of end user, the biotechnology and pharmaceutical institutes segment is assessed to acquire the largest share over the forecast period owing to the largescale adoption of the device for analyzing drug pathways and protecting laboratory environments. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Radiometric Detectors Market Regional Synopsis
Regionally, the global radiometric detectors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of the high rate of adoption of radiometric detectors, and growing healthcare spending in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period ascribing to the increasing number of research laboratories and diagnostic centers in the region. It is evaluated that there are more than 10,000 new imaging centers businesses in the United States in 2022. In addition, strong footprint of market players is also projected to boost the growth of the market in the region.
The global radiometric detectors market is further classified on the basis of region as follows:
Our in-depth analysis of the global radiometric detectors market includes the following segments:
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising number of research laboratories owing to improvements in healthcare infrastructure, and increasing penetration of the product.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Gigahertz-Optik, Inc., PerkinElmer Inc., Geomatrix Earth Science Ltd, Inphora Inc., Sierra Olympic Technologies Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end user, and by region.
The UV/IR detection segment is anticipated to hold largest market size and is estimated grow at a steady CAGR over the forecast period and display significant growth opportunities.
Low popularity of radiometric detectors is estimated to hamper the market growth.
Europe will provide more business opportunities for market growth owing to the high rate of adoption of radiometric detectors, and growing healthcare spending in the region.
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