North American Market Forecast
Optical sensing market in North America is predicted to account for the largest share of 32% by 2037 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 2037 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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