February 25, 2024

The Global Photodiode Sensors Market Is Driven By Increased Deployment In Medical Imaging Equipment

The global Photodiode Sensors Market is witnessing significant growth, owing to wide usage of photodiode sensors in various medical imaging equipment such as X-ray, CT scan, ultrasound, and endoscopy. Photodiode sensors capture light or radiation exposure from the human body and convert it into electrical signals, which are then processed to develop high-quality images of internal organs and tissues. This helps doctors to efficiently diagnose diseases.

The global Photodiode Sensors Market is estimated to be valued at Us$ 838.12 Mn in 2023 and is expected to exhibit a CAGR Of 28% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing adoption of photodiode sensors in consumer electronics is a major trend witnessed in the global photodiode sensors market. Photodiode sensors are used in various consumer electronic devices like cameras, optical mice, optical readers, and gaming consoles for functions like gesture recognition, motion sensing and image capturing. Growing demand for high-resolution cameras in smartphones is boosting the demand for high-performance photodiode sensors. Along with this, growing IoT applications of photodiode sensors in devices including smart home appliances, surveillance cameras, and presence sensors is anticipated to fuel market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the photodiode sensors market is moderate due to existing patents and high R&D costs.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of similar products from different vendors.

Bargaining power of suppliers: Suppliers have high bargaining power due to limited availability of raw materials and components.

Threat of new substitutes: Threat of substitution is low as photodiode sensors have specific applications that cannot be fulfilled by alternative products.

Competitive rivalry: The photodiode sensors market is highly fragmented with presence of numerous global and regional players.

Key Takeaways

The Global Photodiode Sensors Market Demand is expected to witness high growth. North America is expected to dominate the market during the forecast period owing to presence of major players and high adoption of advanced photodiode sensors across various industries in the region. The global Photodiode Sensors Market is estimated to be valued at US$ 838.12 Mn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2023 to 2030.

Regional analysis:

 

North America accounts for the largest share of the global photodiode sensors market. The growth in the region can be attributed to presence of established players and early adoption of advanced technologies. Growing demand from various industries such as consumer electronics, telecommunication, automotive, etc. is also expected to fuel the demand in the region.

Key players:

 

Key players operating in the photodiode sensors market are OSRAM, Hamamatsu Photonics, ROHM, first-sensor, kodenshi, kyosemi, on semiconductor, luxtera, and everlight.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it