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I know that mostly if people apply LZW compression it will be applied on uncompressed TIFF image.
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That may be because TIFF is one of the few containers (along with GIF) where LZW has near-universal support.
Strictly speaking the compression is applied to raw image data, and results in a TIFF file.
As for Bayer data, Canon (and probably several others) uses a form of lossless JPEG compression on their raw files. At a guess, they presumably consolidate all the green bits, all the red bits, and all the blue bits somehow rather than trying to treat them all together as related data.