Medical Fiber Optics Market to reach USD 1581.3 Million by 2026 – Global Insights on Key Trends and Future Outlook 2020-2026
Pune, Maharashtra, India, January 13 2021 (Wiredrelease) Brandessence Market Research and Consulting Pvt ltd –:Medical Fiber Optics Market is valued at USD 1064.2 Million in 2018 and expected to reach USD 1581.3 Million by 2025 with a CAGR of 5.82% over the forecast period.
Increasing advancements in sensor-based component technology are boosting the growth of the Global Medical Fiber Optics Market.
Market Analysis of Medical Fiber Optics–
Fiber optics or optical fiber refers to the technology and medium associated with the transmission of information as light throbs along a glass or plastic strand or fiber. It is flexible and transparent fiber that is made by silica to a diameter slightly thicker than that of a human hair. The optic is frequently used in a variety of medical instruments to provide precise illumination and increasingly enables biomedical sensors that aid in minimally invasive medical procedures. It also has features such as small size, immunity to electromagnetic interferences, and suitability for remote monitoring and multiplexing which work as an advantage in medical field. Smaller dimensions of optical fiber-based pressure sensors, along with lightweight and flexibility, indicates that the sensors are utilized for many medical applications such that the sensor can be positioned directly inside a patient for the assessment of urinary bladder and cardiovascular treatments.
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Medical fiber optics market report is segmented on the basis of type, application, usage, end-user and region & country level. Based upon type, medical fiber optics market is segmented into pure silica, surgical lights, laser fiber-optics, sensors, endoscopes and dental lights. The segment of pure silica is further sub-divided into UV, near infrared (NIR), metal-coated, plastic clad, polycrystalline fiber and polymer optical. Based on application, the market is segmented into image transmission, illumination, laser signal delivery, fiber optic confocal scanning, laser soldering, ophthalmic lasers, X-ray imaging, clinical and lab diagnostics and surgical microscopy. Based upon usage, medical fiber optics market is segmented into reusable and disposable. Based upon end-user, medical fiber optics market is segmented into hospitals, specialty clinics, ambulatory surgical centers, diagnostic laboratories and contract research organization.
The regions covered in medical fiber optics market report are North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. On the basis of country level, the market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players-
Some major key players for Medical Fiber Optics market are Timbercon Inc., LEONI AG, Coherent Inc., TRUMPF Group, Vitalcor Inc., American Medical System LLC (AMS), ROFIN-SINAR Technologies Inc., Applied Fibrostics, CardioGenesis Corporation, Sunoptic Technologies Inc., Laserscope, SCHOTT Ag, IPG Photonics, Gulf Fiberoptics, Inc., Newport Corporation, Molex Incorporated and others.
Market Dynamics-
Major factors driving the growth of global medical fiber optics market are increasing commercial value of fiber optics technology in surgical instrumentation, disease treatment therapies, diagnosis and imaging equipment and sensor based wearable medical devices. The market is anticipated to experience a significant growth over forecast period due to the factors like safety and effectiveness in diagnosis and in treatment, minimum mortality rate and faster recovery with minimum scarring. Furthermore, factors such as increasing use of fiber optics in different surgical procedures like PET, SPECT, CT and MRI, strong demand for advanced biomedical instrumentation based on fiber optics for diagnosis, high demand for flexible, maneuverable and agile optical fiber endoscopes are supporting the fiber optics market growth. The existence of diversified medical applications contributed heavily to the growth of medical fiber optics market in recent years. However, rigid regulations levied by the government for medical fiber optics, along with the high risk involved with the light’s intensity may restrain the market growth.
Moreover, with the increasing inclination for minimal invasive surgeries and the growing demand for contracted medical devices are estimated to create more opportunities for the further growth of the market. Heavy utilization of imaging and increasing preferences for non-invasive surgery will create more opportunities in the forecast period. In addition to this, optical fibers are resistant to electromagnetic interference and radio frequency, and find application in real-time diagnostic imaging such as MRI, PET, and CT systems and can be inserted into various medical components like catheters and needles are creating new opportunities for the fiber optics market.
Regional Analysis-
The medical fiber optics market by region is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America holds the largest market share in the global medical fiber optics market owing to the rise in disposable incomes and advanced healthcare infrastructures, higher per capita income & healthcare expenditure and well established medical delivery systems in this region. Additionally, high number of minimally invasive surgeries, existence of medical organizations such as the association of Canadian academic healthcare organization, Canadian healthcare association (CHA) and society of laparo-endoscopic surgeons, sponsoring usage of fiber optics in the regions of North America.
Market Segmentation:
By Type:
Pure Silica UV Near Infrared (NIR) Metal- Coated Plastic Clad Polycrystalline Fiber Polymer Optical Surgical lights Laser fiber-optics Sensors Endoscopes Dental lights
By Application:
Image Transmission Illumination Laser Signal Delivery Fiber Optic Confocal Scanning Laser soldering Ophthalmic lasers X-ray imaging Clinical and Lab diagnostics Surgical microscopy
By Usage:
Reusable Disposable
By End-user:
Hospitals Specialty Clinics Ambulatory Surgical Centers Diagnostic Laboratories Contract Research Organization
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