The global medical fiber optics market’s total market revenue (TMR) was valued at USD 1 billion in 2017 and is expected to reach at USD 2.02 billion by 2025 growing at a Compound annual growth rate (CAGR) of 8.1% from 2018 to 2025. Fiber optics, the scientific technology behind optical fibers are transparent and flexible fibers used for transmission of light. It is made of flexible glass, plastics, and high-quality silica. Generally, these fibers are used for long distance transmission of lights with higher bandwidths. Fiber optics are widely applicable during the delivery of laser light, and in illumination, image packages. In the healthcare sector, medical industries are continuously evolving owing to the rapid changes brought by the vast beneficial applications of optical fibers. Growing need for minimally invasive surgical procedures strongly propels the market growth for medical fiber optics. The rise in demand for treatment of chronic diseases is among one of the important factors augmenting the demand of this market during the recent years.
Hospitals segment is estimated to witness significant growth
The medical fiber optics market has been segmented based on types, into single-mode fiber, multimode fiber, and others. Based on product, the market has been analyzed as endoscopes, fiber optics biomedical sensors, fiber optics dental lights, fiber optics surgical lights, and laser. Based on application, the medical fiber optics market has been bifurcated as clinical & lab diagnostics, dental handpieces, endoscopy, light therapy, ophthalmic lasers, x-ray imaging, and others. In terms of end-users, the market is fragmented as ambulatory surgical centers, hospitals, where hospitals segment is estimated to possess huge market growth owing to improved healthcare facilities initiatives undertaken by the government. Moving forward, robust technological advancements in medical fiber optics such as the LithoVue Single-Use Digital Flexible Ureteroscope launched by Boston Scientific Corporation, which aides in minimally invasive endoscopic procedures. The LithoVue System is designed to diagnose and eliminate stones present in bladder, kidney, and ureter. The advanced features present in the medical fiber optic products such as seamless navigation, high-resolution images among others, thereby increases the adoption of medical fiber optics and is estimated to boost the market growth during the forecast period of 2018-2025.
North America holds the largest market share by region
The global medical fiber optics market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa region. In addition to this, the North American region holds the largest market share. The reason may be attributed to the rise in disposable incomes and advanced healthcare infrastructures. In the European region, countries such as France and Germany are among the significant consumers of the medical fiber optics market owing to the presence of advanced medical technologies in fiber optics, along with the surge in availability of a wide range of solutions for medical treatments. Asia-Pacific is estimated to dominate the market growth during the projection period, with China & India holding the major market shares in this region. The escalating population of the geriatric base and the growing need for treatment of diseases involved with old age, along with the rising awareness regarding the advanced surgical techniques are expected to positively influence the market growth during the forecasted period.
However, there are certain factors which might hamper the growth of global market size over the projection period. These challenges include the stringent regulations imposed by the government for medical fiber optics, along with the high risks involved with the light’s intensity. But with the rise in preference for minimal invasive surgeries and the growing demand for miniaturized medical devices are estimated to create more opportunities and increase the market growth for medical fiber optics.
Major Players in Global Medical Fiber Optics Market
Some of the key players in the global medical fiber optics market include AFL, Boston Scientific Corporation, Fiberoptics Technology, Inc., OFS Fitell, LLC among few others.
Global Medical Fiber Optics Market: By Type
Global Medical Fiber Optics Market: By Product
Global Medical Fiber Optics Market: By Application
Global Medical Fiber Optics Market: By End-User
Global Medical Fiber Optics Market: By Geography