Medical fiber optics are optical fibers used to transmit light for medical illumination and imaging purposes like endoscopy, clinical tissue spectroscopy and otology. They provide advantages such as high transmission of light, compact design, flexibility, biocompatibility, and resistance to electromagnetic interferences. Medical fiber optics are increasingly being used in various medical applications like flexible endoscopy, dental hand pieces and laser delivery systems.
The global Medical Fiber Optics Market is estimated to be valued at US$ 1465.48 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the medical fiber optics market is the increasing adoption of connectivity solutions. Traditionally, connectivity was limited due to the dependence on wired connections. However, with advancements in wireless technology, connectivity solutions are being widely adopted. Medical devices and equipment are increasingly being connected via Wi-Fi and Bluetooth to transmit and share data wirelessly. This is enhancing diagnostics, telehealth and remote patient monitoring capabilities. The growing emphasis on decentralization of healthcare and remote patient management is projected to further fuel the adoption of connectivity solutions, thereby driving the medical fiber optics market.
Segment Analysis
The global medical fiber optics market is segmented into endoscope, laser, and illumination fibers. Endoscope fibers dominate the market and is expected to witness highest growth during the forecast period. This is attributed to growing prevalence of gastrointestinal diseases and subsequent high demand for endoscopy procedures. Endoscope fibers carry high-resolution images from inside the body to the viewer outside, thereby helping in early detection of diseases.
Key Takeaways
The Global Medical Fiber Optics Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing preference for minimally invasive surgical procedures.
Regional analysis
North America dominates the global medical fiber optics market and is expected to remain the highest revenue generating region during the forecast period. High healthcare expenditure, advanced healthcare infrastructure, and growing geriatric population in the US and Canada are some of the major factors contributing to dominant position of North America. Asia Pacific is projected to witness the fastest growth rate over the coming years owing to increasing medical tourism and rising healthcare standards in major Asian economies.
Key players
Key players operating in the medical fiber optics market are Leoni AG, Sunoptic Technologies LLC, Gulf Fiberoptics, Inc., Integra LifeSciences Holdings Corporation, Coherent, Inc., Molex Incorporated, Fiberoptics Technology, Inc., Newport Corporation, and Schott AG. Integra LifeSciences Holdings Corporation is one of the leading players dominating the medical fiber optics market. The company offers a wide range of specialized medical fiber optic devices for applications including laser surgery, endoscopy, and dentistry.
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The worldwide medical fiber optics market size is relied upon to be almost US$ 1,087.2 Mn in 2018.
The clinic subsegment of the end-client sections of the medical fiber optics market is required to hold a huge market esteem share in 2018 among the other subsegments.
The expanding appropriation of trendsetting innovations in emergency clinics for medical procedures and the therapy of different illnesses, like peptic ulcers, is relied upon to fuel the development of the medical fiber optics market during the estimated time frame.
The medical fiber optics market is required to observe huge development during the conjecture time frame because of innovative headways relating to endoscopy and other operations.
Associations like the United States Pharmacopoeia (USP) and IEC Telecommunication, centre basically around setting norms to defend the nature of meds and other medical services advancements.
North America and Europe are assessed to stay the biggest territorial business sectors for medical fiber optics.
