The medical fiber optics market accounted for the revenue of US$888Mn in 2020 and is expected to reach US$ 1,367 Mn by 2028 at a CAGR of 5.7% during the forecast period of 2021 to 2028.
The use of fiber optics in medical sector has revolutionized to great extent as it is used in a number of applications, some of which being cardiology, urology, and ophthalmology among others. Optical fibers or fiber optics are widely used for the visualization of tissues and internal organs that are reachable through natural openings of the human body. There optical fibers are very thin in diameter and made up from glass or fiber or plastic strands and are slightly thicker than a human hair. In a variety of medical instruments the optic is used to provide accurate illumination.Biomedical sensors are increasingly enabled with this technology that aid in medical procedures which are minimal invasive.
Market Growth Drivers:
|Market||Medical Fiber Optics Market|
|Market Size 2020||US$888 Mn|
|Market Forecast 2028||US $1,367 Mn|
|CAGR||5.7% During 2021 - 2028|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Fiber Type, By Application, By End Use and By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||
Gulf Fiberoptics, Schott AG, Coherent Inc., Molex, Integra Lifesciences Corporation, AFL, Fiberoptics Technology Incorporated (FTI) and others.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The major reasons driving the market growth are rapid improvements in healthcare infrastructure, wide adoption of technologically advanced medical products, increasing awareness of minimally invasive surgeries, increasing prevalence of chronic diseases such as cancer, and a sudden rise in the number of endoscopic procedures for diagnosis and therapeutic purposes.
Increasing awarenessabout the advantages of minimally invasive surgical techniquesis the major reason contributingtowards growing demand for fiber optic sensors, wires, and miniature cameras that areused in specific healthcare processes. Laser technology is rapidly replacing the non-laser technologies in various healthcare applications for better and promising patient outcomes. In medical applications, the use of lasers intensifies more tissue absorption which causes less bleeding and faster healing. Therefore, lasers are being used for different medical applications such as dentistry, disease diagnosis, tattoo removal, and cosmetic procedures.
High-costof medical fiber optic products generally restricts the user to adopt this technology. Additionally, lack of skilled workforce to perform surgeries of endoscopy and laser treatment is another key reason limiting the growth of this market. The components used in medical fiber optics include filters, lasers, amplifiers, connectors and attenuators which are often manufactured across assembly lines, manually. These components often require adjustments which are labor intensive and customizations, which lead to the bludgeoning of manufacturing costs, and the end product becoming expensive. Due to lack of capital investments, the adoption rate in underdeveloped and developing countries is inhibited. These reasons are leading towards restraining the scope of efficient procedures.Despite these factors, medical optical fibers are increasing in demand across the globe with growing awareness towards the benefits offered by these products.
By Fiber Type
By fiber type, the multimode optical fiber accounted for the largest revenue shareof over 58% in 2020. Multimode optical fiber is particularly used in illumination and surgical lighting applications and is economical and easy to manufacture. Multimode optical fibers are used to transmit the signal or light from very short distance.
By End Use
Medical Fiber Optics Market Regional Overview
Middle East & Africa
Regional Insights of Medical Fiber Optics Market
The Asia-Pacific region led the market with the largest revenue share, over 32% in 2020.This is due to rapid economic development, improving standard of living, increasing medical tourism, development in healthcare infrastructure, growing imports of high-quality medical devices, and rising favorable government initiatives. To take benefit of the untapped market potential, some of the key players are adopting the strategy of collaborating and forming strategic alliance with regional players in developing economies such as India and China.Middle East and Africa region is expected to grow at fastest rate during the forecast period owing to the increasing rate of cancer, constantly improving healthcare infrastructure, and rising awareness in the region about the benefits of minimally invasive surgical procedures. The rising requirement of early screening tests for detecting different types of diseases is projected to drive the growth of the market during the forecast period.
Medical Fiber Optics Market Competitive Landscape
The report also offers insightful information on some of the key players operating in the market. The players profiled in the report include Gulf Fiberoptics, Schott AG, Coherent Inc., Molex, Integra Lifesciences Corporation, AFL, Fiberoptics Technology Incorporated (FTI) and others.
The estimated value of global Medical Fiber Optics market in 2020 was accounted to be US$888Mn.
The projected CAGR of Medical Fiber Optics during the analysis period of 2021 to 2028 is 5.7%.
The prominent players of the global Medical Fiber Optics market involve Gulf Fiberoptics, Schott AG, Coherent Inc., Molex, Integra Lifesciences Corporation, AFL, Fiberoptics Technology Incorporated (FTI) and others.
Asia-Pacific region held the dominating share for Medical Fiber Optics during the analysis period of 2021 to 2028
Middle East and Africa region exhibited fastest growing CAGR for Medical Fiber Optics during the analysis period of 2021 to 2028
The significant rise in preference for minimally invasive surgery is estimated to drive the growth of the medical fiber optic market.
By fiber type segment, the multimode optical fiber has accounted the largest share of the revenue over 58% in 2020