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Global Medical Fiber Optics Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Fiber Type, Application, Usage, End User & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 6525
Pages: 145
Formats: report pdf report excel report power bi report ppt

Global Medical Fiber Optics Market Size (2022 to 2027)

As per our report, the global medical fiber optics market size is predicted to grow USD 1277.45 Million by 2027. This market is growing at a CAGR of 5.7% during the forecast period.

Medical fiber optics are used in medical applications such as X-ray imaging, Dental, surgical & diagnostic instrument, clinical laboratories, and surgical microscopy to deliver laser signals image transfer. These fiber optics are generally used for the removal of the light between two ends. These are manufactured using a flexible material, i.e., glass, plastic, metal-coated silica, and plastic-clad silica. Optical fibers have small dimensions of optical-based pressure sensors for monitoring.

MARKET DRIVERS:

Growing minimally invasive surgeries and technological developments in the diagnostics segment primarily drive the global medical fiber optics market.

Growth in several people suffering from various diseases such as ophthalmic diseases, cancer, cardiac diseases, and urology diseases is a significant factor driving the market's demand. The increasing need for the instruments and medical devices to monitor results accurately further accelerates the medical fiber optics market growth. Fiber optics can improve operation effectiveness & decrease the data loss risk from electronic device systems, which accelerates the market demand.

Medical Optics Fiber can be placed in a particular space between a restricted environment such as Minimally Invasive Surgery and an X-ray machine. The demand for optics fiber in healthcare accelerates the trends of medical devices & instruments in critical surgeries.

MARKET RESTRAINTS:

The high cost of maintaining the medical fiber optic-based instruments and devices is hampering the global medical fiber optics market growth. Delay in the approvals of the regulatory body for the development of the new diagnostic devices is restraining the market growth. Chemotherapy treatment for cancer diseases required high intensity of light, limiting the demand of the market.

COVID-19 Impact on the global medical fiber optics market:

The medical fiber optics market involves mainly imaging, non-invasive surgical procedures, x rays, laser surgeries, etc. Physical properties of the optical fiber make them useful in vivid applications in the medical industry like illumination, flexible image bundling, equipment connections, and laser delivery systems. The pandemic initially has created hurdles for the market. It has destabilized the market with supply chain disruption, but the market players had opened up fiber optics to a new avenue. As covid 19 greatly affects people with comorbidities like diabetes, chronic heart disorders, pulmonary disorders, and other inflammation. To diagnose such disorders, physicians and surgeons are suggesting for imaging techniques to identify the root causes. Hence even though covid has disrupted the market initially for a short while, it has increased the demand for the fiber optics market. Every CT scan of the lungs performed on the COVID-19 patients requires a fiber film, there is a large demand surge for such film, but there is less supply to meet the demand.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Analysed

By fiber Type, Application, Usage, End User and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Analysed

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global medical fiber optics market has been segmented based on the fiber type, Application, Usage, end-user, and region.

Medical Fiber Optics Market - By fiber type:    

  • Pure Silica Fiber      
  • Polycrystalline Fiber             
  • Polymer Optical

Based on the fiber type, the pure silica fiber segment is accounted for 46.8% of the global medical fiber optics market share in 2019. It is likely to grow with a CAGR value of 5.8% during the forecast period. The growth is driven due to advanced technologies and agile development in fiber technology. Also, massive demand for silica medical fiber optics is anticipated to fuel the need of the market.

Medical fiber optics Market - By Application:                 

  • Image Transmission             
  • Illumination            
  • Laser Signal Delivery            
  • Fiber Optic Confocal Scanning          
  • Laser Soldering         

Based on the application, the illumination segment had a 50.6% share in the global market and was predicted to grow at a CAGR of 7.8% over the analysis period. The growth of this segment is due to the increase of medical tourism due to less healthcare infrastructure, which provides lucrative opportunities for the medical fiber optics market.

Medical fiber optics Market - By Usage:                         

  • Reusable  
  • Disposable

The reusable segment is observed to witness the most significant market over the medical fiber optics market based on the usage type. The growth is due to different technological upgrades in the medical field, which have resulted in a decrease in their size. This reusable can be used again once they are done with sterilization.

Medical Fiber Optics Market - By End-users:                    

  • Hospitals  
  • Specialty Clinics      
  • Ambulatory Surgical Centres            
  • Diagnostic Laboratories      

Based on the end-users, the hospital's segment is expected to have a critical market value during the period. Factors such as increasing obtainment of advanced technologies for surgeries in hospitals and treatment for multiple diseases are expected to fuel medical fiber optics.

Medical Fiber Optics Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Geographically, the global medical fiber optics market was dominated by North America, with an overall market share of over 40% globally. Europe and Asia-Pacific followed North America. North America is dominating the medical fiber optics market in the present situation. The growth is due to high per capita income, healthcare expenditure. By country, the U.S. is the largest market of medical fiber optics.

Europe has occupied the second-largest market for medical fiber optics over the analysis period. This region's growth is attributed to different advanced technologies in the medical field; the increasing aging population and per capita income are fuelling the market growth. Moreover, strict rules to be followed and the risks involved with the high intensity of optical light are hampering Europe's growth.

The Asia Pacific is predicted to grow at a rapid pace in the coming few years. Existence of highly fulfilled and improving healthcare infrastructure. Increasing awareness about advanced technologies in surgical technologies is encouraging the growth of Asia-Pacific. Existing countries like China and India are considered the quick-growing markets for the medical fiber optics market. The increase in these countries is due to high disposable income levels.

KEY MARKET PARTICIPANTS:

Some of the major companies dominating the global medical fiber optics market profiled in the report are Schott, Leoni AG, Rofin, IPG Photonics, American Medical system LLC, and applied fiberoptics Biolitec AG, Boston scientific corporation, Molex, Fiberguide industries, and Timbercon Inc.

The medical fiber optics market is currently growing faster in North America, with prominent players investing in the market. American Medical system LLC, applied fiberoptics Inc, Biolitec AG, Boston scientific corporation, Molex, Fiberguide industries. These are the most recent key players in this segment. Molex produces large core multimode silica-based polymer coating films used in laser surgeries. Gulf fiberoptics, another major in the segment, has exhibited a technology mixing fiberoptics and photonics in the conference held in San Francisco. These key players play a significant role in minimally invasive and non-invasive surgeries. The growth of electronics and increased R&D of these companies in developing the best quality lasers, fiberoptics propels the growth of the market. With the support of the native governments and huge investments into the R&D, these key players are propelling the growth of fiber optics markets. They are also striving for cost-effective solutions in the diagnosis of the disorders.

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