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North America Medical Fiber Optics Market Research Report - Segmented By Fiber Type, Application, Usage, End User & Country (U.S, Canada & Rest of North America) - Industry Analysis, Size, Share, Growth, Trends, & Forecasts (2023 to 2028)

Published: March, 2023
ID: 6529
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Medical Fiber Optics Market Size & Growth (2023 to 2028):

As per the research report, the size of the North America Medical Fiber optics Market was valued at USD 346.44 Million in 2023 and estimated to be growing at a CAGR of 5.12%, to reach USD 444.69 Million by 2028 during the forecast period 2023 to 2028.

The North American medical fiber optics market is projected to be fueled by the Increasing prevalence of chronic diseases such as diabetes, cancer, and other conditions. Also, the rise in the number of endoscopic operations for early diagnosis of cancer and other chronic illnesses are the major key drivers of the market growth.

In addition, the components need many labor-intensive modifications and changes throughout the assembly process of the device as well as, the rise in the acceptance of the technologically sophisticated devices with the expanding awareness of minimally invasive surgeries are increasing the demand for the growth of the market.

Other factors that boost the industry include the increase in the usage of lasers in dentistry and cosmetology and continuous research on biomedical sensors; the rise in the market rivalry among prominent companies is also fueling the medical fiber optics market.

Moreover, the presence of key market players and product manufacturers is uplifting the market growth. For instance, medical fiber optics include lasers, amplifiers, attenuators, connectors, filters, and switches that the manufacturers still handcraft.

Furthermore, with the increase in new technological advancements and innovations, there is a greater need for instruments to be used with medical and healthcare technologies to monitor the outcomes. In addition, when alternative cables are compared to fiber optical cables, the demand for fiber optic cables increases.

However, the lack of trained and skilled individuals is due to the limitation in the investments. Also, delays in regulatory permits for the development of new diagnostic equipment are stifling the market's growth. In addition, players are hesitant to acquire technological licenses or intellectual property in these nations due to a lack of investment. As a result, they are still unable to utilize more efficient techniques designed to produce medical fiber optics. Also, the demand in the market is restricted due to the chemotherapy treatment for cancer diseases that requires a high level of light intensity.

Internal substitutes provide a modest threat to the market. The rising preference for plastic and polymer-based optical fibers over glass fibers due to their lower cost stifles the need for traditional glass-based medical optical fibers. In addition, the high price of medical fiber optics is expected to hamper industry expansion.

This research report on the North America Medical Fiber Optics Market has been segmented and sub-segmented into the following categories:

By Fiber Type:

  • Pure Silica Fiber
  • Polycrystalline Fiber
  • Polymer Optical

By Application:

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

By Usage:

  • Reusable
  • Disposable

By End User:

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgical Centers
  • Diagnostic Labs

By Country:

  • U.S
  • Canada
  • Rest of North America

Geographically, the North American market holds the most significant share globally, and it is estimated to account for a predominant market share during the forecast period. The regional market growth is attributed to the growing prevalence of chronic diseases such as cancer and other diseases, with the region's minimally invasive surgeries and technological advancements. Countries like U.S and Canada are projected to increase the market growth by taking initiatives and expanding knowledge of the procedures and various treatments.

The U.S medical fiber optics market dominated the global market. The availability of advanced healthcare facilities, a rise in disposable incomes, and enhanced healthcare infrastructure have contributed to market expansion. In addition, favorable reimbursement policies, new developments, and advancements in the technology in diagnosis are further fuelling the market growth.

On the other hand, the Canada medical fiber optics market is anticipated to witness a considerable share in the coming years. Increasing healthcare expenditure, advancing healthcare sectors, and supportive government policies are likely to influence the growth in the medical fiber optics market.

KEY MARKET PARTICIPANTS

Companies playing a dominant role in the North America Medical Fiber optics Market profiled in this report are Schott, Leoni AG, Rofin, IPG Photonics, and Timbercon Inc.,

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