by Vision Research Reports Announced New Report on “Medical Fiber Optics Market – Global Industry Analysis, Size, Share, Trends, Revenue, Forecast 2022 to 2030”.
The global medical fiber optics market size was valued at USD 920.9 million in 2020, and is predicted to be worth around USD 2.6 billion by 2030, registering a CAGR of 6.02% during the forecast period 2022 to 2030.
Growth Factors
The market growth can be credited to the advancements in healthcare infrastructure, readiness to adopt technologically advanced products, growing prevalence of cancer, and rising awareness regarding minimally invasive surgeries.
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The growing adoption of laser technology in various healthcare services and a surge in endoscopic procedures for diagnostic and therapeutic purposes are the key factors fueling the market growth. The growing trend of opting for minimally invasive surgeries over conventional open surgeries owing to the benefits associated with minimally invasive surgeries, such as reduced hospitalization, minimized infection risk, and quicker recovery periods is driving the demand for medical fiber optics.
By Fiber Type Analysis
The multimode optical fiber segment dominated the market and accounted for a revenue share of over 60.0% owing to the widespread adoption of multimode optical fibers in illumination solutions and surgical lighting purposes.
These optical fibers are used when a signal or a light wave has to be transmitted over a shorter distance and are often used in transporting light from the laser source to the locations. Single-mode optical fibers are anticipated to register the fastest growth rate over the forecast period owing to the numerous ongoing research studies on optic-based sensors and growing demand for advanced imaging solutions.
Compared to multimode optical fibers and they are being used in telemedicine and wearables and the emergence of technologically advanced products is expected to boost the growth of this segment. They are mostly used in medical applications such as Optical Coherence Tomography (OCT) catheters to deliver image signals or as sensors for the delivery of high-intensity signals.
By Application Analysis
The illumination segment dominated the market and accounted for a revenue share of over 30.0% owing to the growing adoption of fiber optics as a source of illumination in endoscopies and as lighting solutions used in surgical procedures.
The growing usage of high-power lights in healthcare therapies such as light therapy and phototherapy is driving the segment. Biomedical sensing is anticipated to register the fastest growth rate over the forecast period owing to the growing use of biomedical sensors in medical devices and wearables and several ongoing research studies on sensor technology. Imaging sensors are being used for advanced imaging techniques such as Optical Coherence Tomography (OCT) and photoacoustic imaging.
Researchers currently are using biosensors for detecting coronavirus at an early stage. Recently, a team of researchers at The Swiss Federal Laboratories for Materials Science and Technology (Empa), ETH Zurich, and Zurich University Hospital developed an optical thermal biosensor for detecting the presence of coronavirus.
By Regional Analysis
Asia Pacific dominated the market and accounted for a revenue share of over 30.0%. The market growth can be attributed to the improving standard of living, growing imports of high-quality medical devices, increasing medical tourism, advancing healthcare infrastructure, increasing favorable government initiatives, and rapid economic development.
The Middle East and Africa region is anticipated to register the fastest growth rate over the forecast period owing to the growing incidence rate of cancer, growing awareness of benefits associated with minimally invasive surgeries, and constant developments in healthcare infrastructure.
Scope of the Study
This Medical Fiber Optics market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Key Players
- Molex
- AFL
- Schott
- Integra Lifesciences Corporation
- Fiberoptics Technology Incorporated (FTI)
- Coherent Inc.
- Gulf Fiberoptics
Market Segmentation
- By Fiber Type
- Single Mode Optical Fiber
- Multimode Optical Fiber
- By Application
- Endoscopic Imaging
- Laser Signal Delivery
- Biomedical Sensing
- Illumination
- Others
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Key Points Covered in Medical Fiber Optics Market Survey
- Demand will remain high in the U.S., backed by favorable reimbursement policies and presence of some of the leading market players.
- Europe will continue showcasing high demand. Sales will remain high, especially in the U.K., Germany, France, and other countries.
- China and India will exhibit high demand for Medical Fiber Optics, backed by expanding healthcare sector.
- Focus on research and development will increase in Brazil, creating opportunities for the expansion of the Medical Fiber Optics market.
- In terms of (segment type), (segment name) will emerge as the top-choice.
- Hospitals are expected to showcase higher demand for Medical Fiber Optics on account of greater access to advanced technologies and higher footfall of patients.
- Driven by the presence of some of the leading pharmaceutical producers, demand in the Japan Medical Fiber Optics market will continue increasing at a high pace.
Some of the key highlights covered in the report includes:
- Medical Fiber Optics Market Demand-Supply Analysis – The report covers detailed insights into demand and supply forces prevailing in the global Medical Fiber Optics market. It examines trends and factors influencing demand for Medical Fiber Optics globally and gauges the impact of the same on the production.
- Medical Fiber Optics Pricing Analysis – The report presents exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.
- Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.
- Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for Medical Fiber Optics across the world.
- Competitive Analysis – Some of the leading market players are profiled in the report on Medical Fiber Optics. The report offers estimation of share individually help by the market players and determines the impact of some of their popular strategies.
- COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.
- Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.
Why should you invest in this report?
If you are aiming to enter the global Medical Fiber Optics market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Medical Fiber Optics are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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