Global Medical Fiber Optics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Medical Fiber Optics Market: Overview

“The global Medical Fiber Optics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

An optical fiber can be defined as a transparent and flexible fiber made up of plastic or drawing glass (silica), to a little bit thicker than a human hair. These fibers are usually used as a mode of transmitting light between the two ends of the fiber and can be widely used in fiber optic communication, where they enable transmission for longer distances and at high bandwidths (data rates) as compared to electrical cables.

Medical fiber optics used in various medical applications such as diagnosis and surgeries, as it aids to access the unreachable areas of the human body and enable transmission of lights and lasers through it.

Global Medical Fiber Optics Market: Dynamics

Increasing utilization of fiber optics in various medical devices which have diversified application such as image transfer, illumination, laser signal delivery, etc., is a major factor expected to drive growth of the global market. In addition, increasing number of minimally invasive surgeries (MIS) is a factor projected to support the revenue growth of the target market.

MIS is a surgical process which is performed through tiny cuts on the patient’s body rather than large incisions. This procedure gaining significant popularity across various clinics and hospitals globally, which can be attributed to less bleeding, a short length of stay, cost-effective and lowered possibility of complications. Aforementioned factors are propelling growth of the global market.

Technological advancements in medical devices and increasing prevalence of gastric diseases especially, peptic ulcers, has resulted in high demand for the diagnostic devices, which in turn anticipated to fuel the demand for medical fiber optics for diagnostic applications. These are some other factors projected to fuel global market growth over the forecast period.

Global Medical Fiber Optics Market: Segment Analysis

Among the fiber type segments, the pure silica fiber segment is projected to account for significant shares of the global market in terms of revenue. This is attributed to the increasing demand for silica-based medical fiber optics for medical application.

Among the end user segments, the hospitals segment is anticipated to contribute significant revenue shares of the global market. This can be attributed to growing demand for medical fiber optics for minimally invasive surgeries that are carried out at hospitals.

Among the application segments, the Illumination segment is expected to register significant growth over the forecast period.

Among the usage segments, the re-usable segment is projected to register substantial growth.

Global Medical Fiber Optics Market: Region Analysis

North America is expected to account for significant shares of the medical fiber optics market, in terms of revenue. This can be attributed to the strong presence of the key players operating in the global market, such as Coherent Inc., Newport Corporation, Timbercon Inc., etc. In addition, increasing necessity of safety and accuracy in the medical process including surgeries is another factor expected to propel the target market growth in this region.

Furthermore, well-established healthcare industry, adoption of latest technologies among medical as well as other industries and increasing awareness regarding health and spending on better healthcare services are some additional factors supporting revenue growth of the target market in this region.

Global Medical Fiber Optics Market Segmentation:

Segmentation by Fiber Type:

• Pure Silica Fiber
  • UV- Silica
  • Metal- Coated Silica
  • Near Infrared(NIR) Silica
  • Plastic Clad Silica
• Polycrystalline Fiber
• Polymer Optical

Segmentation by End User:

• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics
• Contract Research Organization (CRO)
• Diagnostic Laboratories

Segmentation by Application:

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

Segmentation by Usage:

• Re-usable
• Disposable

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa