Medical fiber optics are optical fibers that are used to transmit light in medical facilities and devices. They are often bundled together to form endoscopes and laparoscopes used to access areas inside the human body in minimally invasive surgery. Medical fiber optics provide illumination in procedures such as arthroscopy, where a fiber optic light cable delivers light through an arthroscope for visualization of the joint. They also enable transmission of images in applications like endoscopy by using fiber optic image guides or fiber optic cameras.
The global Medical Fiber Optics Market is estimated to be valued at US$ 1465.48 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Minimally invasive surgery causes less pain, faster recovery, and smaller surgical scars compared to open surgeries. According to the Society of American Gastrointestinal and Endoscopic Surgeons, approximately 2.5 million gastrointestinal endoscopic procedures are performed annually in the United States alone. This number is anticipated to grow further increasing the demand for medical fiber optics. Moreover, increasing geriatric population who are highly susceptible to chronic illnesses such as cardiovascular diseases is also fueling the market growth. Rising prevalence of diseases like cancer worldwide has also augmented the need for early detection through minimally invasive imaging procedures using medical fiber optics. However, high costs associated with manufacturing of fiber optic technologies may pose a challenge to market players.
Segment Analysis
The medical fiber optics market is segmented into endoscopes, laser fiber optics, diagnostic instruments, and other application. The endoscopes segment currently dominates the market as it is increasingly being used in minimally invasive surgeries. The advantages of fiber optic endoscopes over rigid endoscopes such as flexibility and ability to reach internal organs easily are driving their adoption rate in the healthcare sector.
PEST Analysis
Political: Governments across the world are increasingly investing in healthcare infrastructure development and modernization of medical facilities which is positively impacting the demand for medical fiber optics based devices and equipment.
Economic: The high growth of the healthcare industry coupled with rising disposable incomes is fueling the growth of the medical fiber optics market globally.
Social: Increasing health awareness among people and growing preference for minimally invasive surgeries are some of the key societal factors propelling the medical fiber optics market growth.
Technological: Advancements in fiber optic technology including innovation of high purity silica glass materials for enhanced light transmission are supporting the development of new generation of medical fiber optic devices.
Key Takeaways
The Global Medical Fiber Optics Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing preference for minimally invasive surgeries. The market size for 2023 is US$ 1465.48 Mn.
Regional analysis: North America dominates the global medical fiber optics market and is expected to continue its dominance during the forecast period. This is attributed to factors such as well-established healthcare systems, higher healthcare spending, and increasing use of fiber optic devices and equipment in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising healthcare infrastructural development in emerging economies of China and India.
Key players: Key players operating in the medical fiber optics market are Leoni AG, Sunoptic Technologies LLC, Gulf Fiberoptics, Inc., Integra LifeSciences Holdings Corporation, Coherent, Inc., Molex Incorporated, Fiberoptics Technology, Inc., Newport Corporation, and Schott AG. Leoni AG and Coherent Inc. are recognized as the market leaders due to their extensive product portfolio and global market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
