Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Fiber Optics market.
Trusted Business Insights presents an updated and Latest Study on Medical Fiber Optics Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Fiber Optics market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Medical Fiber Optics Market
The global medical fiber optics market size was valued at USD 728.1 million in 2020 and is expected to witness a compound annual growth rate (CAGR) of 4.5% from 2021 to 2027. An increase in the number of endoscopic procedures for early detection of cancer and other chronic diseases, rising adoption of technologically advanced products, and growing awareness about minimally invasive surgeries are the key factors boosting the market. Also, the growing use of lasers in dentistry and cosmetology and ongoing research on biomedical sensors are the other factors driving the market.
On the other hand, the rising market competition among the key players is further fueling the market. For instance, in September 2019, Integra Lifesciences Holdings Corporation acquired Rebound Therapeutics Corporation, a privately held medical device company and manufacturer of AURORA Surgiscope System. Then, in January 2020, Radiall America Inc.- a U.S.-based manufacturer of electronic components- acquired Timbercon, Inc.-an Oregon-based company-that manufactures medical fiber optics.
Moreover, the market at present is facing moderately low threat from its external substitutes as currently, no direct alternative is available in the market. This is further anticipated to drive the market. However, there is a moderate threat of internal substitutes in the market. The growing preference for plastic and polymers based optical over glass fibers due to their cost-effectiveness is obstructing the market for traditional glass-based medical optical fibers.
However, the high cost of medical fiber optics is anticipated to obstruct market growth from 2020 to 2027. Fiber optical cables have a higher demand in the market as compared to other cables. However, manufacturers are still creating medical fiber optics components, such as lasers, amplifiers, attenuators, connectors, filters, and switches manually. The components also require many labor-intensive customizations and adjustments throughout the assembly process. This further adds to the overall cost of manufacturing and makes them expensive.
Moreover, their low adoption in developing and under-developed countries is further a major challenge for the market. These countries invest less in training surgeons for using endoscopes and lasers, owing to which adoption of these products is limited in these countries. This is currently inhibiting market growth. Furthermore, due to the limitation of investment and capital in these countries, players are reluctant to purchase technology licenses or intellectual property. This prevents them from using more efficient processes developed for manufacturing medical fiber optics.
Fiber Type Insights: Global Medical Fiber Optics Market
The multimode optical fiber segment accounted for the largest revenue share of 62.2% in 2019. This is attributable to the high adoption of multimode fibers as compared to single-mode fibers. Multimode fibers are more economical and easier to manufacture, further boosting its market growth. Furthermore, their usage in surgical lightning and other illumination solutions is increasing. This is further anticipated to drive the market over the forecast period 2021-2027.
On the other hand, single mode optical fibers are anticipated to be the fastest growing segment during the forecast period. On-going research and funding on biomedical optical sensors, increasing usage in wearables and telemedicine, and the introduction of technologically advanced medical devices based on fiber optics are the key factors anticipated to drive the medical fiber optics market from 2020 to 2026.
Application Insights: Global Medical Fiber Optics Market
By application, illumination accounts to be the largest segment with a share of 31.1% in 2019. The rise in the number of endoscopic surgeries where optic fiber bundles are used as a source of light is expected to increase the demand for medical fiber optics. Furthermore, a growing preference for fiber optics-based surgical lights in operation theaters is another key factor driving the market.
On the other hand, biomedical sensing application is anticipated to witness the fastest growth from 2020 to 2027. Growing usage of physical optic sensors in pulse oximeters and blood flowmeters for measuring the various body parameters and the ongoing research on temperature sensing wearables is further anticipated to drive the market. For instance, researchers at Chinas Tsinghua University are currently researching on biocompatible temperature sensors for the development of real-time wearables.
Regional Insights: Global Medical Fiber Optics Market
In 2019, North America accounted for the highest revenue share of 29.4% and is anticipated to witness a significant growth rate. High adoption of technologically advanced products such as endoscopes and lasers for performing minimally invasive surgeries, favorable reimbursement policies, and the presence of well-developed healthcare infrastructure are the key factors driving the market. Moreover, high cancer incidence and the need for advanced biomedical instruments for better patient diagnosis, monitoring, and treatment are further anticipated to drive the market.
On the other hand, Asia Pacific is anticipated to be the fastest-growing region from 2020 to 2027. Increasing government initiatives for tackling the prevalence of chronic diseases in countries such as Japan and South Korea, adoption of capsule endoscopy as a standard procedure for detecting the disorders affecting internal organs, and growing prevalence of cancer such as bladder, esophagus, liver, pancreas, and others are the key factors driving the market in the region.
Key Companies & Market Share Insights: Global Medical Fiber Optics Market
Key players are focused on inorganic growth strategies to enhance their market reach and gain a larger share in the market. Moreover, key players operating in this space are developing technologically enhanced and customized products for sustaining market competition. For instance, the company Molex offers large core multimode silica optical fibers made of reliable polymer coatings particularly for laser power delivery in medical procedures. In February 2019, Fiberguide Industries Limited launched a square core optical fiber designed for improving the optical performance of various laser manufacturing processes and medical applications that use fiber optics. Some of the prominent players in the medical fiber optics market include:
Key companies Profiled: Global Medical Fiber Optics Market Report
- Integra Lifesciences Corporation
- Fiberoptics Technology Incorporated (FTI)
- Molex; Coherent, Inc.
- Timbercon, Inc.
- Gulf Fiberoptics
- Newport Corporation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global medical fiber optics market report on the basis of fiber type, application, and region:
Fiber Type Outlook (Revenue, USD Million, 2016 – 2027)
- Single Mode Optical Fiber
- Multimode Optical Fiber
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Endoscopic Imaging
- Laser Signal Delivery
- Biomedical Sensing
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