Medical Fiber Optics Market Expected To Retain The Leading Position Over The Forecast Period 2022 to 2030

Medical Fiber Optics Industry Overview

 

The global medical fiber optics market size was valued at USD 927.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030.

 

The rapidly advancing healthcare infrastructure, growing awareness regarding minimally invasive surgical procedures, widespread adoption of technologically advanced medical products, growing prevalence of chronic diseases such as cancer, and a significant surge of endoscopic procedures for diagnostic and therapeutic purposes are expected to bolster the market growth.

 

Growing awareness regarding the benefits associated with minimally invasive surgeries is directly contributing to the surge in the number of procedures, creating a strong demand for fiber optic wires, sensors, and miniaturized cameras, thereby driving the market for medical fiber optics in various healthcare settings. Furthermore, lasers are being widely used in cosmetology and dentistry and numerous research studies are being conducted on biomedical sensors, which is expected to fuel the growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Medical Fiber Optics Market

 

Lasers are rapidly replacing non-laser technologies in various healthcare applications and produce better, promising patient outcomes. For instance, femtosecond lasers are being used in LASIK eye surgeries instead of traditional surgeries as they provide more accuracy and precision. The use of lasers in medical applications enhances more tissue absorption causing less bleeding and faster healing. Lasers are therefore being used for various applications such as diseases diagnosis, dentistry, cosmetics procedures, and tattoo removal. According to the Refractive Surgery Council in 2018, laser vision correction procedures such as Photorefractive Keratectomy (PRK), Laser-assisted In Situ Keratomileusis (LASIK), and small incision lenticule extraction have been increasing in the U.S. since the past 3 decades.

 

According to the 2018 Plastic Surgery Statistics Report, in the U.S., approximately 1.0 million hair removal procedures were performed and around 217,836 people opted for laser treatment for leg veins and 594,266 people opted for laser skin resurfacing procedures. Lasers use optical fibers mostly made up of silica glass as they are capable of transmitting data in the form of light or optical signals over a longer distance with less energy loss. The high transparency offered makes optical fibers an ideal option for medical lasers. Hence, as the adoption of lasers in the medical field is increasing, the demand is rising.

 

The growing trend of opting for minimally invasive surgeries over conventional open surgeries is growing as an option for diagnostic and therapeutic purposes, thereby, driving the demand for medical fiber optics. These surgeries have several advantages, such as small-sized incisions, short post-operative healing time, and minimal pain and scarring. In most cases, these surgeries have even offered a higher accuracy rate when compared with conventional open surgeries.

 

Moreover, these MIS have even become standard surgical techniques in many routine operations, such as adrenalectomy for removal of adrenal glands, removal of the appendix, cancer surgery for the destruction of the tumor, hiatal hernia repair, and others. According to an article published in SAGE journals in 2019, endoscopy was the most commonly performed gastrointestinal procedure in the U.K., and each year approximately around 2 million procedures are performed, and around 4,100 endoscopists practice in England alone.

 

However, the low adoption rate of medical fiber optics in developing and under-developing nations due to the high cost involved is expected to restrain the market growth. The lack of adequate resources and prominent shortage of skilled surgeons operating endoscopes and lasers are anticipated to obstruct growth. Although optical cables are witnessing a surge in demand across global markets, manufacturers are manufacturing the components such as amplifiers, lasers, switches, filters, attenuators, and connectors manually.

 

These components often require labor-intensive adjustments and customizations across assembly lines, which adds to the manufacturing costs, making the end-product expensive. Adoption rates in developing and under-developed countries are inhibited due to the lack of capital and investment and market players are reluctant towards purchasing intellectual property rights or technology licenses, thereby restraining the scope of development of efficient processes.

 

Browse through Grand View Research’s Medical Devices Industry Research Reports.

• Dental Caries Detectors Market – The global dental caries detectors market size was valued at USD 228.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. Dental caries detectors are devices used for an early examination of any oral ailments, such as dental caries, which enables dentists to provide an effective treatment plan for the patient.
• Minimally Invasive Surgical Instruments Market – The global minimally invasive surgical instruments market size was valued at USD 19.96 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030.

 

Medical Fiber Optics Market Segmentation

 

Grand View Research has segmented the global medical fiber optics market on the basis of fiber type, application, and region:

• Medical Fiber Optics Fiber Type Outlook (Revenue, USD Million, 2016 – 2030)
• Single Mode Optical Fiber
• Multimode Optical Fiber
• Medical Fiber Optics Application Outlook (Revenue, USD Million, 2016 – 2030)
• Endoscopic Imaging
• Laser Signal Delivery
• Biomedical Sensing
• Illumination
• Others
• Medical Fiber Optics Regional Outlook (Revenue, USD Million, 2016 – 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Market Share Insights

• January 2020: Radiall America Inc. acquired Timbercon Inc., an Oregon-based company manufacturing fiber optic cables for data storage, defense, medical, aerospace, industrial, broadcast, and telecommunications markets. Through this acquisition, Radiall would be able to expand its product portfolios.
• June 2015: Leoni established radiation-resistant multi-mode fibers for computer tomography applications. These fibers are IEC 60332-1-2 and IEC 60332-3-22 Cat. A compliant. In addition, Leoni introduced radiation-resistant multi-mode fibers for computer tomography applications.

 

Key Companies profiled:

Some prominent players in the global medical fiber optics market include

• Gulf Fiberoptics
• Newport Corporation
• Timbercon, Inc.
• Schott
• Leoni
• Molex
• Fiberoptics Technology Incorporated (FTI)
• Coherent Inc
• Integra Lifesciences Corporation
• AFL

 

Order a free sample PDF of the Medical Fiber Optics Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.