Usage of Fiber Optics in Variety of Medical Devices to Push Global Medical Fiber Optics Market at 7.6% CAGR from 2013 to 2019
The widespread usage of fiber optics in imaging and illumination components of endoscopes has pushed the global medical fiber optics market. In 2013, the global medical fiber optics market was worth US$863.1 million and the rising demand for fiber optics is expected to help the market grow at a CAGR of 7.6% during the period between 2013 and 2019. By the end of 2019, the overall market is expected to be valued at US$1,336.1 million.
Rising Demand for Minimally Invasive Surgeries to Drive the Demand from Global Medical Fiber Optics Market
The working of fiber optics is based on the principle of light guidance by refraction. The increased application of fiber optics in minimally invasive surgeries such as microscopy and endoscopy has driven the demand from the global medical fiber optics market. Miniaturization of medical devices has also boosted the demand for fiber optics. The rising demand for advanced diagnostic technologies along with the rapid development in the field of medical fiber technology will lead to extensive growth of the global medical fiber optics market. Improving healthcare infrastructure and innovative applications of medical fiber optics will open new opportunities for the overall market. However, stringent regulatory standards set by authorities such as the U.S. Food and Drug Administration (FDA) will hamper market growth. Also, there have been concerns about the risks attached to the intensity of light used in medical fiber optics, which may paint a negative image of the global medical fiber optics market.
The latest trends in the global medical fiber optics market include the increasing popularity of fiber optics sensor technology. Fiber optics sensors display a wide range of properties sensed optically, such as light intensity, concentration, and density. This has led to extensive usage of fiber optics sensors in various medical applications, which include laminate cure analysis, protein analysis, and determination of DNA oligomers, among others. Fiber optics are also gaining importance in optical coherence tomography.
Endoscopes to Become Major Segment in Global Medical Fiber Optics Market
The global medical fiber optics market has been segmented on the basis of the various applications of medical fiber optics, such as endoscopes, laser fiberoptics, fiberoptic surgical lights, fiberoptic dental lights, fiberoptic sensors, and others. As fiber optics is majorly used in endoscopes, this application is expected to be one of the key segments of the global medical fiber optics market.
North America Dominates Global Medical Fiber Optics Market
Geographically, the global medical fiber optics market has been divided into Asia, Latin America, Europe, and North America. North America has dominated the overall market owing to the advanced healthcare and medical infrastructure present in the region. As per the data revealed by the American Board of Surgery, endoscopy is one of the top five procedures performed by certified surgeons in the U.S. The rising demand for endoscopes has boosted the growth of the global medical fiber optics market in the region, especially in the U.S., Mexico, and Canada. Initiatives taken by various industry bodies such as Association of Canadian Academic Healthcare Organizations (ACAHO), the Canadian Healthcare Association (CHA), and the Society of Laparoendoscopic Surgeons have also supported the market growth in this region. Europe closely follows North America as a key regional segment of the global medical fiber optics market. Germany, France, and the U.K. are the major countries in the European medical fiber optics market. During the forecast period, Asia Pacific is expected to be the fastest growing region in the global medical fiber optics market, due to its huge population base with an increasing geriatric population.
Key Players of the Global Medical Fiber Optics Market
The key players of the global medical fiber optics market include Leoni AG, Schott, Coherent Inc., IPG Photonics, Trumpf, Rofin, and American Medical System.
Mr. Sudip S
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