Medical Fiber Optics Market to Garner Growth 5.7% by 2030

According to Precedence Research, the global medical fiber optics market size is expected to reach US$ 1,536.2 million by 2030 from valued at US$ 929.63 million in 2021, with a CAGR of 5.7% from 2022 to 2030.

Growth Factors

The rising adoption of the advanced medical technologies in the healthcare units, rising investments in the advancement of healthcare infrastructure, increasing awareness regarding the minimally invasive surgeries, and surging prevalence of various chronic disorders are expected to drive the growth of the global medical fiber optics market. The endoscopic procedures are gaining rapid traction for the diagnosis and treatment of various diseases, which is a major growth driver of the medical fiber optics market. The increasing awareness regarding the benefits of minimally invasive surgeries is fueling the demand for the various medical fiber optics such as miniature camera, fiber optic wires, and sensors in the surgical units. The growing volume of dental and cosmetics surgeries across the globe is expected to spur the demand for the medical fiber optics market in the forthcoming years.

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Report Highlights:

• On the basis application, illumination segment dominated the global medical fiber optics market. This growth is primarily attributed to the rising awareness regarding the minimally invasive surgeries and the growing demand for it across the globe. The minimally invasive surgeries offers less procedure time and quick recovery of the patients. The increased demand for the medical fiber optics in the surgical procedures has as the medical fiber optics act as a source of illumination and lighting solutions in the endoscopic procedures.

• Depending on the end user, the hospitals was the largest revenue generator in the global medical fiber optics market. The patients prefer hospitals for the surgical procedures as hospitals are well-equipped with the latest and advanced tools and equipment. The growing penetration of the multispecialty hospitals across the developed and developing regions is expected to further fuel the growth of the segment.

• North America was the largest medical fiber optics market. The increased healthcare expenditure, higher prevalence of chronic diseases, and the increased adoption of the minimally invasive surgeries in the region has boosted the growth of the medical fiber optics market. As per the Plastic Surgery Statistics Report 2018, around one million hair removal procedures were performed, more than 217,000 laser treatment were performed for leg veins, and over 594,000 laser skin resurfacing procedures were operated in US in 2018. Furthermore, the cosmetics and dental surgeries is gaining rapid traction in North America, which has significantly propelled the growth of the North America medical fiber optics market.

• Asia Pacific is witnessing high imports of quality medical devices, rising medical tourism, growing prevalence of diseases, growing healthcare expenditure, strong economic growth, and the rising government focus on the development of healthcare infrastructure. These factors are boosting the adoption of the minimally invasive surgeries and are expected to impact the medical fiber optics market in the forthcoming future.

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Future of Medical Fiber Optics Market

The cases of gastrointestinal diseases are surging rapidly and hence the demand for the surgical procedures is increasing for the treatment. According to the Center for Disease Control and Prevention (CDC), around 14.8 million adults in US were diagnosed with ulcers in 2019. The treatment of ulcers is treated by the surgical procedures. Therefore, the surging cases of ulcers are expected to boost the demand for the medical fiber optics and provide lucrative growth opportunities to the manufacturers of the medical fiber optics in the foreseeable future.

COVID-19 Impact Analysis:

• There was a moderate effect of the CoVID-19 pandemic on the medical fiber optics market in 2020. The lockdown situation had disrupted the supply chain
• The limited supply of labor and raw materials restricted the production of the medical fiber optics in the market
• Most of the surgical procedures were either cancelled or postponed due to the increased pressure on the hospitals owing to the higher number of COVID-19 patient admissions

Key Developments in the Marketplace:

• In March 2019, Schott AG introduced its AutoclavableSolidur LEDs for use in the dental and medical applications.
• In November 2019, Schott AG introduced its Schott Single EZ Guide, a plug and play illumination solution to be used in the single use edoscopes during the surgical procedure.
• In January 2020, Radiall America Inc., completed the acquisition of Timbercorn, Inc., a manufacturer of fiber optic cables. This acquisition helped Schott AG in expanding its product portfolio.
• In 2019, Integra Lifesciences Holdings Corporation completed the acquisition of a medical device company called Therapeutics Corporation to expand portfolio.

Top Players Operating in the Market:

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

Major Market Segments Covered:

By Type

• Single mode optical fiber
• Multimode optical fiber

By Application

• Endoscopic imaging
• Laser signal delivery
• Biomedical sensing
• Illumination
• Others

By Usage

• Disposable
• Reusable

By End User

• Hospital
• Specialty Clinics
• Ambulatory Surgical Centers
• Diagnostic Laboratories
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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