Medical Fiber Optics Market – Snapshot
Fiber optics refers to the technology and platform that is required to transmit information in the form of light pulses. These pulses of light are transmitted over a plastic or fiber strand or through a glass medium. Fiber optics is used for long-distance and high performance data networking. Fiber optic cables are used in cases such as these as they have proven to be more effective and advantageous for such high-speed data transmission in comparison with copper cables. Fiber optics offer benefits such as higher bandwidth and high transmission speed and this makes it apt for such use.
The global medical fiber optics market is anticipated to rapid strides on the back of its internal properties that are well suited for several applications in the medical industry. These intrinsic physical characteristics of optical fiber are combined with its versatile remote sensing property. This makes it a promising technology for several applications in the biomedical industry.
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Burgeoning Demand for High-end Technologies to Bolster its Demand in the Market
Continuous miniaturization of medical devices coupled with the burgeoning demand for high-end diagnostic technologies and minimally invasive surgeries is anticipated to foster growth of the global medical fiber optics market. In addition, technological progress made in the field of medical fiber technology market is anticipated to emerge as a key growth-inducing factor for the market in years to come.
The most notable and predominant applications of fiber optics lie in its use in the illuminating and imaging components of endoscopes. Medical fiber optics comes with immunity from radiofrequency and electromagnetic signals.
In addition to that, betterment of the infrastructure of the healthcare sector is estimated to provide ample scope of development for the global medical fiber optics market.
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Global Medical Fiber Optic Market: Snapshot
The increasing use of medical fiber optics in minor invasive surgeries have chiefly driven the global medical fiber optics market. The market has been on the rise due to numerous technological advancements in the medical equipment which has resulted in shrinking their sizes. The global medical optical fiber market is also driven due to the increasing demand for more progressive technologies and fast development in the fiber technology segment. However, despite showing a positive growth rate, strict regulations to make sure of the high standards and the liabilities involved with the high intensity of the fiber optic light are some of the vital challenges that may impede the growth of the global medical fiber optic market over the coming years. Nonetheless, improvements in the infrastructure of the healthcare sector and medical standards cumulatively with increasing awareness about the wide range of applications and benefits of fiber optics, will lead the market to leverage on lucrative opportunities that will arise in the coming years.
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The global medical fiber optic market is expected to reach an overall valuation of US$1.3 bn by the end of the given forecast period of 2013 to 2019. This growth in the medical fiber optic market is expected to be achieved at a steady CAGR of 7.60% over the given period of forecast.
Endoscopes Segment to Reach an Overall Valuation of US543 Million by 2019
The global medical fiber optic market can be divided on the basis of application and its regional distribution. Depending on the application, the global medical fiber optic market can segmented into endoscopes, fiberoptics, surgical lights, fiberoptic dental lights, and fiberoptic sensors. Among the given application segments, endoscopes accounted for a largest share in the overall global market. The endoscope fiber optic segment is expected to reach an overall valuation of US$543 mn over the course of the given forecast period of 2013 to 2019. This growth in the endoscope segment is expected to be achieved with a healthy CAGR of 8.1% over the given forecast period. The other segments such as surgical lights, fiberoptic dental lights, and fiberoptic sensors are also expected to witness a steady growth in the global medical fiber market in the coming years. With advancements in technology and improvements in the medical infrastructure, the application segment of medical fiber optic market across the world is expected to witness rapid development over the given period of forecast. Moreover, with more and more people opting for minimally invasive surgeries, will only enhance the application segment in the near future.
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North America to Lead Market Owing to Increasing Preference for Non-invasive Surgeries
Geographically, the global medical fiber optics market can be segmented into key regions such as North America, Asia Pacific, Europe, and Rest of the World. The global medical fiber market was largely dominated by North America owing to its high standards and top-class and sophisticated medical and healthcare infrastructure. The region is also benefitting from the growing inclination towards non-invasive surgeries and is expected to continue its dominance on the global market over the aforementioned forecast period. Other regional segments such as Europe and Asia Pacific are expected to show steady growth during the same period.
Some of the key companies in the global medical fiber market include names such as Schott, Leoni AG, Rofin, IPG Photonics, and Timbercon Inc. among others.
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