Global Optical Fibers in Endoscopy Market: Overview
Endoscopy is a medical procedure to obtain high-resolution microscopic images of internal organs of the body. Endoscopes are made up of dense bundles of optical fibers. Optical fibers are thin fibers made up of glass or plastic, and they ensure efficient light transmission during endoscopic procedures. These fibers transmit light into the patient’s body and enable the physician to view images of internal structures of the body for the early detection of diseases.
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Global Optical Fibers in Endoscopy Market: Key Trends
The global optical fibers in endoscopy market is estimated to expand rapidly in the next few years. A rise in the geriatric population, which is at an increased risk of chronic disorders and increase in the prevalence of chronic diseases such as cancer and neurological and gastrointestinal disorders are driving the growth of the global optical fibers in endoscopy market. For instance, according to a 2017 United Nations Report, the number of people aged 60 years and above is expected to increase two fold by 2050 and is projected to reach 2.1 billion in 2050 from 962 million in 2017. This is likely to augment the global optical fibers in endoscopy market in the coming few years.
Moreover, an increase in the adoption of endoscopy, owing to benefits such as minimally invasive procedure, reduced recovery time and hospital stay, and minimal discomfort to patients is projected to propel the optical fibers in endoscopy market in the near future. However, complications or risk associated with optical fibers such as attenuation and dispersion are likely to hamper the global optical fibers in endoscopy market during the forecast period.
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Global Optical Fibers in Endoscopy Market: Segmentation
The global optical fibers in endoscopy market can be segmented based on material, type, and region. In terms of material, the global optical fibers in endoscopy market can be classified into glass optical fibers (GOF) and plastic optical fibers (POF). The glass optical fibers segment is projected to dominate the global optical fibers in endoscopy market. However, the plastic optical fibers segment is expected to expand at a rapid pace in the coming years as plastic optical fibers are cost-effective and lightweight compared to glass optical fibers used in endoscopy.
Based on type, the global optical fibers in endoscopy market can be classified into rigid endoscope and flexible endoscope. The flexible fiber optic endoscope segment is expected to expand at a substantial growth rate in the coming years as flexible fiber optic endoscope are composed of multiple bundled fibers and can be easily twisted and bent to visualize inaccessible internal organs and structures of the body. This, in turn, enables the early diagnosis of diseases and is likely to fuel the segment in the next few years.
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Global Optical Fibers in Endoscopy Market: Regional Analysis
Based on region, the global optical fibers in endoscopy market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America accounts for a major share of the global optical fibers in endoscopy market. Increase in the geriatric patient pool susceptible to chronic diseases, rise in the number of new cancer cases, and a rise in use of endoscopy in the region are factors contributing to the dominant share of North America in the global market. Europe is anticipated to account for a significant share of the global optical fibers in endoscopy market between 2019 and 2027.
Increase in endoscopic procedures for the detection of diseases and presence of well-established manufacturers are major factors expected to drive the market in Europe. The optical fibers in endoscopy market in Asia Pacific, which includes countries such as China, India, and Japan, is projected to expand rapidly during the forecast period. This is due to a rise in the number of baby boomers with chronic ailments and rise in disposable income in these countries.
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Global Optical Fibers in Endoscopy Market: Competitive Landscape
Major players operating in the global optical fibers in endoscopy market include Boston Scientific Corporation, Hoya Corporation, Olympus Corporation, Fujifilm Holdings Corporation, KARL STORZ GmbH & Co. KG, XION GmbH, Happersberger otopront GmbH, Cogentix Medical (Vision Sciences Inc.), SCHOTT AG, Vimex Sp. z o.o., and Strauss Surgical.
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