The Global Market for Medical Fiber Optics is Projected to Reach US$1.1 Billion by 2022

Growing Value of Applications From Instrument Technologies to Sensor Based Wearables to Spur the Global Medical Fiber Optics Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Medical Fiber Optics market. The global market for Medical Fiber Optics is projected to reach US$1.1 billion by 2022, driven by the growing commercial value of fiber optics technology in surgical instrumentation, disease treatment therapies, diagnostic and imaging devices and equipment, and sensor based wearable medical devices and textiles. 

Optical fibers are flexible and transparent fibers made of flexible glass, plastic and silica and designed to transfer light between the fiber’s two ends. The increasing use of electronic components and designs in various medical applications is contributing to the increasing prominence of optical fibers in the medical sector. Optical fibers are increasingly replacing copper cables in a range of diagnostic and digital imaging applications. The growing significance of fiber optics technology in medical industry is due to the escalating demand for portable, miniature, and user-friendly devices that can be efficiently used in surgical and diagnostic procedures. Optical fibers are utilized in a diverse array of applications, from X-ray imaging and clinical diagnostics to dental applications and surgical endoscopy. Rapidly expanding range of applications for fiber optics in medical industries is thus expected to continue fuelling growth in the market. Rising use of fiber optics in various surgical procedures, growing numbers of minimally invasive surgeries being performed, miniaturization trend being seen in medical devices and mounting demand for advanced diagnostic technologies and treatment devices, especially in developing economies, are stimulating market growth. Steady improvements in healthcare infrastructure in both developed and developing economies are also leading to increased adoption of fiber optic devices. The market also benefits from the rising awareness about advantages and diverse applications of fiber optics technology in medical sector.

Endoscopy represents the largest applications segment for medical fiber optics market, with fibers also being used for illumination purposes. Since medical fiber optics is not affected by electromagnetic and radio frequency signals, they are considered ideal for procedures such as MRI, PET, SPECT and CT for diagnostic imaging applications. Fiber optics is also among most sought-after technologies for manufacturing laser surgical devices that are used in a host of minimally invasive therapeutic procedures. Biomedical sensing market, with its ever-rising need for smaller, disposable probes, presents a huge opportunity for fiber optic sensors.

As stated by the new market research report on Medical Fiber Optics, the United States represents the largest regional market worldwide supported by advanced medical infrastructure, and policy led focus on improving quality of healthcare services. Asia-Pacific is poised to grow at the fastest CAGR of 6% over the analysis period, led by factors such as developing healthcare infrastructure; growing population and healthcare burden; need for technologies to effectively handle rising volume of surgical and diagnostic procedures; rise of medical tourism in low cost Asian countries and the resulting competitive need to enhance patient care through investments in cutting edge medical technologies; and rising preference for minimally invasive procedures such as endoscopy and laser guided surgeries.    

Major players covered in the report include biolitec AG, Boston Scientific Corporation, Coherent Inc., ROFIN-SINAR Laser GmbH, IPG Photonics Corporation, LEONI AG, Newport Corporation, OFS Fitel LLC, Schott AG, Sunoptic Technologies LLC, Timbercon Inc., Trimedyne Inc., and Vitalcor Inc., among others.

The research report titled “Medical Fiber Optics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The report analyzes the Medical Fiber Optics market by the Applications - Surgical Lights, Dental Lights, Endoscopes, Lasers, Sensors and Others.

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