The global Medical Fiber Optics Market is estimated to be valued at US$ 1465.48 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical fiber optics are optical fibers that transmit light for medical procedures and healthcare applications. They find applications in various medical devices such as endoscopes, flexible scopes, laser delivery devices, and point-of-care testing devices by carrying images from inside the human body as well as laser beams for surgical procedures. Fiber optics offer advantages like small size, possibility of light transmission over long distances, electromagnetic interference resistance, and inherent safety due to no electrical contacts. With the growing demand for minimally invasive surgeries and increasing adoption of precision medicine, the need for medical devices integrated with fiber optics is increasing significantly.
Market key trends:
One of the key trends in the medical fiber optics market is the growing demand for multimode silver halide fibers. Silver halide fibers offer ultra-fast signal transmission and are bleachable which makes them reusable. They enable real-time imaging and transmission of bright illuminating light with minimal loss. This has increased their usage in endoscopy procedures. Additionally, with technological advancements, new application areas for medical fiber optics are emerging. For example, photodynamic therapy (PDT) uses light activated photosensitizers which are mainly delivered through fiber optics. This therapy is gaining traction in treatment of cancers and autoimmune diseases. Also, fiber optic chemical sensing is a new field which analyzes optical signal changes to detect biomarkers in body fluids. This could help in point-of-care disease diagnostics. Thus continuous product innovations are expected to drive the medical fiber optics market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the medical fiber optics market requires significant R&D investments and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternate products and sensitivity of prices in the medical sector.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple established suppliers for raw materials.
Threat of new substitutes: The threat of new substitutes is low as medical fiber optics has few alternatives for its applications in healthcare.
Competitive rivalry: High due to presence of many global players competing on performance, features, and pricing.
Key Takeaways
The Global Medical Fiber Optics Market Demand is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand for minimally invasive surgeries and growing adoption of fiber optics in endoscopy procedures.
Regionally, North America is expected to dominate the medical fiber optics market, owing to rising healthcare spending and availability of advanced treatment options in the region. Growing medical tourism industry in Asia Pacific is also contributing to higher market growth.
Key players operating in the medical fiber optics market are Leoni AG, Sunoptic Technologies LLC, Gulf Fiberoptics, Inc., Integra LifeSciences Holdings Corporation, Coherent, Inc., Molex Incorporated, Fiberoptics Technology, Inc., Newport Corporation, and Schott AG.
The worldwide medical fiber optics market size is relied upon to be almost US$ 1,087.2 Mn in 2018.
The clinic subsegment of the end-client sections of the medical fiber optics market is required to hold a huge market esteem share in 2018 among the other subsegments.
The expanding appropriation of trendsetting innovations in emergency clinics for medical procedures and the therapy of different illnesses, like peptic ulcers, is relied upon to fuel the development of the medical fiber optics market during the estimated time frame.
The medical fiber optics market is required to observe huge development during the conjecture time frame because of innovative headways relating to endoscopy and other operations.
Associations like the United States Pharmacopoeia (USP) and IEC Telecommunication, centre basically around setting norms to defend the nature of meds and other medical services advancements.
North America and Europe are assessed to stay the biggest territorial business sectors for medical fiber optics.
