Fiber optics is the technology and medium used to transmit information with the help of pulses of light. Fiber optic lines are essentially strands made of optically pure glass that can carry information over a long distance. Their use in medical and biomedical field has grown over the years as a result of which, the global medical fiber optics market has witnessed significant growth. Right from diagnosis to treatment, fiber optics are being used in numerous medical disciplines such as dentistry, cardiology, ophthalmology, urology, and general surgery.
Driving and restraining factors of the global medical fiber optics market
Medical fiber optics are being used in an increasing number of minimally invasive surgeries and the demand for advanced diagnostic technologies has driven many innovations in the medical fiber optic technology. Fiber optics have found applications in various areas of medicine, which has fueled the growth of the market. They are used in devices such as flexible image bundles, illumination and light conductors, laser delivery systems, and flexible light guides. Medical fiber optics are also used in ophthalmic lasers, X-ray imaging, light therapy, lab and clinical diagnostics, diagnostic and surgical instrumentation, surgical microscopy and endoscopy, and dental hand pieces. In addition to this, use of fiber optics in miniaturization of medical devices is a rising trend that has great potential for growth.
In contrast, the principal factors that challenge the global medical fiber optics market are strict polices and standards, and risks associated with high intensity of light used for treatment and surgeries.
The global medical fiber optics market can be divided on the basis of application and geography. The main applications of medical fiber optics are laser fiberoptics, endoscopes, fiberoptic dental lights, fiberoptic surgical lights, fiberoptic sensors, and others. The four major regions that fall under the worldwide market are North America, Europe, Asia, and Latin America.
Global medical fiber optics market witnessing significant growth across all regions
The worldwide market for medical fiber optics was valued at $863.1 million in 2013 and is expected to grow to $1,336.1 million by the year 2019 at a compound annual growth rate (CAGR) of 7.6% during the forecast period of 2013-2019. Use of medical fiber optics in endoscopes commanded the maximum industry share.
North America dominated the global medical fiber optics market largely due to the vital support of healthcare associations such as the Canadian Healthcare Association (CHA), the Society of Laproendoscopic Surgeons, and the Association of Canadian Academic Healthcare Organizations (ACAHO). In addition, growing use of optical fibers in minimally invasive surgeries and first-class medical infrastructure have also driven the North American market.
The development of modern healthcare systems in France, the U.K., and Germany has bolstered the medical fiber optics market in Europe, and the region is expected to witness moderate growth during the forecast period. The main factors driving the sector include growing geriatric population and age-related diseases such as ophthalmic and cardiovascular diseases, improved medical infrastructure, and rise in government funding.
Asia has been the fastest-growing regional market owing to enhanced infrastructure, advanced diagnostic technologies, and rapid research and development in the field of medical fiber optics. Moreover, government initiatives and programs, together with rising population has also aided the growth of this region.
The major players that dominate the global medical fiber optics market are IPG Photonics, Coherent Inc., ROFIN, Timbercon Inc., TRUMPF, LEONI, Vitalcor Inc., SCHOTT, American Medical System, and Sunoptic Technologies.
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