Demand for Effective Minimally Invasive Surgeries to drive the Medical Fiber Optics Market
Published On : Jun 08, 2021
According to Persistence Market Research (PMR), the medical fiber optics market will witness a CAGR of 6% in the next decade.
There is no stoppage for the growth of medical fiber optics market as no substitute is available on the direct basis. However, the under-developed economies need to be educated regarding the advantages over here. This factor, in addition to the higher installation costs is bound to restrain the market.
The ongoing trend also speaks of an increasing preference to polymer-based and plastic optical fibers over conventional glass fibers as they are comparatively cost-effective. As such, the market is expected to witness a major overhaul in this regard going forward. Besides, the entire process of assembling asks for labor-sensitive adjustments and customizations. Though manufacturers are working on budget to make lasers, filters, connectors, attenuators, and switches on a manusal note, the developing economies still find them way above budget.
How is the medical fiber optics market attuned to growth?
The medical fiber optics market, by type, spans multimode and single mode. Application-wise, it says endoscopic imaging, laser signal delivery, biomedical sensing, illumination, and others. Out of these, illumination is the highest generator of revenue. This could be due to increase in number of the endoscopic surgeries wherein there are fiber bundles used in the form of source of light. Also, the demand for surgical lights based on optical fibers in the operational theaters is on the rise.
The blood flowmeters and pulse oximeters are also using physical optic sensors to measure the body parameters. Along these lines, China-based Tsinghua University’s researchers are onto developing biocompatible temperature sensors to develop real-time wearables. Coming to type of fiber, multimode type is witnessing higher adoption. Surgical Lights are also likely to ask for multimode optical fibers going forward.
North America holds the largest market share. It holds more than 25% of the revenue generated. This could be reasoned with technological advancements like lasers and endoscopes being increasingly adopted for going for minimally invasive surgeries along with proper healthcare infrastructure.
Europe stands second over here due to the reasons stated above. The Asia-Pacific is expected to grow at the fastest rate in the forecast period with growing awareness regarding the advantages of medical fiber optics.
What’s with the Competitors?
The key players in the medical fiber optics market include Schott, LEONI, Newport Corporation, Coherent Inc., Molex Incorporated, Integra LifeSciences Corporation, Fiber optics Technology Incorporated, and Gulf Fiber optics. As far as developments are concerned, Fiber guide Industries Ltd., in February 2019, did table a square core optical fiber especially designed to improve optical performance of several laser manufacturing processes and also the medical applications that make use of fiber optics.
Also, Integra LifeSciences Corporation, in September 2019, completed acquisition of Rebound Therapeutics Corporation, which was known for manufacturing AURORA Surgiscope System. Later, i.e. in January 2020, Timbercon, Inc. was acquired by Radiall America. The former one was a well-known name in medical fiber optics.
Global Market Study on Medical Fiber Optics - Rising Preference for Minimally Invasive Surgeries to Foster AdoptionView Report