The global medical fiber optics market size is expected to reach USD 1.6 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2022 to 2030. The market growth can be credited to the advancements in healthcare infrastructure, readiness to adopt technologically advanced products, growing prevalence of cancer, and rising awareness regarding minimally invasive surgeries.
The growing adoption of laser technology in various healthcare services and a surge in endoscopic procedures for diagnostic and therapeutic purposes are the key factors fueling the market growth. The growing trend of opting for minimally invasive surgeries over conventional open surgeries owing to the benefits associated with minimally invasive surgeries, such as reduced hospitalization, minimized infection risk, and quicker recovery periods is driving the demand for medical fiber optics.
The ongoing COVID-19 pandemic burdened the healthcare systems resulting in massive structural reforms in healthcare facilities, which led to the postponement of elective surgeries and procedures, thereby negatively impacting supply and demand chains, manufacturing cycles, and sales and revenue cycles. Surgeons are rapidly adopting minimally invasive surgical practices since they reduce hospitalization and minimize the risk of contracting infections. Market players are collaborating and partnering with experts to introduce innovative products.
The multimode optical fiber type segment dominated the market in 2021 owing to the cost-effectiveness and widespread adoption of these products in illumination and surgical lighting purposes. Single-mode optical fibers are anticipated to grow lucratively over the forthcoming years owing to the higher transmission capability and growing demand for advanced imaging solutions.
The illumination application segment dominated the market in 2021 owing to the growing demand for illumination in endoscopic procedures and lighting in surgical procedures. The growing trend of using illumination in light therapy and phototherapy is boosting segment growth. Biomedical sensing is expected to witness significant growth over the forthcoming years owing to the widespread adoption of biomedical sensing in medical devices and wearables. Asia Pacific dominated the market in 2021 owing to the improving healthcare infrastructure, rapid economic development, and growing favorable government initiatives.
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Medical Fiber Optics Market Report Highlights
- The market growth can be attributed to the growing adoption rates of minimally invasive surgeries and the growing prevalence of chronic diseases such as cancer
- The multimode optical fiber type segment dominated the market in 2021 owing to the cost-effectiveness and widespread utilization in illumination and surgical lighting
- The illumination application segment dominated the market in 2021 owing to the growing adoption of illumination in endoscopic procedures and as lighting sources in surgical procedures
- Asia Pacific dominated the market in 2021 owing to the growing imports of high-quality medical devices and increasing medical tourism in several countries
Key Companies & Market Share Insights
Key players are focusing on their innovative product development strategies and devising their partnerships, collaborations, and merger & acquisition strategies to expand their business footprint and gain a competitive edge in the market. For instance, in January 2020, Radiall America Inc. acquired Timbercon Inc., an Oregon-based company manufacturing fiber optic cables for data storage, defense, medical, aerospace, industrial, broadcast, and telecommunications markets. Through this acquisition, Radiall would be able to expand its product portfolios. Some prominent players in the global medical fiber optics market include: Molex, AFL, Schott, Integra Lifesciences Corporation, Fiberoptics Technology Incorporated (FTI), Coherent Inc., Gulf Fiberoptics
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