May 18, 2024

Technological Advancements is Estimated to Boost Growth of the Global Medical Fiber Optics Market

Medical fiber optics refers to lightweight glass or plastic fibers that transmit light in the form of waves and are used in various medical applications. Medical fiber optics have advantages such as high immunity to electromagnetic interference, small size enabling easy handling, light weight, flexibility, and resistance to chemical damage. They are used for illumination, as an image-conveying device in endoscopes, lasers for surgical procedures, and transmission of data for medical sensors and diagnostic instruments. Advancements in minimally invasive procedures have increased the demand for fiber optic devices in medical applications.

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 key trends:

Endoscopy involves use of a fiber optic bundle or a coherent fiber bundle for transmitting light through the endoscope. Over the past decade, there has been an increase in gastrointestinal endoscopy due to rising prevalence of gastrointestinal diseases. For instance, according to the American Cancer Society, colon cancer is one of the most common types of cancer diagnosed in the United States. Increasing awareness regarding early detection of such diseases through endoscopy procedures is expected to drive the demand for medical fiber optics over the forecast period. In addition, technological advancements in medical endoscopes including 3D high definition technology and development of all-fiber flexible endoscopes is also expected to support the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the medical fiber optics market is low as there are high costs involved in R&D for new product development and having well-established players in the market.

Bargaining power of buyers: The bargaining power of buyers in the medical fiber optics market is moderate due to the presence of many players offering similar products in the market.

Bargaining power of suppliers: The bargaining power of suppliers in the medical fiber optics market is moderate as there are many suppliers for raw materials required for manufacturing medical fiber optics.

Threat of new substitutes: The threat of substitutes is low in the medical fiber optics market as there are currently no direct substitutes for medical fiber optics that can offer the same features.

Competitive rivalry: The competitive rivalry in the medical fiber optics market is high due to the presence of established players.

Key Takeaways

The Global Medical Fiber Optics Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand for fiber optic endoscopes from hospitals and clinics for diagnosis and minimally invasive surgeries.

Regionally, North America is expected to dominate the global medical fiber optics market during the forecast period. This is attributed to the well-established healthcare infrastructure and rising adoption of advanced medical technologies in the region.

The Asia Pacific medical fiber optics market is expected to witness the fastest growth during the forecast period owing to growing healthcare infrastructure, rising medical tourism, and increasing healthcare expenditure in emerging countries such as China and India. In addition, growing geriatric population prone to chronic diseases and increasing number of cosmetic and bariatric surgeries are further fueling the demand for medical fiber optics in the region.

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. Key players are focusing on new product launches and innovations to consolidate their market position. For instance, in 2022, Leoni AG launched new surgical fiber optic cables to meet the increasing demand from healthcare facilities.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it