Medical Fiber Optics Market Growth & Trends
The global medical fiber optics market size is anticipated to reach USD 1.3 billion by 2027, expanding at a CAGR of 5.6%, according to a new report by Grand View Research, Inc. Demand for low-loss fiber optics in surgery and photocoagulation, growing usage of the cable in miniaturized medical devices, and their growing application in endoscopic procedures for imaging and illumination are the key factors driving the market.
The multimode type segment dominated the market with a share of 62.2% in 2019. Increasing adoption of multimode optical cables in the endoscopic surgeries and surgical lighting and the cost-effectiveness offered by the technology are the key factors driving the market growth. On the other hand, the single-mode optical cable type segment is anticipated to witness the fastest growth rate owing to the on-going research and development of sensors based healthcare devices.
Illumination application dominated the market in 2019, with a share of 31.1%. Usage of the optical cables in phototherapy and areas such as skin treatment, tattoo, and hair removal, where it is used as a prominent source of illumination, are the key factors driving the segment growth. On the other hand, biomedical sensing application is anticipated to witness the fastest growth rate owing to its increasing adoption in sensors and healthcare instruments.
North America dominated the market in 2019, with a share of USD 29.4%. High prevalence of cancer and other chronic disorders, acceptance of endoscopy as a standard procedure for detecting internal disorders and increasing adoption of technologically advanced products are the key factors driving the market growth. The Asia Pacific region is anticipated to witness the fastest growth rate owing to the increasing demand for innovative medical devices and the rising number of minimally invasive procedures.
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Medical Fiber Optics Market Report Highlights
- The multimode type segment dominated the market in 2019 with a share of 62.2%, as they are more cost-effective
- Illumination application dominated the market with a share of 31.1% in 2019, owing to high adoption in surgical lighting
- North America dominated the market in 2019 a share of 29.4%, owing to the high prevalence of cancer and other chronic disorders.
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Medical Fiber Optics Market Segmentation
Grand View Research has segmented the medical fiber optics market based on fiber type, application, and region:
Medical Fiber Optics Type Outlook (Revenue, USD Million, 2016 – 2027)
- Single Mode Optical Fiber
- Multimode Optical Fiber
Medical Fiber Optics Application Outlook (Revenue, USD Million, 2016 – 2027)
- Endoscopic Imaging
- Laser Signal Delivery
- Biomedical Sensing
Medical Fiber Optics Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Medical Fiber Optics Market
- Integra Lifesciences Corporation
- Fiberoptics Technology Incorporated (FTI)
- Coherent, Inc.
- Timbercon, Inc.
- Gulf Fiberoptics
- Newport Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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