Globally, the medical fiber optics market is witnessing significant growth due to increased applications of fiber optics for minimally invasive surgeries, increased demand for advanced diagnostic technologies and rapid development in medical fiber optics technology. There has been a substantial rise in the number of medical fiber optics applications including X-ray imaging, ophthalmic lasers, light therapy, lab and clinical diagnostics, dental head pieces, surgical and diagnostic instrumentation, surgical microscopy and endoscopy. Thus, the rise in the number of applications of medical fiber optic technology is driving the market growth. In addition, miniaturization of medical devices has also increased the demand for medical fiber optics technology. Presence of various medical applications such as fiberoptic surgical lights, fiberoptic dental lights, endoscopes, laser fiberoptics and fiberoptic sensors has increased the importance of fiber optics for the treatment of various diseases. The global medical fiber optics market was valued at USD 863.1 million in 2013 and is likely to grow a CAGR of 7.6% from 2013 to 2019 to reach USD 1,336.1 million by 2019.
North America is the largest market and Endoscope is the largest segment in the global market for medical fiber optics technology. However, Asia is the fastest growing region in medical fiber optics market. Additionally, Laser fiberoptics is the fastest growing technology in the global market of medical fiber optics technology.
Endoscopes commanded the largest share of about USD 339.8 million, in the overall medical fiber optics market in 2013. It is expected to reach USD 543 million in 2019, growing at a CAGR of 8.1% from 2013 to 2019.
The market study on the global medical fiber optics market encapsulates key historical data, growth forecasts, market drivers, growth restrainers, technological advancements and market trends. This report estimates the global medical fiber optics market for a period ranging from 2013 through 2019, with 2010 as the base year for all estimations.
For the purpose of the study and to accurately arrive at market numbers, the overall market for medical fiber optics has been segmented on two fronts: applications and geography. Burning issues in this market are discussed in depth, and our analysts provide expert, fact-backed recommendations on how to plan a sustainable growth strategy in this high-growth-potential market.
The report also creates a comprehensive picture of the overall competitive dynamics that prevail in the medical fiber optics market. To understand the players within this market better, our analysts have studied each leading company on certain fixed criteria such as a company overview, financial earnings, product portfolio, a SWOT analysis, and recent developments. All of these components combine to present a holistic view of where each major competitor is headed over the remainder of the decade.
Overview of the medical fiber optics market
The findings of this market study indicate that the global medical fiber optics market-which was valued at US$ 863.1 million in 2013-will register a CAGR of 7.6% between 2013 and 2019, and is estimated to grow to US$1,336.1 million by 2019. This moderately healthy rate of growth will be spurred by several factors such as a rising preference for surgeries that are minimally-invasive (where fiber optics lend better maneuverability) and the advancement in diagnostic technologies. While there are many other factors that work in the favor of this market, the two aforementioned factors alone will drive growth to a large extent.
The secondary factors that will bring about the development of the medical fiber optics market are applications such as: light therapy, X-ray imaging, lab and clinical diagnostics, ophthalmic lasers, dental head pieces, surgical microscopy, surgical and diagnostic instrumentation, and endoscopy. As the scope of these applications continues to expand, the market for medical fiber optics will reap the benefits. Fiber optics also complements the miniaturization of medical devices—a factor that cannot be overlooked while studying this market.
Yet, this players and key stakeholders in this market will have to plan strategies around key challenges such as: the increasingly stringent nature of regulations governing the medical fiber optics market, strict standards of compliance, and the risks associated with high-intensity fiber optic lights, as these lights are known to disrupt tissue during histopathology examination.
A geographical overview of the medical fiber optics market
By geography, the largest medical fiber optics market is North America. Here, medical infrastructure is better than that in most other geographical regions. The number of minimally-invasive surgeries conducted in North America each year is considerably high. This has created immense opportunities for the use of medical fiber optics. Market growth is also supported via the initiatives taken by industry bodies such as the Society of Laparoendoscopic Surgeons, Association of Canadian Academic Healthcare Organizations (ACAHO), and the Canadian Healthcare Association (CHA).
Besides North America, developed European countries such as the United Kingdom, Germany, and France boast modern healthcare systems that have reported an increasing adoption of medical fiber optics. However, growth here will be moderate. The fastest growing region within the global medical fiber optics market will be Asia, where infrastructure development is firmly on track, and the formulation of favorable government policies has been highly beneficial. Besides these aspects, the diagnosis of diseases and age-related disorders is on an upswing.
By application, the global medical fiber optics market can be segmented as: laser fiberoptics, endoscopes, fiberoptic dental lights, fiberoptic sensors, fiberoptic surgical lights, and others.
Key players mentioned in the medical fiber optics market
The market research report on the medical fiber optics market features comprehensive profiles of leading companies such as: LEONI AG, TRUMPF, Coherent Inc., ROFIN, SCHOTT, American Medical System, and IPG Photonics.
The global market of medical fiber optics is segmented as follows:
Medical Fiber Optics Market, By Application
- Laser fiberoptics
- Fiberoptic surgical lights
- Fiberoptic dental lights
- Fiberoptic sensors
Medical Fiber Optics Market, by Geography
- North America
- Rest of the World (RoW)
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments