Medical Fiber Optics Market - Snapshot
Fiber optics refers to the technology and platform that is required to transmit information in the form of light pulses. These pulses of light are transmitted over a plastic or fiber strand or through a glass medium. Fiber optics is used for long-distance and high performance data networking. Fiber optic cables are used in cases such as these as they have proven to be more effective and advantageous for such high-speed data transmission in comparison with copper cables. Fiber optics offer benefits such as higher bandwidth and high transmission speed and this makes it apt for such use.
The global medical fiber optics market is anticipated to rapid strides on the back of its internal properties that are well suited for several applications in the medical industry. These intrinsic physical characteristics of optical fiber are combined with its versatile remote sensing property. This makes it a promising technology for several applications in the biomedical industry.
Burgeoning Demand for High-end Technologies to Bolster its Demand in the Market
Continuous miniaturization of medical devices coupled with the burgeoning demand for high-end diagnostic technologies and minimally invasive surgeries is anticipated to foster growth of the global medical fiber optics market. In addition, technological progress made in the field of medical fiber technology market is anticipated to emerge as a key growth-inducing factor for the market in years to come.
The most notable and predominant applications of fiber optics lie in its use in the illuminating and imaging components of endoscopes. Medical fiber optics comes with immunity from radiofrequency and electromagnetic signals. These properties of fiber optics make it apt for use in many of the medical procedures such as
- single-photon emission computed tomography
- computerized tomography (CT)
- positron emission tomography (PET)
- magnetic resonance imaging (MRI)
In addition to that, betterment of the infrastructure of the healthcare sector is estimated to provide ample scope of development for the global medical fiber optics market.
Global Medical Fiber Optic Market: Snapshot
The increasing use of medical fiber optics in minor invasive surgeries have chiefly driven the global medical fiber optics market. The market has been on the rise due to numerous technological advancements in the medical equipment which has resulted in shrinking their sizes. The global medical optical fiber market is also driven due to the increasing demand for more progressive technologies and fast development in the fiber technology segment. However, despite showing a positive growth rate, strict regulations to make sure of the high standards and the liabilities involved with the high intensity of the fiber optic light are some of the vital challenges that may impede the growth of the global medical fiber optic market over the coming years. Nonetheless, improvements in the infrastructure of the healthcare sector and medical standards cumulatively with increasing awareness about the wide range of applications and benefits of fiber optics, will lead the market to leverage on lucrative opportunities that will arise in the coming years.
The global medical fiber optic market is expected to reach an overall valuation of US$1.3 bn by the end of the given forecast period of 2013 to 2019. This growth in the medical fiber optic market is expected to be achieved at a steady CAGR of 7.60% over the given period of forecast.
Endoscopes Segment to Reach an Overall Valuation of US543 Million by 2019
The global medical fiber optic market can be divided on the basis of application and its regional distribution. Depending on the application, the global medical fiber optic market can segmented into endoscopes, fiberoptics, surgical lights, fiberoptic dental lights, and fiberoptic sensors. Among the given application segments, endoscopes accounted for a largest share in the overall global market. The endoscope fiber optic segment is expected to reach an overall valuation of US$543 mn over the course of the given forecast period of 2013 to 2019. This growth in the endoscope segment is expected to be achieved with a healthy CAGR of 8.1% over the given forecast period. The other segments such as surgical lights, fiberoptic dental lights, and fiberoptic sensors are also expected to witness a steady growth in the global medical fiber market in the coming years. With advancements in technology and improvements in the medical infrastructure, the application segment of medical fiber optic market across the world is expected to witness rapid development over the given period of forecast. Moreover, with more and more people opting for minimally invasive surgeries, will only enhance the application segment in the near future.
North America to Lead Market Owing to Increasing Preference for Non-invasive Surgeries
Geographically, the global medical fiber optics market can be segmented into key regions such as North America, Asia Pacific, Europe, and Rest of the World. The global medical fiber market was largely dominated by North America owing to its high standards and top-class and sophisticated medical and healthcare infrastructure. The region is also benefitting from the growing inclination towards non-invasive surgeries and is expected to continue its dominance on the global market over the aforementioned forecast period. Other regional segments such as Europe and Asia Pacific are expected to show steady growth during the same period.
Some of the key companies in the global medical fiber market include names such as Schott, Leoni AG, Rofin, IPG Photonics, and Timbercon Inc. among others.
Global Medical Fiber Optics Market: Overview
Fiber optics is the medium and the technology needed to transmit information in the form of light pulses. These light pulses are transmitted through a fiber or plastic strand or a glass medium. Fiber optics is utilized for high performance and long-distance data networking. Fiber optic cables are utilized in such cases as they have proven to be more beneficial for such data transmission as compared to copper cables. Advantages such as high transmission speed and higher bandwidth make it ideal for such use.
The global medical fiber optics market is likely to ride high on the back of its intrinsic properties that are well suited for various medical applications. The inherent physical properties of optical fiber are blended with its dynamic remote sensing feature and that makes it an attractive technology for various biomedical applications. As more people live longer, the healthcare providers across the globe are looking forward to high-end biomedical instrumentation to allow better treatment, diagnosis, and monitoring of patients. As such, it has been witnessed that biomedical sensing is gaining considerable significance in recent times and is likely to retain its importance over the period of assessment.
This report on the global medical fiber optics market offers a detailed view of the market with key challenges, opportunities, restraints, and drivers mentioned in detail. The information shared by this report will assist the market stakeholders in making informed decisions.
Global Medical Fiber Optics Market: Trends and Opportunities
Technological Progress in the Electronics Industry Shoots Up Demand in the Market
The global medical fiber optics market is expected to be primarily driven by the technological progress made in the electronics industry, particularly in the sensor-based components. Constant miniaturization of medical devices together with increased demand for minimally invasive surgeries and high-end diagnostic technologies is likely to boost the global medical fiber optics market. Technological progress made in the field of medical fiber technology market is anticipated to come up as a key growth factor for the market.
The most predominant and noteworthy applications of fiber optics lie in illumination and imaging components of endoscopes. Medical fiber optics has immunity from electromagnetic signals and radiofrequency. These properties make it suitable for use in various medical procedures like positron emission tomography (PET), computerized tomography (CT), magnetic resonance imaging (MRI) and single-photon emission computed tomography. It also finds use in thermal ablative treatments. Endoscopes are estimated to play an important role in the global medical fiber optics market over the timeframe of the forecast.
In addition, improvement in the infrastructure of the healthcare industry is likely to provide copious growth opportunities for the global medical fiber optics market. In addition, the emergence of minimally invasive surgeries as a popular choice for most of the patients is likely to open up new growth opportunities for the market in the years to come.
On the other hand, stringent regulations to ensure that the high standard is maintained are likely to pose some challenges for the market. In addition, and the liabilities associated with such high-intensity fiber optic light is likely to impede the growth of the global medical fiber optics market in years to come.
Global Medical Fiber Optics Market: Regional Outlook
Major geographies mentioned in the global medical fiber optics market are North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. Of these regions, North America has registered a leading share of the global medical fiber optics market. Presence of well-established medical delivery systems and high per capita income and healthcare expenditure is anticipated to propel the growth of the North America medical fiber optics market. Furthermore, improvised healthcare infrastructure is likely to emerge as another important factor of growth for the global medical fiber optics market.
Global Medical Fiber Optics Market: Companies Mentioned in Report
Key players profiled in the global Medical Fiber Optics market are ROFIN-SINAR Technologies Inc., Sunoptic Technologies Inc., American Medical System LLC (AMS), Timbercon Inc., CardioGenesis Corporation, and Schott AG.
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