The global medical fiber optics market is fragmented. The market is led by companies such as TRUMPF, LEONI, American Medical Systems, Inc., and SCHOTT. These players are offering a variety of products and have diversified businesses across the globe. The regulatory requirements are low and capital requirements are medium. Thus, the threat of new entrants is expected to be medium. The threat of substitutes will be medium as the cost of switching will be moderate. The degree of competition is high as the possibility of product differentiation is low, intensifying competition, states a new report by Transparency Market Research (TMR). The presence of numerous medical fiber optics suppliers is leading to a high bargaining power of buyers.
According to the report, the global medical fiber optics market is expected to reach US$1,336.4 mn by 2019. On the basis of geography, the North America medical fiber optic market is expected to lead and is expected to be worth US$558.9 mn by 2019. North America also led in the past. The Asia Pacific market is expected to expand at the maximum CAGR of 8% from 2013 to 2019. On the basis of application, the fiber optic endoscope segment will lead and this market is expected to be worth US$543 mn by 2019. However, the laser fiberoptics segment is expected to exhibit a higher CAGR and expand at an 8.3% from 2013 to 2019.
Increased Applications of Fiber Optics for Minimally Invasive Surgeries to Drive Market
The increasing applications of fiber optics in minimally invasive surgeries will drive the global medical fiber optics market. The demand for fiber optics in healthcare is expected to accelerate owing to the trend of miniaturization of medical devices and instruments that are being used for surgeries and diagnostics. The growing geriatric population is one of the main reasons driving the need for advanced diagnostic tools and instruments. Growing need to treat diseases such as cancer, urology, ophthalmic diseases, and gastrointestinal diseases is creating a need for instruments and advanced patient monitoring devices, particularly biomedical instruments for accurate diagnosis and monitoring.
The key restraining factor impacting the global medical fiber optics market is the stringent regulations and standards regarding medical fiber optics. These regulations and standards delay the approval time of new devices and hinder the implementation of fiber optic solutions in pharmaceutical industries and hospitals. Another factor hampering the growth of the market is the high risk associated with the intensity of light, which is used for the treatment of cancer and ophthalmic diseases.
Improving Healthcare Infrastructure to Create Opportunities
“The improving medical infrastructure and innovative applications of medical fiber optics hold immense potential for growth in the coming years,” says a TMR analyst. Medical fiber optics have numerous advanced applications, which enhances the temperature, light intensity, pressure, liquid level, chemical and pH analysis. In the pharmaceutical industry, medical fiber optics are used for quality control, identification of drug molecules, analysis of dosage, and also for effluent monitoring. Fiber optics can also be used to improve operational efficiencies and reduce risk of data loss as traditional electronic systems have issues such as cyber-attacks, server problems, and human errors. Thus, fiber optics can free up human resources to concentrate on patient care, rather than operations. This will emerge as an opportunity for growth and drive the market in the coming years.
This information is based on the findings of a report published by Transparency Market Research titled “Medical Fiber Optics Market - Global Industry Analysis, Pipeline Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
The global medical fiber optics market is segmented as follows:
- Laser fiberoptics
- Fiberoptic surgical lights
- Fiberoptic dental lights
- Fiberoptic sensors
- North America
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
Email: [email protected]
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC