Medical Fiber Optics Market Is Expected To Rise, As Of Widespread Adoption Of Technologically Advanced Medical Products

 

Medical Fiber Optics Industry Overview

 

The global medical fiber optics market size is expected to reach USD 1.6 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2022 to 2030. The market growth can be credited to the advancements in healthcare infrastructure, readiness to adopt technologically advanced products, growing prevalence of cancer, and rising awareness regarding minimally invasive surgeries.

The growing adoption of laser technology in various healthcare services and a surge in endoscopic procedures for diagnostic and therapeutic purposes are the key factors fueling the market growth. The growing trend of opting for minimally invasive surgeries over conventional open surgeries owing to the benefits associated with minimally invasive surgeries, such as reduced hospitalization, minimized infection risk, and quicker recovery periods is driving the demand for medical fiber optics.

 

Medical Fiber Optics Market Segmentation

Grand View Research has segmented the global medical fiber optics market on the basis of fiber type, application, and region:

 

Based on the Fiber Type Insights, the market is segmented into single mode optical fiber, multimode optical fiber.

• In 2021, the multimode optical fiber segment dominated the market and accounted for a revenue share of over 60.0% owing to the widespread adoption of multimode optical fibers in illumination solutions and surgical lighting purposes.
• The multimode optical fibers are easier to manufacture and more economical. These optical fibers are used when a signal or a light wave has to be transmitted over a shorter distance and are often used in transporting light from the laser source to the locations.
• Due to the low cost of multimode optical fibers, they are being widely used in developing nations.
• Single-mode optical fibers are anticipated to register the fastest growth rate over the forecast period owing to the numerous ongoing research studies on optic-based sensors and growing demand for advanced imaging solutions.
• Single-mode optical fibers possess higher transmission and can cover 50 times more distance compared to multimode optical fibers and they are being used in telemedicineand wearables and the emergence of technologically advanced products is expected to boost the growth of this segment.
• They are mostly used in medical applications such as Optical Coherence Tomography (OCT) catheters to deliver image signals or as sensors for the delivery of high-intensity signals.

 

Based on the Application Insights, the market is segmented into endoscopic imaging, laser signal delivery, biomedical sensing, illumination, others.

• In 2021, the illumination segment dominated the market and accounted for a revenue share of over 30.0% owing to the growing adoption of fiber optics as a source of illumination in endoscopies and as lighting solutions used in surgical procedures.
• Growing usage of high-power lights in healthcare therapies such as light therapy and phototherapy is driving the segment. Moreover, light therapy is being used in hair removal, tattoo removal, and treating mental disorders such as anxiety
• Biomedical sensing is anticipated to register the fastest growth rate over the forecast period owing to the growing use of biomedical sensors in medical devices and wearables and several ongoing research studies on sensor technology.
• Fiber optics owing to their physical properties and flexibility in remote sensing make them an ideal option for biomedical sensing. In addition, imaging sensors are being used for advanced imaging techniques such as Optical Coherence Tomography (OCT) and photoacoustic imaging.
• The prevalence of eye-related disorders increases, the demand for OCT increases. This further boosts the demand for optic fiber-based biomedical sensors.
• Biological sensors are being used for identifying and quantifying biochemical molecules, such as antibodies, antigens, and enzymes.

 

Medical Fiber Optics Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key players are focusing on their innovative product development strategies and devising their partnerships, collaborations, and merger & acquisition strategies to expand their business footprint and gain a competitive edge in the market.

 

Some prominent players in the global Medical Fiber Optics market include:

• Molex
• AFL
• Schott
• Integra Lifesciences Corporation
• Fiberoptics Technology Incorporated (FTI)
• Coherent Inc.
• Gulf Fiberoptics

 

Order a free sample PDF of the Medical Fiber Optics Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.