Global Medical Fiber Optics Market - Insights
Medical Instruments utilize fiber optics for a several of applications including illumination, image transfer, and laser signal delivery. Conventional medical fiber optic applications consist light therapy, x-ray imaging, ophthalmic lasers, dental hand pieces, surgical and diagnostic instrumentation, lab and clinical diagnostics, endoscopy, surgical microscopy, and an extensive range of equipment and instrument illumination.
Optical fibers have features such as small size, immunity to electromagnetic interferences, and its suitability for remote monitoring and multiplexing, which work as an advantage in medical field. The smaller dimensions of optical fiber-based pressure sensors, along with lightweight and flexibility, implies that the sensors are utilized for many medical applications. This implies that the sensor can be positioned directly inside a patient. For instance, assessment of urinary bladder and cardiovascular.
The global medical fiber optics market is expected to witness significant growth during the forecast period (2019–2027). The market growth is majorly attributed to increasing benefits of medical fiber optics in surgeries and diagnosis. Use of medical fiber optics helps in intensive diagnosis, performing critical surgeries, and processes like endoscopy.
Figure 1. Global Medical Fiber Optics Share (%), by Region, 2017
Source: Coherent Market Insights, 2018-19
Increasing number of minimally invasive surgery (MIS) is expected to support growth of the global medical fiber optics market
MIS is a surgical procedure performed through tiny incisions, instead of large opening, on the patient’s body. This procedure is gaining popularity across various hospitals and clinics throughout the globe, owing to benefits such as reduced bleeding, shorter length of stay, low-cost, and few complications. Fiber optic can be flexible, light, and can be placed in space-restricted environments such as instrument catheters for highly localized measurements and is ideal for MIS. This is expected to increase demand for fiber optic for MIS during the forecast period.
Moreover, optical fiber is chemically inert, non-toxic, and can be fabricated to a smaller size. Furthermore, optical fibers are resistant to electromagnetic interference and radio frequency, and find application in real-time diagnostic imaging such as MRI, PET, and CT systems. Optical fibers can be inserted into various medical components and devices such as catheters and needles. The aforementioned factors and benefits are expected to increase demand for medical optical fiber during the forecast period.
Figure 2. Global Medical Fiber Optics Market (%), By Fiber Type, 2017
Source: Coherent Market Insights, 2018-19
North America is expected to account for the largest market share in the global medical fiber optics market during the forecast period. Asia Pacific is expected to witness fastest growth in the market over the forecast period. The market growth in North America is attributed to the presence of large number of market players in the region such as Coherent Inc., Timbercon, Inc. and Newport Corporation and increasing need for precision and safety in medical processes such as surgeries. In Asia Pacific, the market growth is owing to significant rise in the number of medical facilities and also increasing need for advanced medical treatment.
Advancement in sensor-based component technology is boosting growth of the market
Technological advancements in the electronics industry, especially sensor-based components has led to increasing adoption of sensor-based components, in combination with optical fiber, in the healthcare industry. Currently, certain fiber-optic sensing mechanisms such as Sagnac interferometer, Fiber Bragg Gratings (FBG), Mach-Zehnder interferometer, and Fabry-Perot cavities or external fiber (EFPI) sensors are predominately used in bio-medical application for sensing and image delivery. This is expected to drive growth of the global medical fiber optic market in the near future.
Some of the key players operating in the global medical fiber optics market include Leoni AG, Gulf Fiberoptics, Inc., Coherent, Inc., Timbercon, Inc., Fiberoptics Technology, Inc., Schott AG, Newport Corporation, Molex Incorporated, Integra LifeSciences Holdings Corporation, and Sunoptic Technologies LLC