Fiber optics is a fairly old technology and has been in use in various applications including medical field. Fiber optics technology uses fibers to transmit radiation from one place to another. Optical fibers, which are thin strands made from materials such as glass or plastic are used for the transmission of radiation for observation as well as illumination of objects. Physical parameters such as pressure, temperature, blood flow, and chemical parameters such as bile, pH, and oxygen of various materials can be tested using biomedical sensors with optical fibers. Medical endoscopic applications are served by employing optical fibers in the endoscopy systems. Optical fiber technology is being widely used in imaging, illumination, laser delivery systems, and biosensors. In case of observation and illumination of organs and cells, the advantages offered by optical biomedical sensors such as small size, low weight, and biocompatibility with MRI and CT are helpful. Optical fiber sensors consists of a light source, photo detector, optical fiber, and external transducer. Moreover, lasers, surgical lights, and dental lights have specialized applications, as it helps physicians in various respective areas.
Medical Fiber Optics Market Drivers
Prevalence of various chronic diseases is on the rise along with the need of surgical intervention in the medical management of the disease. Advanced medical fiber optic applications could be useful in the surgical treatments such as lasers. Preference towards minimally invasive surgeries is on the rise due to advantages offered by the same over conventional open surgical approach. Minimally invasive surgeries offer significant reduction in postoperative pain, decreased recovery time, and reduced hospital stays. Applications such as minimally invasive robotic surgery, optical fiber lasers, and detection of diseases through sensors could be potential sources of revenue stream in medical fiber optics market. More importantly, minimally invasive robotic surgeries is a growing trend in the medical field and as these systems utilize advanced endoscopes, laser guiding systems, and optical visualization systems, the need for optical fiber based products is expected to increase over the forecast period. This, in turn will boost growth of the global medical fiber optics market. Furthermore, rising prevalence of diseases such as cancer and cardiovascular disease is expected to boost growth of the market over the forecast period. According to the American Cancer Society, in 2017, cancer was the second most common cause of death in the U.S., which accounts for nearly 1 out of every 4 deaths. Biomedical sensors is another such area, which has high applications in drug discovery, disease diagnosis, and pathology. Glucometers is a prime example of biosensor technology, which is utilized for the management of glucose content in the blood. Wearable technology is a booming field in biosensors, which is further expected to foster the growth of medical fiber optics market. Medical imaging has become a primary diagnostic tool in many medical emergencies, which utilize optical fiber technologies and continuous demand for these products is expected to support growth of the medical fiber optics market.
However, most of the medical devices utilizing fiber optic technology are installed once and used repetitively. Moreover, the cost of installation of these devices is high, which is expected to restrain growth of the global medical fiber optics market over the forecast period.
Medical Fiber Optics Market Insights
On the basis of region, North America and Europe are expected to show significant growth in the medical fiber optics market over the forecast period. North America has the presence of leading manufacturers in the fiber optic industry. Manufacturers such as Schott AG (Europe) and Corning, Inc. (U.S.) offer products in these regions. Leoni AG launched an optical fiber in 2017 that is capable of indicating changes in temperature, pressure, and other parameters and could be applied in medical applications. Moreover, the Fiber Optic Sensing Association (FOSA), the first trade association dedicated to fiber-optic sensing is also present in the U.S. since April 2017. Asia Pacific region is expected to show significant growth, owing to high patient base requiring medical imaging procedures for various conditions such as cancer.
Key players operating in the medical fiber optics market include Corning, Inc., Optical Cable Corporation, AFL, Coherent, Inc., Sterlite Technologies Limited, Schott AG, Leoni AG, Rofin, IPG Photonics, Timbercon Inc., and OFS Fitel, LLC.
Medical Fiber Optics Market Taxonomy
The global medical fiber optics market is segmented on the basis of fiber type, application, and geography.
By Fiber Type -
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