Medical Fiber Optics Market, By Fiber Type (Single Mode, Multimode, and Plastic Optical Fiber (POF)), By Application (Biomedical Sensing, Minimally Invasive Surgery, Medical Imaging, and Others), and By Geography - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Jun 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

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 -

  • Single Mode
  • Multimode
  • Plastic Optical Fiber (POF)

By Application-

  • Biomedical Sensing
  • Minimally Invasive Surgery
  • Medical Imaging
  • Others

By Geography-

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
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  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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