The Global Medical Fiber Optics Market, By Fiber Type (Pure Silica Fiber, (UV-Silica, Near Infrared(NIR) Silica, Metal- Coated Silica, and Plastic Clad Silica), Polycrystalline Fiber, and Polymer Optical), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Diagnostic Laboratories, and Contract Research Organization), By Application (Image Transmission, Illumination, Laser Signal Delivery, Fiber Optic Confocal Scanning, and Laser soldering), By Usage (Reusable, and Disposable), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Forecast to 2027, is expected to be valued at US$ 1,855.2 million by 2027, exhibiting a CAGR of 6.0% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Medical instruments use fiber optics for numerous applications such as image transfer, illumination, and laser signal delivery. Medical optic fibers are small in size, immune to electromagnetic interferences, and can sustain remote monitoring and multiplexing, which is advantageous in the medical field. Different types of fibers are used such a pure silica fiber, polycrystalline fiber, and polymer optical. Medical fiber optics are used in hospitals, diagnostic laboratories, contract research organizations, ambulatory surgical centers, specialty clinics, etc.
The global medical fiber optics market is estimated to account for US$ 1,855.2 Mn in terms of value by the end of 2027.
Technological developments in sensor-based technology are expected to boost the global medical fiber optics market during the forecast period
Technological developments in the electronics sector, particularly sensor-based components have led to rising adoption of sensor-based components in combination with optical fiber. A certain type of fiber optics sensing mechanism such as fiber bragg gratings (FBG), external fiber (EFPI) sensors fabry-perot cavities, sagnac interferometer, and mach-zehnder interferometer are typically utilized in a bio-medical application for sensing and image delivery. Hence, these factors are expected to propel the global medical fiber optics market growth over the forecast period.
Increasing inorganic strategies among market players can present major business opportunities
Key players in the market are focused on partnership, merger, and acquisition activities, in order to gain a competitive advantage in the market. For instance, in March 2016, Coherent Inc. acquired ROFIN-SINAR Technologies Inc., a U.S.-based manufacturer of laser source and laser-based solutions, in order to enhance its product offerings and to cater to increasing demand of complete fiber optic solution across the globe. Moreover, in January 2016, Timbercon, Inc. partnered with Fischer Connectors SA, a Switzerland-based manufacturer of cables and assemblies, in order to manufacture fiber optic cable assemblies for application in verticals such as test and measurement, medical, industrial, military, transportation, and broadcast.
Challenges associated with the fragmented industry is expected to hinder the global medical fiber optics market growth over the forecast period
The global medical fiber optics market is highly fragmented, owing to presence of international as well as domestic players. Since domestic players are offering products at competitive prices, it has become difficult for major manufacturers to expand their business presence. This, in turn, is expected to restrain growth of the global medical fiber optics market during the forecast period.
Among regions, Asia Pacific is expected to exhibit lucrative growth in the global medical fiber optics market during the forecast period. This is owing to rising disposable income and increasing medical tourism in emerging economies such as India, Indonesia, and Thailand. Furthermore, high growth of the healthcare industry is expected to boost the regional market growth over the forecast period.
Growing population and increasing use of fiber optic cables are expected to drive growth of the Middle East & Africa medical fiber optics market during the forecast period. Furthermore, rising urbanization and high growth of healthcare and medical tourism sectors are expected to accelerate the regional market growth in the near future.
Global Medical Fiber Optics Market- Impact of Coronavirus (Covid-19) Pandemic
According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the medical fiber optics market is moderate. In the post COVID 19 era, the demand for the medical fiber optics is expected to increase due to high investment in the healthcare sector across the globe. According to the Coherent Market Insights analysis, global medical fiber optics market is expected to register CAGR of 6.0% during forecast period 2020-2027.
U.S. Food and Drug Administration
The FDA lay various laws, standards and regulation that require engineering risk and control communication to aid management of biological hazards associated with each class.
Laser Product Hazard-Immediate skin hazard and eye hazard from exposure to either the direct or reflected beam; may also present a fire hazard.
Applications-laser light show projectors, industrial lasers, research lasers, medical device lasers for eye surgery or skin treatments.
Key players operating in the global medical fiber optics market Leoni AG, Sunoptic Technologies LLC, Gulf Fiberoptics, Inc., Integra LifeSciences Holdings Corporation, Coherent, Inc., Molex Incorporated, Fiberoptics Technology, Inc., Newport Corporation, and Schott AG.