Newly-released Medical Fiber Optics industry analysis report by Future Market Insights shows that global sales of Medical Fiber Optics in 2021 were held at USD 988.3 million. Witha 6.9% CAGR from 2022 to 2032, the market is expected to cross a valuation of USD 2 billion by 2032. Multimode Optical Fiber is expected to be the highest revenue-generating fiber type, with a CAGR of 7% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Global Medical Fiber Optics Market (2022) | USD 1.1 billion |
| Global Medical Fiber Optics Market (2032) | USD 2 billion |
| Global Medical Fiber Optics Market CAGR (2022 to 2032) | 6.9% |
| North America Medical Fiber Optics Market Share (2022) | USD 412.2 million |
| The USA Medical Fiber Optics Market (2022) | USD 371.5 million |
| Key Companies Profiled | Molex; Schott; Fiberoptics Technology Incorporated;Coherent, Inc.; Integra Lifesciences Corporation; Newport Corporation; America Fujikura Ltd.; Leoni; Gulf Fiberoptics; Timbercon, Inc. |
Fiber optic cables are extremely thin, long strands of exceptionally clean glass used to transmit light signals over long distances. Fiber optic cables are common in medical instruments, and they are used for all kinds of medical purposes, such as laser signal delivery, lighting, and image transfer. X-ray imaging, ophthalmic lasers, diagnostic instruments, light therapy treatments, dental handpieces, endoscopy, and surgical microscopes are just some examples of medical fiber optics applications. Pure silica, polycrystalline, and polymer fibers are some of the most commonly used in them. Hospitals, diagnostic laboratories, contract research organizations, ambulatory surgical centers, specialized clinics, and other medical facilities also make use of medical fiber optics.
As per the Medical Fiber Optics industry research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Medical Fiber Optics industry increased at around 6.6% CAGR, wherein, countries such as the USA, China, Japan, The United Kingdom, and South Korea held a significant share in the global market. The rise in the commercial value of technology in treatments for disease treatment, imaging equipment, diagnosis, surgical tools, and wearable medical devices is driving the medical fiber optics market.
The rapid acceptance of fiber optics in medical applications is fueled by factors such as effectiveness in treatment and diagnosis, safety, faster recovery with fewer scars, and a low mortality rate. Owing to this, the medical fiber optics market is projected to grow at a CAGR of 6.9% over the coming 10 years.
Growing awareness of the benefits of minimally invasive surgeries is driving the market for medical fiber optics in various healthcare settings, resulting in a significant demand for fiber optic lines, sensors, and miniature cameras.
Furthermore, lasers are widely employed in cosmetology and dentistry, and various research studies on biomedical sensors are being done, all of which are projected to fuel the industry's expansion. In the forthcoming years, the market is likely to be driven by increased investments, the advent of innovative product development techniques, and a surge in partnerships and collaborations among key players.
The high cost of the ongoing upkeep of fiber-optic tools and equipment is impeding the growth of the world medical fiber-optics market. The market demand is further being held back by regulatory holdups in the approval of new product types. Chemotherapy treatment for cancer disorders has further necessitated a high intensity of light, which limited market demand.
North America is expected to dominate the global medical fiber optics market with a valuation of USD 797.2 million by 2032. Both USA and Canada have been investing significantly to continuously upgrade their healthcare infrastructure. Medical fiber optics have paved the way in the region’s healthcare structure with network-connected medical instruments, like an otoscope or ophthalmoscope attached to a smartphone.
The medical fiber optics market in the USA is estimated at USD 371.5 million in 2022. The market in the country is further expected to reach a valuation of USD 710.8 by 2032, growing at a CAGR of 6.7%. First responders may often need to take swift action at the scene of a medical emergency or accident. As an example, the DOT Telemedicine Backpack allows paramedics in the USA to acquire information and carry out treatments while away from a hospital setting. Fiber Optic Connectivity allows data from the backpack's tools to be transmitted for analysis in a brief amount of time, allowing immediate diagnosis and treatment.
The medical fiber optics market in the United Kingdom was valued at USD 43.8 million, which is expected to swell and reach a size of USD 82.6 million by 2032, at a projected CAGR of 5.7%. Fiber optic connectivity in the United Kingdom has been making it possible for patients to schedule web consultations with doctors, irrespective of location. Web videos have been enabling doctors to check visual symptoms through medical fiber optics-led high-speed networks that allow patients and doctors to confer in real-time.
Japan has a large geriatric population, which increases the need for a fast network to address their healthcare concerns. According to Kyodo News, Japan has been seen as a laggard in digital transformation globally and the COVID-19 pandemic made the contrast clearer. With an aspiration to cover 99.9% of households with fiber-optic networks by 2028, the Japanese healthcare ecosystem is expected to be fiber-optic ready. With these transformations, the medical fiber optics market in Japan is expected to reach a valuation of USD 123.8 million by 2032.
According to the Korea Institute of Science and Technology Information, Fiber optic sensors are emerging as a superior non-destructive tool for evaluating the health of civil engineering structures. The application of medical fiber optics in the Korean healthcare industry is also advancing, which is leading to market growth. The medical fiber optics market in South Korea is projected to reach a valuation of USD 43.9 million by 2032.
Multimode Optical Fiber is expected to grow at the fastest CAGR of 7%. Due to the widespread use of multimode optical fibers in illumination systems and surgical lighting, the multimode optical fiber segment led the market in 2021, accounting for over 60% of total revenue. Multimode optical fibers are more cost-effective and easier to manufacture. These optical fibers are commonly employed in transferring light from the laser source to the destinations when a signal or light wave must be transferred over a short distance. Multimode optical fibers are commonly employed in poor countries due to their inexpensive cost.
Medical fiber optics application in illumination is expected to grow at a CAGR of 6.6%. The increased popularity as a source of illumination, in endoscopy and in surgery led to over 30 percent of the revenue in 2021 going to fiber optic lighting solutions dedicated to surgeries. Schott, for example, introduced PURVIS, a cool-white-light-emitting glass optical fiber ideal for use in operating rooms. Additionally paced by the increasing use of high-intensity lights in medical procedures such as light therapy and phototherapy, medication is categorized as per the use of high-powered lights. For hair removal, tattoo removal, and the treatment of mental illnesses like anxiety, light therapy is used.
Product approvals, new product releases, acquisitions, collaborations, and innovations are all important methods used by leading market players to maintain their market position.
Partnerships and expansion have been prominent development in the Medical Fiber Optics market in recent years. Integra LifeSciences Holdings Corporation; Molex; SCHOTT; Newport Corporation; Coherent, Inc.; and Timbercon, Inc. are some of the prominent providers of Medical Fiber Optics.
Some of the recent developments of key Medical Fiber Optics providers are as follows:
Similarly, recent developments related to companies offering Medical Fiber Optics have been tracked by the team at Future Market Insights, which are available in the full report.
The Global Medical Fiber Optics market is worth more than USD 1.1 billion at present.
The value of Medical Fiber Optics is projected to increase at a CAGR of around 6.9% from 2022 to 2032.
The value of Medical Fiber Optics increased at a CAGR of around 6.6% from 2017 to 2021.
Product launches and geographical expansion of key players are the key trends in the medical fiber optics market.
An increase in the number of endoscopic procedures for early detection of cancer & other chronic diseases and the rising adoption of technologically advanced products are the key drivers for propelling the Medical Fiber Optics market.
The key players in the Medical Fiber Optics market are Integra LifeSciences Holdings Corporation; Molex; SCHOTT; Newport Corporation; Coherent, Inc.; and Timbercon, Inc.
The top 5 countries driving demand for Medical Fiber Optics are the USA, China, Japan, the United Kingdom, and South Korea.
The USA will account for over 35% of global Medical Fiber Optics demand in 2032 with a projected CAGR of 6.7%.
The market for Medical Fiber Optics is projected to expand at a CAGR of around 6.9% from 2022 to 2032 with a global market size of USD 2 billion
While the market in South Korea is expected to grow at nearly 7.4%, the market in Japan is projected to register a CAGR of nearly 9.5% during 2022 to 2032
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