Optical fiber is a flexible, transparent fiber made up of high quality glass, plastic and silica. Fiber optics technology has exciting new fields of applications in the medical industry. Fiber optics is commonly used for illumination and light conductors, flexible image bundles, flexible light guides and laser delivery systems. The medical fiber optics market is witnessing significant growth due to increased applications of fiber optics for minimally invasive surgeries, increased demand for advanced diagnostic technologies and rapid development in medical fiber optics technology. There has been a substantial rise in the number of medical fiber optic applications including X-ray imaging, ophthalmic lasers, light therapy, lab and clinical diagnostics, dental head pieces, surgical and diagnostic instrumentation, surgical microscopy and endoscopy. Thus, these innovative applications of medical fiber optic technology are also driving growth of the market. In addition, miniaturization of medical devices has also increased the demand for medical fiber optics technology.
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According to a new market report published by Persistence Market Research “Global Market Study on Medical Fiber Optics: Asia to Witness Highest Growth by 2019,” the global medical fiber optics market was valued at USD 863.1 million in 2013 and is expected to grow at a CAGR of 7.6% from 2013 to 2019, to reach an estimated value of USD 1,336.1 million in 2019.
On the other hand, stringent regulations and standards impede growth of the medical fiber optics market. The risk associated with high intensity of lights also restrains growth of the medical fiber optics market. Medical fiber optics technology uses high intensity of light for treatment and surgeries of cancer and ophthalmic diseases. This light disrupts the tissue in histopathology examination.
North America is the largest market of medical fiber optics. Improved medical infrastructure and increased usage of medical fiber optics in minimally invasive surgeries are key drivers for medical fiber optics market in the region. Moreover, several associations such as the Society of Laparoendoscopic Surgeons, the Canadian Healthcare Association (CHA) and the Association of Canadian Academic Healthcare Organizations (ACAHO) are also supporting in improvement of healthcare services and growth of medical fiber optics market.
In Europe, several countries including the U.K., France and Germany have modern healthcare systems. The medical fiber optics market in the region is expected to witness moderate growth due to improved healthcare infrastructure, government funding and increased usage of endoscopic minimally invasive surgeries. Furthermore, the medical fiber optics market in the region is also driven by the aging population, as more people seek endoscopic treatments for various age-related diseases such as cardiovascular diseases and ophthalmic diseases. Moreover, many associations in the region play a vital role in the growth of the medical fiber optics technology.
Asia is the fastest growing region in the medial fiber optics market due to medical infrastructure development, government initiative programs, and aging population and related-disorders. Several government initiatives in medical fiber optics are also contributing to the growth of medical fiber optics market in the region.
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LEONI and TRUMPF are some of the leading player in the global medical fiber optics market. Other major players of medical fiber optics market include SCHOTT, ROFIN, Coherent Inc., IPG Photonics and American Medical System.
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