PUNE, India., March 09, 2022 (GLOBE NEWSWIRE) -- Innovations in medical technology such as, imaging and optical engineering have increased the use of minimally invasive surgical procedures. Medical fiber optics is the technology in which the information can be transmitted with the help of light along with the plastic fiber or the glass.
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Global Medical Fiber Optics Market Dynamics
Medical fiber optics market is driven by the rise in commercial value of technology in therapies in disease treatment, imaging equipment and diagnosis, surgical instrumentation, and the wearable medical devices. The aspects like effectiveness in treatment and diagnosis, safety, faster recovery with minimum scars and slow mortality rate are encouraging the growing adoption of fiber optics in medical applications. In different surgical procedures like MRI, PET, SPECT, and CT scan, there in increase in usage of fiber optics, high demand for upgraded biomedical instrumentation, flexibility, agile, and controllable medical fiber optics in endoscopy. The existing diversified medical applications have contributed highly to the growth of the market in these recent years.
The opportunities that lie ahead for the market growth of medical fiber optics include rising inclination towards minimally invasive surgeries, and growing awareness among consumers towards the benefits offered by such procedures. Optical fibers are also resistant to electromagnetic interference and radio frequency resistant, which can contribute towards the growth of medical fiber optics market in near future.
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The high cost of product is presently resulting in limited adoption of this technology; however, with further technological advancements and emergence of a greater number of market players is expected to cut down the products costs, which can create positive impact on market growth. Another reason restricting the growth of market is lack of skilled professionals for performing endoscopies and laser treatments procedures.
Market by Application
By application, in 2020 illumination segment dominated the market with the largest share of revenue over 30%. The reason behind this is due to increase in adoption of fiber optics technology in endoscopies. Healthcare therapies such as phototherapy and light therapy requires usage of high-power lights which is driving the growth of this segment. Applications such as tattoo removal, treatment of mental disorders, and hair removal are other key applications of light therapy which is driving the growth of this segment.
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Medical Fiber Optics Regional Stance
The Asia-Pacific region dominated the market with the share of more than 30% in 2020. The factors such as improving standard of living, economic development, growing imports of high-quality medical devices, development in healthcare infrastructure, and increasing favorable initiatives by the government are adding to the growth of medical fiber optics market in this region. The key players in developing economies such as China and India are undertaking strategic alliances and collaborative partnerships to reach the untapped markets and gather maximum consumer base.
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Middle East and Africa are expected to grow at the fastest rate during the forecast period mainly because of the growing incidences of cancer, rising awareness about the benefits of minimal invasive surgical procedures, constantly developing healthcare infrastructure. Furthermore, increasing preference for cosmetic laser surgeries and need for early screening tests for detection of different types of diseases are expected to propel the growth of medical fiber optics market over the forecast period in MEA region.
Major Players
The report covers information on different companies competing in the global medical fiber optics market. The list includes Gulf Fiberoptics, Schott AG, Coherent Inc., Molex, Integra Lifesciences Corporation, AFL, Fiberoptics Technology Incorporated (FTI) and others.
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