New York, July 18, 2022 (GLOBE NEWSWIRE) -- According to Persistence Market Research’s detailed industry analysis, the global medical fiber optics market is expected to increase at a CAGR of 6.7% from 2022-2032 and reach a market growth of US$ 1.33 Bn by the end of 2022. Adoption of medical fiber optic solutions has been rising owing to the growing popularity of minimally-invasive surgery procedures, coupled with rising adoption of technologically-advanced medical devices for surgeries.
Increasing occurrence of chronic diseases such as heart diseases, ophthalmic diseases, etc., and factors such as environmental changes, physical inactivity, obesity, etc., are major reasons responsible for driving the demand growth of medical fiber optics across the world.
Rising demand for modern screening and testing for evaluating various kinds of illnesses is anticipated to increase market development scope. Increase in the usage of advanced and modern surgical products and novel diagnostic products is also contributing to the growth of the market.
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Medical fiber optics are technologically-advanced connectivity components required in endoscopes and other advanced medical devices. However, the shortage of trained professionals who are able to use technologically-advanced devices to perform endoscopic procedures is anticipated to restrain market growth to some extent.
Key Takeaways: Medical Fiber Optics Market
- By fiber type, pure silica fiber is anticipated to account for a leading share in the global market and is estimated to expand at a robust CAGR of 7.1% through 2032.
- By mode, multi-mode fiber is a dominating segment and is anticipated to progress at 6.2% from 2022 to 2032, while the market size of multi-mode fiber is expected to expand almost 1.8X by 2032.
- By usage, reusable surgical laser fiber is currently leading the market. Demand for reusable surgical laser fiber from hospitals is likely to surge at a CAGR of 7.1% through 2032.
- By type of procedure, the lipolysis segment is estimated to expand at a strong CAGR of 7.2% and generate an absolute opportunity of US$ 415.6 Mn.
- By application, the imaging segment is currently leading the market and is likely to expand at a noteworthy CAGR of 6.7% through 2032.
- North America is expected to lead the market, followed by Europe, in 2022. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market between 2022 and 2032.
- The market in India is expected to progress at a CAGR of 9.2% through 2032.
- In the U.S., medical fiber optic sales are expected to increase at a CAGR of 5.9% over the forecasted years.
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“One of the key factors influencing the growth of the medical fiber optics market is the increasing preference for minimally-invasive surgeries across the world,” says a Persistence Market Research analyst.
Growing Preference for Minimally-Invasive Surgery
Fiber optics are mostly utilized in minimally-invasive surgeries. They are lightweight and flexible, which makes them ideal for usage for small incisions. Due to the worldwide increase in the prevalence of diseases such as cardiovascular diseases, cancer, arthritis, and kidney stones, the need for minimally-invasive surgeries has grown. Conventional surgeries use much larger incisions, carry more risks, and necessitate more prolonged recovery times for patients.
Additionally, minimally-invasive surgeries come with far less pain, lower threat of infection, and faster recovery time. Presently, special fiber optic products are also utilized as an intelligent sensor to track physiological parameters such as temperature, oxygen concentration, pressure, and applied force.
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More Valuable Insights on Offer
Persistence Market Research’s report on the medical fiber optics industry is segmented into six major sections – fiber type (pure silica fiber (UV-silica, near infrared (NIR) silica, metal- coated silica, and plastic clad silica), thulium doped fiber lasers (TDFLs), holmium: YAG, step-index fiber, graded-index fiber, polycrystalline fiber, and polymer optical), mode (single-mode fiber and multi-mode fiber), usage (disposable surgical laser fiber and reusable surgical laser fiber), type of procedure (optical coherence tomography, brain tumor ablation, lipolysis, and others), application (power delivery, imaging, sensing, and others), and region (North America, Latin America, Europe, Asia Pacific, and the Middle East), to help readers understand and evaluate lucrative opportunities in the market.
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