SAN FRANCISCO, Feb. 8, 2023 /PRNewswire/ — The global medical fiber optics market size is expected to reach USD 1.6 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2023 to 2030. The market growth can be credited to the advancements in healthcare infrastructure, readiness to adopt technologically advanced products, growing prevalence of cancer, and rising awareness regarding minimally invasive surgeries.
The growing adoption of laser technology in various healthcare services and a surge in endoscopic procedures for diagnostic and therapeutic purposes are the key factors fueling the market growth. The growing trend of opting for minimally invasive surgeries over conventional open surgeries owing to the benefits associated with minimally invasive surgeries, such as reduced hospitalization, minimized infection risk, and quicker recovery periods is driving the demand for medical fiber optics.
Key Insights & Findings from the report:
- The market growth can be attributed to the growing adoption rates of minimally invasive surgeries and the growing prevalence of chronic diseases such as cancer
- The multimode optical fiber type segment dominated the market in 2023 owing to the cost-effectiveness and widespread utilization in illumination and surgical lighting
- The illumination application segment dominated the market in 2023 owing to the growing adoption of illumination in endoscopic procedures and as lighting sources in surgical procedures
- Asia Pacific dominated the market in 2023 owing to the growing imports of high-quality medical devices and increasing medical tourism in several countries
Read 112 page market research report, “Medical Fiber Optics Market Size, Share & Trends Analysis Report By Fiber Type (Single Mode Optical Fiber, Multimode Optical Fiber), By Application, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
The ongoing COVID-19 pandemic burdened the healthcare systems resulting in massive structural reforms in healthcare facilities, which led to the postponement of elective surgeries and procedures, thereby negatively impacting supply and demand chains, manufacturing cycles, and sales and revenue cycles. Surgeons are rapidly adopting minimally invasive surgical practices since they reduce hospitalization and minimize the risk of contracting infections. Market players are collaborating and partnering with experts to introduce innovative products.
The multimode optical fiber type segment dominated the market in 2023 owing to the cost-effectiveness and widespread adoption of these products in illumination and surgical lighting purposes. Single-mode optical fibers are anticipated to grow lucratively over the forthcoming years owing to the higher transmission capability and growing demand for advanced imaging solutions.
The illumination application segment dominated the market in 2023 owing to the growing demand for illumination in endoscopic procedures and lighting in surgical procedures. The growing trend of using illumination in light therapy and phototherapy is boosting segment growth. Biomedical sensing is expected to witness significant growth over the forthcoming years owing to the widespread adoption of biomedical sensing in medical devices and wearables. Asia Pacific dominated the market in 2023 owing to the improving healthcare infrastructure, rapid economic development, and growing favorable government initiatives.
Market Segmentation:
Grand View Research has segmented the global medical fiber optics market on the basis of fiber type, application, and region:
- Medical Fiber Optics Fiber Type Outlook (Revenue, USD Million, 2016 – 2030)
- Single Mode Optical Fiber
- Multimode Optical Fiber
- Medical Fiber Optics Application Outlook (Revenue, USD Million, 2016 – 2030)
- Endoscopic Imaging
- Laser Signal Delivery
- Biomedical Sensing
- Illumination
- Others
- Medical Fiber Optics Regional Outlook (Revenue, USD Million, 2016 – 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Medical Fiber Optics Market
- Gulf Fiberoptics
- Newport Corporation
- Timbercon, Inc.
- Schott
- Leoni
- Molex
- Fiberoptics Technology Incorporated (FTI)
- Coherent Inc
- Integra Lifesciences Corporation
- AFL
Check out more studies related to fiber optics, published by Grand View Research:
- Fiber Optics Market – The global fiber optics market size is projected to exhibit a CAGR of 4.6% from till 2025. The technology is one of the modern-day innovations, which has evolved with time, owing to rigorous studies carried out by researchers and scientists across the globe through extensive research and development.
- Distributed Fiber Optic Sensor Market – The global distributed fiber optic sensor market size was valued at USD 1.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2028. The rising need amongst enterprises and corporations to engage in effective sensing operations of their machine systems is offering growth opportunities to the market.
Browse through Grand View Research’s coverage of the Global Medical Devices Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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