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Read here the latest updates on the Medical Fiber Optics Market Analysis published by CMI team
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MEDICAL FIBER OPTICS MARKET ANALYSIS • Medical Fiber Optics Market, By Fiber Type (Pure Silica Fiber, (UV-Silica, Near Infrared(NIR) Silica, Metal- Coated Silica, and Plastic Clad Silica), Polycrystalline Fiber, and Polymer Optical), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Diagnostic Laboratories, and Contract Research Organization), By Application (Image Transmission, Illumination, Laser Signal Delivery, Fiber Optic Confocal Scanning, and Laser soldering), By Usage (Reusable, and Disposable), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 • The global medical fiber optics market is estimated to account for US$ 1,855.2 Mn in terms of value by the end of 2027.
Market Dynamics- Drivers • Growing preference for minimally invasive surgery (MIS) is expected to drive growth of the global Medical Fiber Optics Market during the forecast period • MIS refers to a medical surgery, which performed through small incisions rather than large incisions. Since there is reduced blood loss, these surgical procedures are gaining major traction in hospitals and clinics worldwide. Furthermore, MIS offers shorter hospital stays, fewer complications, and low cost. For these surgeries, fiber optics are used as they are highly flexible, light, and can be placed in tight spaces highly localized measurements. Hence, these factors are expected to drive growth of the global medical fiber optics market during the forecast period. • Rising prevalence of gastrointestinal diseases is expected to propel the global medical fiber optics market growth over the forecast period • The prevalence of gastrointestinal and digestive diseases has increased significantly in the recent past in both developed and emerging economies. According to the Centers for Disease Control and Prevention (CDC), in 2019, there were around 14.8 million adults in the U.S. diagnosed with ulcers. Ulcer is a type of gastrointestinal disease and in severe cases, it requires surgical procedures. Medical fiber optics can be used in diagnosis and analysis of ulcers, which in turn, is expected to propel the global medical fiber optics market growth in the near future.
Statistics: • North America held dominant position in the global medical fiber optics market in 2019, accounting for 36.0% share in terms of value, followed by Europe, APAC, Latin America, and MEA respectively. Figure 1: Global Medical Fiber Optics Market Share (%), in terms of Value, By Region, 2019
Market Dynamics- Restraints • Increasing use of non-invasive diagnostics and monitoring methods is expected to restrain growth of the global medical fiber optics market during the forecast period • Many medical professionals and patients are preferring non-invasive diagnostics and monitoring methods for obvious reasons. These methods include glucose concentration, hemodynamic monitoring, X-rays, EKG, ECG, etc. As a result of this, the demand for medical fiber optics has declined significantly. Therefore, these factors are expected to restrain growth of the market in the near future. • Challenges associated with comp ability issues are expected to hamper the global medical fiber optics market growth over the forecast period • There still remains a major issue of integrating novel technology in healthcare industry that can help physicians to diagnose and monitor patients efficiently. Moreover, solution providers offer various devices that are compatible with certain optical fibers due to technical specifications and requirements. Hence, these factors are expected to hamper the market growth over the forecast period.
Market Opportunities • Constant technological advancements can provide major business opportunities • Key companies in the market are focused on research and development activities, in order to innovate novel products. For instance, in June 2015, Leoni introduced radiation-resistant multi-mode fibers for computer tomography applications. These fibers are IEC 60332-1-2 and IEC 60332-3-22 Cat. A compliant. Moreover, in June 2015, Leoni introduced radiation-resistant multi-mode fibers for computer tomography applications. • Rising business expansion of market players can present lucrative growth opportunities • Key market players are focused on business and capacity expansion, in order to enhance the market presence. For instance, in March 2015, Schott AG expanded its Puravis glass optical fiber solutions by introducing rigid fiber rods for dental devices applications.
The global medical fiber optics market was valued at US$ 1,160.8 Mn in 2019 and is forecast to reach a value of US$ 1,855.2 Mn by 2027 at a CAGR of 6.0% between 2020 and 2027. Figure 2: Global Medical Fiber Optics Market Value (US$ Mn), 2017 - 2027
Market Trends • North America Trends • Among regions, North America is expected to witness significant growth in the global medical fiber optics market during the forecast period. This is owing to high presence of major manufacturers across the U.S. Furthermore, technological advancements and rising foreign investment are expected to boost the regional market growth over the forecast period. • Europe Trends • Europe is expected to register a robust growth rate in the global medical fiber optics market over the forecast period. This is owing to strong industrial growth across the region. Furthermore, increasing surgical procedures in developed countries such as Germany, France, and the U.K. is expected to propel the regional market growth in the near future.
Regulations • USP Class Testing • The United States Pharmacopeia (USP) is a non-government organization that focuses primarily on setting standards to safeguard the quality of medicines and other health care technologies. This organization focuses on bio-technology and pharmaceutical industries. The USP sets standards for strength, purity, quality and consistency of various products. These standards are published in the National Formulary (USP NF) and US Pharmacopeia. The USP defines six classes, from I to VI, where USP class VI being the most stringent. Plastic manufacturers that utilize plastic resins as raw materials for manufacturing medical devices and components require these raw materials to be certified as USP Class VI in order to produce favorable biocompatibility results.
Global Medical Fiber Optics Market- Impact of Coronavirus (Covid-19) Pandemic • According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the medical fiber optics is moderate. Due to lockdown in countries such as China and India, supply chain is mainly disturbed. Furthermore, many key players in the market remains operational with limited people working on the shop floor and remaining people are working from home, which lowered the production capacity of the factory. For instance, in April 2020, Coherent, Inc., a US based electronics component manufacturing company implemented COVID 19 regulations such as social distancing norm, for employees working in the factory floor. Further company provided work from facility to the remaining employees to combat COVID 19. This has affected ongoing activities in the industry however, there is expected to be significant growth in the market post COVID.
Competitive Section • Key players operating in the global medical fiber optics market Leoni AG, Sunoptic Technologies LLC, Gulf Fiberoptics, Inc., Integra LifeSciences Holdings Corporation, Coherent, Inc., Molex Incorporated, Fiberoptics Technology, Inc., Newport Corporation, and Schott AG.
Key Developments • Key market players are focused on product launches, in order to expand the product portfolio. For instance, in November 2019, Schott AG launched SCHOTT SingleEZ Guide plug-and-play illumination solution for single-use endoscopes. • Major market players are involved in product development, in order to gain a competitive edge in the market. For instance, in March 2019, Schott AG launched Autoclavable Solidur LEDs for use in dental and medical technology applications.
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