Medical Fiber Optics Market Size, Share & Trends Report

Medical Fiber Optics Market Size, Share & Trends Analysis Report By Fiber Type, By Application (Endoscopic Imaging, Laser Signal Delivery, Biomedical Sensing), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Jun, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-770-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 92

Report Overview

The global medical fiber optics market size was valued at USD 839.2 million in 2019 and is expected to witness a compound annual growth rate (CAGR) of 5.6% from 2020 to 2027. An increase in the number of endoscopic procedures for early detection of cancer and other chronic diseases, rising adoption of technologically advanced products, and growing awareness about minimally invasive surgeries are the key factors boosting the market. Also, the growing use of lasers in dentistry and cosmetology and ongoing research on biomedical sensors are the other factors driving the market.

U.S. medical fiber optics market size

On the other hand, the rising market competition among the key players is further fueling the market. For instance, in September 2019, Integra Lifesciences Holdings Corporation acquired Rebound Therapeutics Corporation, a privately held medical device company and manufacturer of AURORA Surgiscope System. Then, in January 2020, Radiall America Inc.- a U.S.-based manufacturer of electronic components- acquired Timbercon, Inc.-an Oregon-based company-that manufactures medical fiber optics.

Moreover, the market at present is facing moderately low threat from its external substitutes as currently, no direct alternative is available in the market. This is further anticipated to drive the market. However, there is a moderate threat of internal substitutes in the market. The growing preference for plastic and polymers based optical over glass fibers due to their cost-effectiveness is obstructing the market for traditional glass-based medical optical fibers.

However, the high cost of medical fiber optics is anticipated to obstruct market growth from 2020 to 2027. Fiber optical cables have a higher demand in the market as compared to other cables. However, manufacturers are still creating medical fiber optics components, such as lasers, amplifiers, attenuators, connectors, filters, and switches manually. The components also require many labor-intensive customizations and adjustments throughout the assembly process. This further adds to the overall cost of manufacturing and makes them expensive.

Moreover, their low adoption in developing and under-developed countries is further a major challenge for the market. These countries invest less in training surgeons for using endoscopes and lasers, owing to which adoption of these products is limited in these countries. This is currently inhibiting market growth. Furthermore, due to the limitation of investment and capital in these countries, players are reluctant to purchase technology licenses or intellectual property. This prevents them from using more efficient processes developed for manufacturing medical fiber optics.

Fiber Type Insights

The multimode optical fiber segment accounted for the largest revenue share of 62.2% in 2019. This is attributable to the high adoption of multimode fibers as compared to single-mode fibers. Multimode fibers are more economical and easier to manufacture, further boosting its market growth. Furthermore, their usage in surgical lightning and other illumination solutions is increasing. This is further anticipated to drive the market over the forecast period.

On the other hand, single mode optical fibers are anticipated to be the fastest growing segment during the forecast period. On-going research and funding on biomedical optical sensors, increasing usage in wearables and telemedicine, and the introduction of technologically advanced medical devices based on fiber optics are the key factors anticipated to drive the medical fiber optics market from 2020 to 2026.

Application Insights

By application, illumination accounts to be the largest segment with a share of 31.1% in 2019. The rise in the number of endoscopic surgeries where optic fiber bundles are used as a source of light is expected to boost the demand for medical fiber optics. Furthermore, a growing preference for fiber optics-based surgical lights in operation theaters is another key factor driving the market.

On the other hand, biomedical sensing application is anticipated to witness the fastest growth from 2020 to 2027. Growing usage of physical optic sensors in pulse oximeters and blood flowmeters for measuring the various body parameters and the ongoing research on temperature sensing wearables is further anticipated to drive the market. For instance, researchers at China’s Tsinghua University are currently researching on biocompatible temperature sensors for the development of real-time wearables.

Regional Insights

In 2019, North America accounted for the highest revenue share of 29.4% and is anticipated to witness a significant growth rate. High adoption of technologically advanced products such as endoscopes and lasers for performing minimally invasive surgeries, favorable reimbursement policies, and the presence of well-developed healthcare infrastructure are the key factors driving the market. Moreover, high cancer incidence and the need for advanced biomedical instruments for better patient diagnosis, monitoring, and treatment are further anticipated to drive the market.

Medical Optical fibers market share

On the other hand, Asia Pacific is anticipated to be the fastest-growing region from 2020 to 2027. Increasing government initiatives for tackling the prevalence of chronic diseases in countries such as Japan and South Korea, adoption of capsule endoscopy as a standard procedure for detecting the disorders affecting internal organs, and growing prevalence of cancer such as bladder, esophagus, liver, pancreas, and others are the key factors driving the market in the region.

Key Companies & Market Share Insights

Key players are focused on inorganic growth strategies to enhance their market reach and gain a larger share in the market. Moreover, key players operating in this space are developing technologically enhanced and customized products for sustaining market competition. For instance, the company Molex offers large core multimode silica optical fibers made of reliable polymer coatings particularly for laser power delivery in medical procedures. In February 2019, Fiberguide Industries Limited launched a square core optical fiber designed for improving the optical performance of various laser manufacturing processes and medical applications that use fiber optics. Some of the prominent players in the medical fiber optics market include:

  • Integra Lifesciences Corporation

  • Fiberoptics Technology Incorporated (FTI)

  • AFL

  • Molex

  • Coherent, Inc.

  • Timbercon, Inc.

  • Gulf Fiberoptics

  • Leoni

  • Newport Corporation

  • Schott

Medical Fiber Optics Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 882.0 million

Revenue forecast in 2027

USD 1.3 billion

Growth Rate

CAGR of 5.6% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Fiber type, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; Japan; India; Singapore; South Korea; Australia; Brazil; Mexico; South Africa; Saudi Arabia; UAE

Key companies profiled

Integra Lifesciences Corporation; Fiberoptics Technology Incorporated (FTI); AFL; Molex; Coherent, Inc.; Timbercon, Inc.; Gulf Fiberoptics; Leoni; Newport Corporation; Schott

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global medical fiber optics market report on the basis of fiber type, application, and region:

  • Fiber Type Outlook (Revenue, USD Million, 2016 - 2027)

    • Single Mode Optical Fiber

    • Multimode Optical Fiber

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Endoscopic Imaging

    • Laser Signal Delivery

    • Biomedical Sensing

    • Illumination

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Spain

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

      • Singapore

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

Frequently Asked Questions About This Report

Pricing & Purchase Options

Buy Chapters or Sections

Avail customized purchase options to meet your exact research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert.

  • Custom research service

    Custom research service

    Design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • grand view research PCI DSS complaint grand view research paypal verified