Published Date : Feb 10, 2016
The increasing use of medical fiber optics in minimally invasive surgeries is fuelling demand from the global medical fiber optics market. According to a report published by Transparency Market Research, the global market for medical fiber optics, which stood at US$863.1 mn in 2013, is anticipated to reach US$1,336.1 mn by the end of 2019. If the figures hold true, the market will rise at CAGR of 7.60% between 2013 and 2019.
Rapid Development in Fiber Technology Boosts Global Medical Fiber Optics Market
The global medical fiber optics market has been capitalizing on the advancements that have resulted in the miniaturization of medical devices. Furthermore, the market has been also gaining impetus from the rising demand for technological advancements and the rapid development in fiber technology.
Stringent Regulations to Inhibit Market’s Growth
Despite registering an impressive growth trajectory, the global market for medical fiber optics will witness challenge from the stringent regulations enforced to maintain the standard of these medical devices. High risks associated with the high-intensity of fiber optic lights will also inhibit the market to an extent. Nevertheless, advances introduced in the medical standards and healthcare infrastructure, along with the growing awareness regarding the multiple uses of fiber optics, will enable the market positively expand in the forthcoming years.
The most important applications of the global medical fiber optics market include endoscopes, fiberoptics, fiberoptic surgical lights, fiberoptic dental lights, fiberoptic sensors, and others. Regionally, the global medical fiber optics market comprises Asia Pacific, Europe, North America, and Rest of the World.
Endoscopes and North America Dominates Market Based on Application and Region, Respectively
Among the key application segments, the endoscopes segment accounted for the largest share in the market in 2013. The endoscopes segment stood at US$339.8 mn in 2013. Expanding at a rate of 8.10%, the market for endoscopes is likely to reach US$ 543.0 mn by the end of 2019. Regionally, North America dominates the global medical fiber optics market at present. The region is likely to remain undisputed as the market leader during the forthcoming years since it boasts sophisticated and high standard healthcare and medical infrastructure.
Furthermore, the growing demand for minimally invasive surgeries in North America will also boost the market for medical fiber optics market in the region.