Fiberscope Market - Forecasts from 2021 to 2026

The fiberscope market is estimated to grow at a CAGR of 4.12% during the forecast period. A fiberscope is a flexible endoscope whose lumen is coated with fiber-optic glass and is used to examine body areas or cavities that are otherwise difficult to reach. The rising health concerns coupled with increasing healthcare expenditure are some of the major factors anticipated to drive the demand for fiberscopes for diagnostic and therapeutic purposes globally. In addition, the trend towards building and home automation will further contribute to the growing demand for these devices for monitoring and inspection purposes. Furthermore, the widespread use of fiberscopes by governments of various countries for security and surveillance purposes is further projected to boost the market growth during the forecast period. Moreover, the growing demand across different industry verticals and research and development activities being carried out in different regions is anticipated to boost the demand for fiberscopes over the forecast period.

The recent outbreak of the novel coronavirus had a negative impact on the Fiberscope market. The pandemic led to a halt in the activities and the production of fiberscopes got reduced, which coupled with decreased demand from different industry verticals led to a decline in the market growth. The pandemic shifted the major focus of the healthcare system towards COVID-19 and as part of the COVID-19 restrictions, a large number of surgeries had to be canceled in many parts of the world, which led to a decline in the Fiberscope market in 2020. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards

Rise of fiberscope for surveillance and investigation purposes.

One of the major factors anticipated to drive the growth of the fiberscope market is the increased use of fiberscopes for surveillance and investigation. The surveillance and investigation equipment in the past used to be larger in size and are increasingly being replaced by smaller equipment created by using fiberscope technology, which gives the investigator an advantage. One such example of fiberscope used in surveillance and investigation is the whistler WIC-5200 inspection camera, manufactured by the Whistler Group. Devices like these are very useful while searching in hard-to-access places, and hence with their increased use, the growth of the fiberscope market is anticipated to surge during the forecast period. The governments of various countries across the world are increasingly making use of fiberscopes for investigation. For instance, the US government makes use of the FV Series Fiberscope which enables a full 360 degrees view while inside a fuel tank, door, or within the seats or rear panels of a vehicle.

The growing use of fiberscopes in medical procedures.

The fiberscopes are increasingly being used in the medical industry which is anticipated to propel the growth of the fiberscope market during the forecast period. The number of minimally invasive surgeries being carried out has been increasing over the years, which has boosted the demand for fiberscope. A study review by the Journal of The Society of Laparoscopic & Robotic Surgeons published in the US National Library of Medicine, National Institutes of Health, shows that from 2003 to 2018, the share of minimally invasive surgeries for cholecystectomy has increased by 34%, for inguinal hernia repair by 233%, for appendectomy by 267%, for colectomy by 62.5%, for gastrectomy by 433%, and for Nissen by 100%. It also shows that the laparoscopic procedures have increased by 111% for these six procedures over 16 years. Another article published in February 2020 in US NLM, NIH, showed that the open surgical procedures declined by nearly 35% from 2000 to 2018 and are being replaced by minimally invasive surgeries. The research and development being carried out on fiberscope technology are leading to the rise of innovations in the fiberscopes for the medical field which is further anticipated to boost the fiberscope market growth during the forecast period. Minimally invasive vascular procedures are usually guided by X-rays which emit considerable amounts of radiation. The recently launched Fiber Optic RealShape (FORS), described by the presenters at the 2020 International Symposium on Endovascular Therapy (ISET), allows the procedure to be done without the use of X-rays and hence reduces radiation. Also, it reduces the time under anesthesia for the patient. UMass Memorial Health stated in May 2021 that it expects this new technology to become the standard for complex minimally invasive endovascular aortic treatment.

North America to hold a significant market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the presence of an advanced healthcare system and a large number of endoscopic procedures carried out in the region. The Asia Pacific region is anticipated to witness substantial growth due to the rise of minimally invasive surgeries in the region.

Market Segmentation:

By Application

• Monitoring
• Inspection
• Diagnostic
• Surveillance
• Maintenance

By End-User

• Healthcare
• Military and Defense
• Automotive
• Manufacturing
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others