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Medical Fiber Optics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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  • 120 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5616724
UP TO OFF until Sep 30th 2023

Quick Summary:

In the continuously evolving world of healthcare, the importance of advanced technologies such as medical fiber optics cannot be overstated. The rising prevalence of chronic diseases, increasing preference for minimally invasive surgery, and surge in the adoption of laser technology are anticipated to translate into burgeoning demand for medical fiber optics.

This market research report is tailored to provide a comprehensive understanding of the medical fiber optics market and its growth potential. It captures the key drivers of the market such as widespread use of technologically advanced medical devices, increase in endoscopic operations for diagnostic and therapeutic purposes, and the ever-growing adoption of minimally invasive procedures. Benefit from insights into endoscopic imaging, a segment expected to show significant growth, and regional analysis that indicates North America holding a noteworthy market share. Navigate the potential hurdles of high cost factor and low adoption rate in emerging markets with expert analysis and strategic recommendations. Regardless of the inherent challenges, the medical fiber optics market is projected to demonstrate a positive growth trajectory.

The medical fiber optics market is projected to register a CAGR of 5.7% during the forecast period.

The initial phase of the pandemic had a substantial impact on the market studied. The significant decline in volumes of surgical treatments, especially medical imaging technologies, impacted the demand and supply chain of medical fiber optics. For instance, an article published in the Radiography Journal in March 2022 indicated that the COVID-19 pandemic profoundly impacted radiography services in the United Kingdom. As per the source, the United Kingdom’s cancer screening programs for breast, bowel, and cervical cancer were suspended; also new and follow-up appointments were also delayed. As fiber optics major application lies in medical imaging and illumination, the market witnessed hindrances during the pandemic phase. However, the introduction of COVID-19 vaccines and the gradual relaxation of pandemic restrictions globally recommenced the resumption of diagnostic procedures, and the demand for fiber optics increased. Thereby fueling the market growth and is expected to continue its growth trend over the forecast period.

Factors such as the rising prevalence of chronic diseases worldwide, growing preference for minimally invasive surgery, and a surge in the adoption of laser technology are anticipated to drive the medical fiber optics market over the forecast period. In addition, the constantly evolving healthcare infrastructure, widespread use of technologically advanced medical devices, the rising prevalence of chronic diseases like cancer, an increase in endoscopic operations for diagnostic and therapeutic purposes, and increasing adoption of minimally invasive procedures are all projected to fuel market growth.

Lasers are widely employed during minimally invasive surgeries (MIS), and numerous research studies on biomedical sensors are being done. Laser technology deployed across hospitals uses medical fiber optics to provide benefits such as faster recovery, shorter hospital stays, decreased blood loss, and lower overall body pain resulting from smaller incisions. Recently, minimally invasive surgeries have become popular and recommended for treating chronic diseases. According to an article published in AMSU journal in October 2021, in recent years, multiple facets of the conventional surgical method have been replaced by MIS while gaining interest due to improved survival, fewer complications, and rapid recoveries.

In addition, according to another article published by Cedars Sinai in January 2022, while the demand for MIS is increasing, the adoption of such procedures is increasing in gynecological procedures as well. As per the source mentioned above, the vice chair of Gynecology at Cedars-Sinai stated that out of nearly 400 gynecological surgeries performed each year by him, 99% are done with a minimally invasive approach. Thus, the analysis shows that the demand for MIS is increasing, which is further fueling the demand for medical fiber optics. Thereby expected to drive the market’s growth.

However, the high cost of medical fiber optics and the low adoption rate in emerging and underdeveloped countries will likely limit market expansion.

Medical Fiber Optics Market Trends

Endoscopic Imaging Segment is Expected to Garner a Significant Growth

The endoscopic imaging segment is anticipated to garner a significant market share over the forecast period. Endoscopic imaging techniques are non-surgical treatments that use a flexible tube and a camera with a light to allow a physician to examine a patient's body. Fiber optics powers this equipment. It contains two fiber-optic bundles, one that provides adequate body lighting and the other that delivers the image to the video monitor or into an eyepiece. The higher number of fiber optics delivers a considerably brighter light to the physician and enables more color to be seen than with a standard filament lamp endoscope.

Endoscopy is becoming more popular in hospitals since it decreases risk by allowing for better diagnosis via direct imaging of the affected area. Endoscopic imaging is also less invasive than other diagnostic and therapeutic alternatives, which reduces expenses by reducing hospital stays. Thus, growth in the number of endoscopic procedures is likely to drive the demand for medical fiber optics for better illumination and detection in the coming years. As per an article published in NCBI in January 2021, the advances in fiber optic systems led to the development of flexible endoscopes, enabling high-resolution images of narrow sections of the body and reducing the number of biopsies required for a specific diagnosis. Such advantages provided by fiber optics in endoscopy are expected to drive segmental growth during the forecast period.

Additionally, the advantages of medical fiber optics over traditional light sources used in endoscopy are increasingly boosting their adoption across healthcare settings. For instance, as per an article published in Nano-Micro Letters, a peer-reviewed journal, in March 2022, optical fibers remain unaffected by electromagnetic interference (EMI), are non-hazardous, chemically inert, and innately safe. Their usage will not trigger interference with the traditional electronics in medical theatres. Thus, the benefits of medical fiber optics in endoscopic procedures will likely augment the segment's growth over the analysis period.

North America is Expected to Hold a Significant Market Share

North America is anticipated to hold a significant market share over the forecast period owing to the rising prevalence of chronic diseases, increasing demand for endoscopy procedures, and growing awareness about minimally invasive treatments.

The rising prevalence of chronic diseases such as cancer, and cardiovascular and gastrointestinal diseases, which increase the demand for endoscopic operations, is likely to boost the market growth in the region. For instance, according to the 2021 update by the American Family Physician, in 2021, laparoscopy procedures returned to their pre-pandemic levels owing to increasing demand to address postponed surgeries, which will ultimately boost the adoption of medical fiber optics across medical settings for better illumination.

In addition, the increasing demand for minimally invasive and non-invasive procedures, advanced healthcare infrastructure, and continuous integration of innovative technologies making use of optical fibers in various fields, including cosmetology and dermatology, such as skin tightening, and face lifting procedures, are also likely to contribute to the growth of the market. According to the 2020-2021 survey outcomes published by the Aesthetic Society, facelift procedures increased in the United States and accounted for 87,007 procedures in 2021. The number of facelift procedures increased by 54% as compared to 2020. Such an increase in facelift procedures is expected to create demand for the adoption of medical fiber optics and contribute to the growth of the market studied in the region.

Moreover, the presence of key players focusing on developing and expanding their medical fiber optics portfolio is expected to positively impact the market growth in North America. For instance, In February 2021, Scientific Bioprocessing launched its Intelligent, Dynamic (ID) Fiber Optic Kit. The kit is an all-in-one pH and dissolved oxygen sensing solution that delivers real-time, non-invasive, and highly adaptable data from the smallest cell culture systems. It is the first cell monitoring product capable of reliably sensing culture conditions within organ-on-a-chip systems; it also gives bioprocessing engineers novel cell culture sensing opportunities. Thus, the rising incidence of chronic diseases and the presence of key players are increasing the demand for medical fiber optics in North America, and the region is expected to witness growth during the forecast period.

Medical Fiber Optics Industry Overview

The medical fiber optics market is moderately competitive with the presence of many players. As a result, players focus on developing advanced monitoring systems, technology and sensors, cost reduction, and innovation to ensure sustainability. Some major players are Integra Lifesciences Corporation, Coherent Inc., Molex, LEONI AG, and Schott AG, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Chronic Diseases Worldwide
4.2.2 Growing preference for Minimally Invasive Surgery
4.2.3 Surge in Adoption of Laser Technology
4.3 Market Restraints
4.3.1 High Cost of Medical Fiber Optics
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Fiber Type
5.1.1 Single-Mode Optical Fiber
5.1.2 Multimode Optical Fiber
5.2 By Application
5.2.1 Endoscopic Imaging
5.2.2 Laser Signal Delivery
5.2.3 Biomedical Sensing
5.2.4 Illumination
5.2.5 Others
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Integra LifeSciences
6.1.2 Coherent, Inc
6.1.3 Molex
6.1.4 LEONI AG
6.1.5 Carl-Zeiss-Stiftung (Schott AG)
6.1.6 Natus Medical Inc.
6.1.7 Radiall America, Inc. (Timbercon, Inc.)
6.1.8 Fiberoptics Technology, Inc.
6.1.9 Newport Corporation
6.1.10 TRUMPF Group

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Integra LifeSciences
  • Coherent, Inc
  • Molex
  • Carl-Zeiss-Stiftung (Schott AG)
  • Natus Medical Inc.
  • Radiall America, Inc. (Timbercon, Inc.)
  • Fiberoptics Technology, Inc.
  • Newport Corporation
  • TRUMPF Group