Persistence Market Research (PMR) forecasts that the global medical fiber optics market is anticipated to grow significantly owing to the improving infrastructure of healthcare and innovative and advanced applications of medical fiber optics. According to the research study of PMR, the global medical fiber optics market is estimated to be valued at US$1336.1 million by the end of 2019, exhibiting a healthy 7.6% CAGR between the years 2013 and 2019. The global medical fiber optics market was worth US$863.1 million in 2013.
Fiber Optics in the Medical Industry
An optical fiber is flexible and transparent in nature and made of high quality plastic, silica, and glass. They are used for illumination and are categorized into two types:
Single Mode Fiber
Multiple Mode Fiber
Single mode fiber has a smaller core that is up to 9 microns in diameter, which limits the transmitted light in the optical fiber reducing the dispersion of light pulses. On the other hand, multiple mode fiber has 50 to 62.5 microns large core diameters. As such, multiple mode fibers can disseminate more than one mode of light.
Diversified Applications of Medical Fiber Optics
Fiber optics is utilized in biomedical applications and one should ensure that it must be safe, sterilized, and robust for the purpose of autoclaving. It should also be highly reliable and stable for accurate diagnostics and ensure safety of the patients. The varied applications of medical fiber optics include fiberoptic dental lights, fiberoptic sensors, fiberoptic surgical lights, endoscopes, laser fiberoptics, and others.
Among all the applications, endoscopes hold the largest share in the global medical fiber optics market, followed by laser fiberoptics technology, which is expected to be the fastest growing application segment of the global medical fiber optics market in the near future. Some of the other applications of this market include ophthalmic lasers, X-ray imaging, surgical microscopy, diagnostic instrumentation, lab and clinical diagnostics, light therapy, dental hand pieces, and surgical procedures.
The rising applications of medical fiber optics for less invasive surgery process, miniaturization of medical devices, and tremendously increasing demand for technologically advanced diagnosis in the medical industry is boosting the demand for fiber optical in the global market. The leading market players of this industry are spending huge amount on developing infrastructure and innovative technology using medical fiber optics. Fiber optics is widely used across the globe in optical coherence tomography. Moreover, the sensor technology of fiber optics is also being adopted for different medical applications.
On the flip side, there is a high risk linked with the intensity of light that is used. Moreover, the rigid regulations and standards are curbing the growth of the global fiber optical market in the near future.
In terms of the demand registered by the geographic segments, North America is the biggest consumer of the medical fiber optics. However, Asia Pacific is expected to grow at a fast pace in the coming years. Most of the associations such as the Canadian Healthcare Association, the Society of Laparoendoscopic Surgeons, and the Association of Canadian Academic Healthcare Organizations have been a great support for improving the healthcare system. This has indirectly boosted the demand for medical fiber optics across the globe.