Published Date : 14 Dec 2023
The global medical fiber optics market revenue was exhibited at USD 1 billion in 2022 and is projected to attain USD 1.72 billion by 2032, growing at a CAGR of 5.60% from 2023 to 2032.
Medical fiber optics cables are rapidly gaining a place among the core essential technologies used in various medical fields. These cables are chemically nonreactive, stable to the environment, particularly flexible to use, and non-toxic. Moreover, they quickly go through the sterilization process, which is required for safety, maintenance, and decontamination purposes. Due to their flexible structure and easy functions in medical diagnosis and procedures, fiber optic cables are preferred by physicians and patients as a faster and more reliable tool.
Chronic health conditions are rapidly growing and often require surgical invasion to cope. Technical advancements in medical devices are crucial drivers of the growth of the market. This is closely followed by the preference for minimally invasive surgical instrumentation. The awareness of upcoming minimally invasive surgical methods and rapidly growing technological advancement in the healthcare domain is expected to drive the market rate exponentially in the coming years. Medical fiber optic cables widely use a type of optical fiber called MULTIMODE optical Fiber.
Asia Pacific had dominated the medical fiber optics market in terms of shares. Countries such as South Korea, Thailand, and Singapore will drive the fiber optics market with maximum profit as there is an increase in medical tourism. The government bodies of this region have supported the healthcare domain as well as its infrastructure to uplift the standard of living of the people over there.
Key players in the medical fiber optics market regularly launch new products and services to establish their presence in the fiber optics market in developing countries like India and China. This is largely due to their substantial population rates. Moreover, the cosmetic surgery market has prominently equipped the business in these regions.
A growing geriatric population base is also responsible for driving the market. According to the KNOEMA(a privately owned New York-based company in data analysis and technology), nearly 3.7% of the population is above the age of 65, more specifically in Saudi Arabia alone. As the health challenges in the region, like cancers, increase, a demand for better and more advanced technologies is created.
The key players in the market plan to establish themselves with a solid foundation in a different region with their innovative ideas and their application for the end users. By using these techniques, the rate of the optical fiber market will extensively increase.
Smiths Interconnect is a leader in the market in providing technically differentiated electronic components with several products. Smith Interconnect introduced a hyper grip disposable connecter as a single-use medical device, which is also cost-effective. This product was launched in 2022.
|Market Revenue in 2023
|USD 1.05 Billion
|Projected Forecast Revenue by 2032
|USD 1.72 Billion
|Growth Rate from 2023 to 2032
|CAGR of 5.60%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
New technologies and services
The rise of chronic and life-threatening diseases like cancers is rapidly increasing due to some major changes in modern lifestyle. Some of them, specifically problems related to the heart, are prone to surgeries and often lead to fatalities. However, awareness about recent technological advancements drives people towards minimal invasion surgery options, boosting demand for optical fiber cable uses in healthcare.
For example, fiberscopes, also known as endoscopes, consist of a rigid or flexible tube with a lamp and a camera attached to it that helps professionals investigate human body parts' passageways internally. Due to the benefits and ease of use, the device is being used by many medical professionals. Thus, the endoscopy segment is expected to grow drastically over the forecast period.
Delicate nature and high maintenance charges
The fiber optics tools consist of light and fragile wires that transduce signals in the form of light. Due to its delicate nature, the tools are prone to handling related failures. Furthermore, the installation and regular maintenance procedures are considered expensive by most businesses and other end users. This high charge for the upkeep of fiber-optic tools and equipment impends the growth of the global medical fiber-optics market.
Application in new industries
Based on its application in the medical sector, fiber optics has opportunities in various fields, especially in clinical research and lab diagnostics. Multiple types of fiber optics are used in dentistry as they require delicate and sophisticated but robust equipment for several of their procedures. Due to the continuous miniaturization of devices, fiber optics has held a tremendous demand and opportunities in the foreseen period.
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