Medical Fiber Optics Market Analysis | CMI

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• Coherent Market Insights
• Market Research and Business Consulting Services
• https//www.coherentmarketinsights.com/
• COVID-19 Impact Tracker

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MEDICAL FIBER OPTICS MARKET ANALYSIS

• Medical Fiber Optics Market, By Fiber Type (Pure
  Silica Fiber, (UV-Silica, Near Infrared(NIR)
  Silica, Metal- Coated Silica, and Plastic Clad
  Silica), Polycrystalline Fiber, and Polymer
  Optical), By End User (Hospitals, Specialty
  Clinics, Ambulatory Surgical Centers, Diagnostic
  Laboratories, and Contract Research
  Organization), By Application (Image
  Transmission, Illumination, Laser Signal
  Delivery, Fiber Optic Confocal Scanning, and
  Laser soldering), By Usage (Reusable, and
  Disposable), and By Region (North America, Latin
  America, Europe, Asia Pacific, Middle East
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2020 - 2027
• The global medical fiber optics market is
  estimated to account for US 1,855.2 Mn in terms
  of value by the end of 2027.

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Market Dynamics- Drivers

• Growing preference for minimally invasive surgery
  (MIS) is expected to drive growth of the global
  Medical Fiber Optics Market during the forecast
  period
• MIS refers to a medical surgery, which performed
  through small incisions rather than large
  incisions. Since there is reduced blood loss,
  these surgical procedures are gaining major
  traction in hospitals and clinics worldwide.
  Furthermore, MIS offers shorter hospital stays,
  fewer complications, and low cost. For these
  surgeries, fiber optics are used as they are
  highly flexible, light, and can be placed in
  tight spaces highly localized measurements.
  Hence, these factors are expected to drive growth
  of the global medical fiber optics market during
  the forecast period.
• Rising prevalence of gastrointestinal diseases is
  expected to propel the global medical fiber
  optics market growth over the forecast period
• The prevalence of gastrointestinal and digestive
  diseases has increased significantly in the
  recent past in both developed and emerging
  economies. According to the Centers for Disease
  Control and Prevention (CDC), in 2019, there were
  around 14.8 million adults in the U.S. diagnosed
  with ulcers. Ulcer is a type of gastrointestinal
  disease and in severe cases, it requires surgical
  procedures. Medical fiber optics can be used in
  diagnosis and analysis of ulcers, which in turn,
  is expected to propel the global medical fiber
  optics market growth in the near future.

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Statistics

• North America held dominant position in the
  global medical fiber optics market in 2019,
  accounting for 36.0 share in terms of value,
  followed by Europe, APAC, Latin America, and MEA
  respectively.

Figure 1 Global Medical Fiber Optics Market
Share (), in terms of Value, By Region, 2019
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Market Dynamics- Restraints

• Increasing use of non-invasive diagnostics and
  monitoring methods is expected to restrain growth
  of the global medical fiber optics market during
  the forecast period
• Many medical professionals and patients are
  preferring non-invasive diagnostics and
  monitoring methods for obvious reasons. These
  methods include glucose concentration,
  hemodynamic monitoring, X-rays, EKG, ECG, etc. As
  a result of this, the demand for medical fiber
  optics has declined significantly. Therefore,
  these factors are expected to restrain growth of
  the market in the near future.
• Challenges associated with comp ability issues
  are expected to hamper the global medical fiber
  optics market growth over the forecast period
• There still remains a major issue of integrating
  novel technology in healthcare industry that can
  help physicians to diagnose and monitor patients
  efficiently. Moreover, solution providers offer
  various devices that are compatible with certain
  optical fibers due to technical specifications
  and requirements. Hence, these factors are
  expected to hamper the market growth over the
  forecast period.

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Market Opportunities

• Constant technological advancements can provide
  major business opportunities
• Key companies in the market are focused on
  research and development activities, in order to
  innovate novel products. For instance, in June
  2015, Leoni introduced radiation-resistant
  multi-mode fibers for computer tomography
  applications. These fibers are IEC 60332-1-2 and
  IEC 60332-3-22 Cat. A compliant. Moreover, in
  June 2015, Leoni introduced radiation-resistant
  multi-mode fibers for computer tomography
  applications.
• Rising business expansion of market players can
  present lucrative growth opportunities
• Key market players are focused on business and
  capacity expansion, in order to enhance the
  market presence. For instance, in March 2015,
  Schott AG expanded its Puravis glass optical
  fiber solutions by introducing rigid fiber rods
  for dental devices applications.

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• The global medical fiber optics market was valued
  at US 1,160.8 Mn in 2019 and is forecast to
  reach a value of US 1,855.2 Mn by 2027 at a CAGR
  of 6.0 between 2020 and 2027.

Figure 2 Global Medical Fiber Optics Market
Value (US Mn), 2017 - 2027
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Market Trends

• North America Trends
• Among regions, North America is expected to
  witness significant growth in the global medical
  fiber optics market during the forecast period.
  This is owing to high presence of major
  manufacturers across the U.S. Furthermore,
  technological advancements and rising foreign
  investment are expected to boost the regional
  market growth over the forecast period.
• Europe Trends
• Europe is expected to register a robust growth
  rate in the global medical fiber optics market
  over the forecast period. This is owing to strong
  industrial growth across the region. Furthermore,
  increasing surgical procedures in developed
  countries such as Germany, France, and the U.K.
  is expected to propel the regional market growth
  in the near future.

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Regulations

• USP Class Testing
• The United States Pharmacopeia (USP) is a
  non-government organization that focuses
  primarily on setting standards to safeguard the
  quality of medicines and other health care
  technologies. This organization focuses on
  bio-technology and pharmaceutical industries. The
  USP sets standards for strength, purity, quality
  and consistency of various products. These
  standards are published in the National Formulary
  (USP NF) and US Pharmacopeia. The USP defines six
  classes, from I to VI, where USP class VI being
  the most stringent. Plastic manufacturers that
  utilize plastic resins as raw materials for
  manufacturing medical devices and components
  require these raw materials to be certified as
  USP Class VI in order to produce favorable
  biocompatibility results.

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Global Medical Fiber Optics Market- Impact of
Coronavirus (Covid-19) Pandemic

• According to Coherent Market Insights analysis,
  the impact of coronavirus (COVID-19) pandemic on
  the medical fiber optics is moderate. Due to
  lockdown in countries such as China and India,
  supply chain is mainly disturbed. Furthermore,
  many key players in the market remains
  operational with limited people working on the
  shop floor and remaining people are working from
  home, which lowered the production capacity of
  the factory. For instance, in April 2020,
  Coherent, Inc., a US based electronics component
  manufacturing company implemented COVID 19
  regulations such as social distancing norm, for
  employees working in the factory floor. Further
  company provided work from facility to the
  remaining employees to combat COVID 19. This has
  affected ongoing activities in the industry
  however, there is expected to be significant
  growth in the market post COVID.

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Competitive Section

• Key players operating in the global medical fiber
  optics market Leoni AG, Sunoptic Technologies
  LLC, Gulf Fiberoptics, Inc., Integra LifeSciences
  Holdings Corporation, Coherent, Inc., Molex
  Incorporated, Fiberoptics Technology, Inc.,
  Newport Corporation, and Schott AG.

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Key Developments

• Key market players are focused on product
  launches, in order to expand the product
  portfolio. For instance, in November 2019, Schott
  AG launched SCHOTT SingleEZ Guide plug-and-play
  illumination solution for single-use endoscopes.
• Major market players are involved in product
  development, in order to gain a competitive edge
  in the market. For instance, in March 2019,
  Schott AG launched Autoclavable Solidur LEDs for
  use in dental and medical technology
  applications.

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