Global Medical Fiber Optics Market size is projected to be valued $1.5 Billion by 2024; with a CAGR of 6% from 2017 to 2025. Insensitivity to electromagnetic disturbance and small dimension of the fiber makes it most significant and prevalent application in medical and biomedical field such as illumination, sensors, imaging, and laser delivery systems. The essential physical characteristics of optical fiber have gained its popularity in the field of biomedical applications.
Increasing need for miniaturization of medical devices, increasing preference for minimal invasive procedures, and rising demand for advanced diagnostic techniques are the factors driving the growth of the global medical fiber optics market. Rapid advancements in fiber optic technology and increasing demand for fiber-optic transillumination in dentistry also supports the growth of the market. However, risk associated with intensity of light may hinder the adoption of fiber optics. Furthermore, innovations in the field of fiber optics may provide several growth opportunities in the coming years.
The global medical fiber optics market is segmented into application and geography. Application is segmented into laser fiberoptic, fiberoptics sensors, endoscopes, fiberoptics surgical lights, fiberoptics dental lights, and others.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, Japan, India, and others. RoW covers South America, Middle East, and Africa.
The key players in the market include IPG Photonics Corporation, American Medical System LLC, LEONI AG, ROFIN-SINAR Technologies Inc., Coherent, Inc., Schott AG, Boston Scientific Corporation, Timbercon, Inc., Vitalcor, Inc. and TRUMPF Group, among others.
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Scope of the Global Medical Fiber Optics Market