Global Medical Fiber Optics Market to Reach $1.2 Billion by 2026

In the medical world, fiber optics has been in use since the past several years in various surgical instruments and diagnostic devices due to their characteristics such that resistance to electromagnetic fields, chemical inertness, and non-toxic nature. The various application areas for fiber optics include dental hand systems, ophthalmic lasers, X-ray imaging, and surgical instrumentation, among others. The growing prominence of fiber optics technology in medical industry is attributed to the increasing demand for portable, miniature, and user-friendly devices that are capable of carrying out surgical as well as diagnostic procedures efficiently at cost effective prices. Major demographic trends, such as increasing population and expanding elderly population across the globe, are driving demand for quality healthcare. Against this backdrop, healthcare professionals are increasingly seeking advanced patient monitoring devices, particularly biomedical instrumentation for ensuring efficient diagnosis, patient monitoring, and treatment procedures. This pressing need has brought to fore the growing prominence of fiber optic technologies in medical devices for effective diagnoses, monitoring as well as treatment. Growth will also be fueled by the increasing application of biomedical sensing optical fiber. Rising use of small-scale disposable sensing catheters in minimally invasive surgeries is also expected to spur growth.

Amid the COVID-19 crisis, the global market for Medical Fiber Optics estimated at US$958.5 Million in the year 2020, is projected to reach a revised size of US$1.2 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Pure Silica Fiber, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$623.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Polycrystalline Fiber segment is readjusted to a revised 3.8% CAGR for the next 7-year period. This segment currently accounts for a 29.6% share of the global Medical Fiber Optics market. Silica fibers are the most widely used optical fibers in sensors and current medical applications make extensive use of high-quality silica optical fiber. The fiber core comprising of silica doped with germanium increase the refractive index. Polycrystalline Infrared (PIR) fiber are expected to find promising use in fiber-optic infrared sensors owing to key benefits of high flexibility, high transmittance on fingerprint region, low toxicity, low hydroscopic properties, and optimal core/clad design to reduce aging effect. As a key element of PIR fiber arthroscopy probe, it can be used in evaluation of articular cartilage, which enables early diagnosis degenerative joint diseases, for example, osteoarthritis.

The U.S. Market is Estimated at $367.8 Million in 2021, While China is Forecast to Reach $87.5 Million by 2026

The Medical Fiber Optics market in the U.S. is estimated at US$367.8 Million in the year 2021. The country currently accounts for a 37.15% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$87.5 Million in the year 2026 trailing a CAGR of 7.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$93.9 Million by the end of the analysis period. The large share of the US in the market for medical fiber optics globally is due largely to advanced nature of medical infrastructure established in the region, along with rapid increase in the number of minimally invasive surgeries and increased per capita spending on healthcare services. The presence of some of the leading medical organizations in the region also promotes use of fiber optics in medical applications. Europe, another major market for medical fiber optics, is poised to grow at a healthy rate owing to an aging population and rising number of minimally invasive procedures with application of medical fiber optics. Market growth is led by advancing healthcare facilities, and increasing use of endoscopes in healthcare settings. The region also benefits from supportive initiatives undertaken by governments to boost the medical fiber optics market. Growth in the Asia-Pacific region is supported by advancing healthcare facilities and rising consumer awareness about sophisticated surgical techniques for the diagnosis and treatment of various medical treatments. Rapid growth of medical tourism due to the relatively low cost of healthcare services offered in developing economies also presents growth potential for medical fiber optics market.

Polymer Optical Segment to Reach $313.9 Million by 2026

Polymer optical fiber exhibit unique material features such as high flexibility, higher elastic limits, high sensitivity for mechanical parameters, and impact resistance. These advantageous features meet the instrumentation requirements of numerous healthcare devices. In the global Polymer Optical segment, USA, Canada, Japan, China and Europe will drive the 4.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$213 Million in the year 2020 will reach a projected size of US$285.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$21 Million by the year 2026, while Latin America will expand at a 5.2% CAGR through the analysis period.