Published Date: 20-Aug-2020
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According to a new report Global Medical Fiber Optics Market, published by KBV research, The Global Medical Fiber Optics Market size is expected to reach $1.3 billion by 2026, rising at a market growth of 8.6% CAGR during the forecast period.
The multimode optical fiber segment is anticipated to register the highest revenue share in the market. This has led to the high adoption of multimode fibers over the single-mode fibers. The manufacturing cost on the multimode fibers is more economical and easier leading to the highest growth rate. Conversely, the single-mode optical fibers are anticipated to be the fastest-growing segment during the forecast period. On-going research and funding on biomedical optical sensors influence the demand for fiber optics, which is likely to gradually increase over the forecast period.
By application, illumination of the market is anticipated to record huge market traction and is anticipated to dominate the market over the coming years as well. With an increase in the number of endoscopic surgeries, the demand for medical fiber optics is anticipated to drive the market. Moreover, the biomedical sensing application is expected to experience the fast growth rate. The physical optic sensors are widely used in oximeters and blood flowmeters for measuring the various body parameters which are a key factor anticipated to drive the market. Further ongoing research on temperature sensing wearables is another key factor for the fastest growth rate.
The North American market is anticipated to record highest market share and is anticipated to dominate the market over the coming years as well. With technologically advanced products like endoscopes and lasers for executing minimally invasive surgeries, reimbursement policies, and the existence of highly advanced healthcare infrastructure are the key factors driving the highest growth rate. Furthermore, the Asia Pacific is anticipated to be the fastest-growing region. The initiative taken by the government to reduce the prevalence of chronic diseases in countries such as Japan and South Korea has increased the growth rate of fiber optics.
Structural Insights: https://www.kbvresearch.com/medical-fiber-optics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of MKS Instruments, Inc. (Newport Corporation), IPG Photonics Corporation, Coherent, Inc., LEONI Group, Fiberoptics Technology, Inc., Timbercon, Inc. (Radiall America, Inc.), Gulf Fiberoptics, Inc., Sunoptic Technologies, LLC, Vitalcor, Inc., and Infinite Electronics, Inc. (Integra Optics, Inc.).
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