Report Description of the Global Medical Fiber Optics Market
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Research Objective:
- To analyze and forecast the market size of Global Medical Fiber Optics market
- To classify and forecast Global Medical Fiber Optics market based on application, drugs, project type, and application.
- To identify drivers and challenges for Global Medical Fiber Optics market
- To examine competitive developments such as mergers and acquisitions, agreements, collaborations and partnerships, etc., in Global Medical Fiber Optics market
- To conduct pricing analysis for Global Medical Fiber Optics market
- To identify and analyze the profile of leading players operating in Global Medical Fiber Optics market
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for oncology drug market
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the oncology drug market
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy-based consulting analysis
Global Medical Fiber Optics Market Executive Summary
According to the 2018 Plastic Surgery Statistics Report, in the U.S., approximately 1.0 million hair removal procedures were performed and around 217,836 people opted for laser treatment for leg veins and 594,266 people opted for laser skin resurfacing procedures. Lasers use optical fibers mostly made up of silica glass as they are capable of transmitting data in the form of light or optical signals over a longer distance with less energy loss. The high transparency offered makes optical fibers an ideal option for medical lasers. Hence, as the adoption of lasers in the medical field is increasing, the demand is rising.
Market Size and Key Findings
The Global Medical Fiber Optics market size is at around USD 0.927 billion in 2021 and is projected to reach USD xx billion in 2030, exhibiting a CAGR of 6.0% during the forecast period.
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.
Market Dynamics
Market Growth Drivers Analysis
Growing awareness regarding the benefits associated with minimally invasive surgeries is directly contributing to the surge in the number of procedures, creating a strong demand for fiber optic wires, sensors, and miniaturized cameras, thereby driving the market for medical fiber optics in various healthcare settings. Furthermore, lasers are being widely used in cosmetology and dentistry and numerous research studies are being conducted on biomedical sensors, which is expected to fuel the growth.
Market Restraints
The high cost of maintaining the medical fiber optic-based instruments and devices is hampering the global medical fiber optics market growth. Delay in the approvals of the regulatory body for the development of the new diagnostic devices is restraining the market growth. Chemotherapy treatment for cancer diseases required high intensity of light, limiting the demand of the market.
COVID-19 impact on “Global Medical Fiber Optics Market”
The pandemic initially has created hurdles for the market. It has destabilized the market with supply chain disruption, but the market players had opened up fiber optics to a new avenue. As covid 19 greatly affects people with comorbidities like diabetes, chronic heart disorders, pulmonary disorders, and other inflammation. To diagnose such disorders, physicians and surgeons are suggesting for imaging techniques to identify the root causes. Hence even though covid has disrupted the market initially for a short while, it has increased the demand for the fiber optics market. Every CT scan of the lungs performed on the COVID-19 patients requires a fiber film, there is a large demand surge for such film, but there is less supply to meet the demand.
Competitive Landscape
Key Players
Some prominent players in the global medical fiber optics market include Molex, AFL, Schott, Integra Lifesciences Corporation, Fiberoptics Technology Incorporated (FTI), Coherent Inc., Gulf Fiberoptics, and others
Products in Pipeline
LEONI is a global supplier of wires, cables and wiring systems as well as a provider of related development services. Leoni developing some new products and applications in Fiber Optics named laser medicine, diagnostics, and spectroscopy
Notable Recent Deals
March 23, 2021 – Coherent, Inc. announced that it has received a new acquisition proposal from Lumentum Holdings Inc. Under the terms of Lumentum’s new proposal, each share of Coherent common stock would be exchanged for $230.00 in cash and 0.6724 of a share of Lumentum common stock at the completion of the transaction. The transaction would be subject to approval by Coherent’s and Lumentum’s stockholders, receipt of regulatory approvals in China and South Korea and other customary closing conditions.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario of Global Medical Fiber Optics Services
Gobal medical fiber optics market is the stringent regulations and standards regarding medical fiber optics. These regulations and standards delay the approval time of new devices and hinder the implementation of fiber optic solutions in pharmaceutical industries and hospitals.
