Medical Fiber Optics Market To Witness A Significant Growth Of USD 7.3 Billion By 2030


 San Francisco, 8 Feb 2024: The Report Medical Fiber Optics Market Size, Share & Trends Analysis Report By Fiber Type (Multimode, Plastic), By Product Type (Fiber Optics Cables), By Application, By Region, And Segment Forecasts, 2023 - 2030

The global medical fiber optics market size is expected to reach USD 7.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 6.1% for the forecast period 2023-2030. This can be attributed to the growing adoption of minimally invasive surgeries, technologically advanced products, and the rising prevalence of cancer globally.

An increase in the adoption of laser technology for endoscopic surgeries is expected to drive the market growth. For instance, according to an article by BMJ Journals, more than 1.5 million endoscopic procedures were performed in 2020. Additionally, the adoption of laser-guided laser systems for endoscopic surgeries by hospitals and research facilities to provide better patient outcomes further increased the growth of the market. In 2020, N.N. Petrov National Medical Research Center of Oncology in Russia acquired KLS Martin surgical laser system. The system uses a user-specific program to adjust the size and depth of the incision depending on the anatomical structure of the skin. It offers control of hemostasis and ablation of tissue.

In addition, the growing adoption of minimally invasive surgery as an alternative to general surgery is expected to drive the growth of the market. The higher adoption of the procedure is due to increased safety, small-sized incisions, shorter hospital stays, and rapid recovery as compared to general surgery. Moreover, the high implementation of laser technology for correcting eye surgeries due to the higher precision, less bleeding, enhanced tissue absorption, and faster healing is expected to contribute to the growth of the market.

The increase in demand for early detection of cancer is anticipated to contribute to the growth of the market. Most cancer types are challenging to diagnose at early stages due to a lack of symptoms. Physicians undertake endoscopic procedures for early diagnosis of cancer in high-risk patients. Endoscopic procedures help to visualize cysts in the urinary tract, esophagus, and abdomen, which are difficult to identify through the naked eyes. This is attributed to driving the adoption of endoscopes, thereby contributing to the growth of the market during the forecast period.

Access Research Report of Medical Fiber Optics Market @ https://www.grandviewresearch.com/industry-analysis/medical-fiber-optics-market

Medical Fiber Optics Market Report Highlights

  • In 2022, the multimode optical fiber segment held the largest share of 44.3% and is expected to grow at a CAGR of 6.3% in the forecast period. This growth is attributed due to its wider applications such as illumination sources and surgical lightning
  • In 2022, the fiber optics cable segment held the largest share of 42.2% and is projected to reveal a CAGR of 6.4% during the forecast period. The cables provide illumination and have applications in laparoscopy, gynecology, and ENT among others
  • In 2022, the illumination segment held a share of 29.8% and is anticipated to exhibit a CAGR of 5.6% in the forecast period. Factors such as the higher adoption of high-power lights in phototherapy and light therapy contributed to the growth of the segment
  • In 2022, Asia Pacific contributed 31.0% share and is projected to expand at a CAGR of 7.2% during the forecast period. This expansion is constituted due to advancing healthcare infrastructure and favorable government initiatives to improve the adoption of the fibers

Medical Fiber Optics Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 4.9 billion

Revenue forecast in 2030

USD 7.3 billion

Growth Rate

CAGR of 6.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2016 - 2021

Forecast period

2023 - 2030

 

 

Access Press Release of Medical Fiber Optics Market @ https://www.grandviewresearch.com/press-release/global-medical-fiber-optics-market

 

 

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