Global Medical Fiber Optics Market<b> </b>

Medical Fiber Optics Market Size, Share, Growth Analysis, By Fiber type(Single mode optical fiber, multimode optical fiber), By Usage(Disposable surgical laser fiber, and reusable surgical laser fiber), By Application(Endoscopic imaging, biomedical sensing) - Industry Forecast 2024-2031

Report ID: SQMIG35B2072 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 92 | Figures: 76

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Medical Fiber Optics Market size was valued at USD 4.34 billion in 2019 and is poised to grow from USD 4.6 billion in 2023 to USD 7.39 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).

medical fiber optics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Carl Zeiss Meditec AG', 'Leica Microsystems GmbH', 'Schott AG', 'Coherent, Inc.', 'TRUMPF GmbH + Co. KG', 'Newport Corporation', 'Lumenis Ltd.', 'IPG Photonics Corporation', 'Schott North America, Inc.', 'Timken Company', 'Excelitas Technologies Corp.', 'VitalView Technologies, Inc.', 'FISBA AG', 'Northrop Grumman Corporation', 'Heraeus Holding GmbH', 'Molex, LLC', 'Fiberoptic Components, LLC', 'ROFIN-SINAR Technologies, Inc.', 'Edmund Optics, Inc.', 'Moxtek, Inc.'

The rising prevalence of chronic diseases such as cancer, technological breakthroughs in medical devices, increased awareness of minimally invasive surgeries, and rapidly progressing healthcare infrastructure are expected to propel medical fiber optics market expansion over the forecast period.

Endoscopy is becoming more common in hospitals because it reduces risk by enabling for more accurate diagnosis through direct imaging of the affected area. Endoscopic imaging is also less invasive than other diagnostic and therapeutic options, lowering costs by shortening hospital stays. Thus, the surge in the prevalence of endoscopic procedures including such bronchoscopy, colonoscopy, laparoscopy, and thoracoscopy, among others, is expected to propel the market for medical fiber optics for improved illumination and detection over the next eight years.

Asia Pacific is expected to have the largest medical fiber optics market share with a significant growth rate during the forecast period due to government programs that support healthcare infrastructure and the region's population's standard of living. Furthermore, rising medical tourism in countries such as South Korea, Thailand, and Singapore is projected to spur the region's growth in fiber optics.

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Medical Fiber Optics Market Size, Share, Growth Analysis, By Fiber type(Single mode optical fiber, multimode optical fiber), By Usage(Disposable surgical laser fiber, and reusable surgical laser fiber), By Application(Endoscopic imaging, biomedical sensing) - Industry Forecast 2024-2031

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