Medical Fiber Optics Market Estimated to Record Highest CAGR by 2019
The global medical fiber optics market is a consolidated one with the presence of a few large companies that hold majority market share, states Transparency Market Research (TMR) in a new research report. Product innovation and development of existing products is the focus of key players in this market to consolidate their position.
Prominent companies to name in the medical fiber optics market are Timbercon Inc., Coherent Inc., Rofin, Vitalcor Inc., Sunoptic Technologies, IPG Photonics, Schott, Leoni AG, Trumph, and American Medical System.
As per the TMR report, the global medical fiber optics market is expected to rise at a CAGR of 7.60% between 2013 and 2019. Rising at this pace, the market is anticipated to peg an overall value of US$1.3 bn by 2019 from US$863.1 mn in 2013. In terms of application, the endoscopes segment displayed dominance in the overall market in 2013; going forward, the segment is poised to display notable growth rate through 2019. The endoscopes segment is predicted to be worth US$543 mn by 2019. By geography, North America holds dominance in the medical fiber optics market as the region boasts high medical service standards and presence of state-of-the-art medical infrastructure. Furthermore, rising demand for minimally invasive surgeries will bode well for North America medical fiber optics market in the near future. North America is expected to continue to lead the global market for medical fiber optics in the forthcoming years.
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Improvement of Healthcare Infrastructure Fuels Demand
First and foremost, medical fiber optics are increasingly used in minimally invasive procedures. This is driving the medical fiber optics market. With technological advancements of medical equipment leading to shrinking of their size, the medical fiber optics market receives a boost. The global medical fiber optics market is also fuelled by rising demand for progressive technologies and expeditious development in fiber technology.
Growth of application segments of medical fiber optics is also poised to boost the medical fiber optics market. Among the key application segments of medical fiber optics, endoscopes display the leading demand
Technological advancements and improvement in healthcare infrastructure serve to provide opportunities for application segments of medical fiber optics market. This serves to boost the market. Furthermore, with rising demand for minimally invasive surgeries, the application segments of the market will receive a boost.
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Strict Regulations to Monitor Product Specifications Impedes Growth
However, despite several favorable factors fuelling demand for medical fiber optics factors such as strict regulations that monitor if specifications and standards of medical fiber optics are adhered to is a bottleneck to the market’s growth. In addition, risk associated with high intensity of fiber optic lights are some crucial factors inhibiting the global medical fiber optics market. Nevertheless, rising medical standards and improvement in healthcare infrastructure are poised to bring lucrative opportunities to the medical fiber optics market. Furthermore, diverse applications of fiber optics along with their benefits is likely to offer growth opportunities for players in the medical fiber optics market.