GlobalMedical Fiber Optics MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $1,542 million by 2024 from $961 million in 2016, growing at a CAGR of 6.1% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 6.9% and 6.3%, respectively, during the forecast period.
"Medical Fiber Optics Market (By Application: Laser Fiberoptic, Fiberoptics Sensors, Endoscopes, Fiberoptics Surgical Lights, Fiberoptics Dental Lights, and Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Increasing development in the field of fiber optic technology, rising popularity of fiber-optic transillumination in dentistry, need for miniaturized medical devices, and growing demand for minimal invasive procedures are some of the factors driving the growth of the global medical fiber optics market. Additionally, modernizations in the field of fiber optics would provide future scope in the forecasted period. Though, risk associated with the intensity of light could hamper the progress of the market.
Application and geography are the key segments considered in the global medical fiber optics market. Applications is further segmented into laser fiberoptic, fiberoptic sensors, endoscopes, fiberoptics surgical lights, fiberoptic dental lights, and others. Among which, endoscopes and laser fiberoptics accounted for the major segment share, in the year 2016.
Geographically, the global medical fiber optics market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). In 2016, North America held the majority of share with 41.1%, followed by Europe with 31.6%. In terms of growth, Asia-Pacific is anticipated to dominate the market with fastest CAGR during the forecast period, owing to increasing per capita income, technological advancements, improving healthcare infrastructure, and rise in demand for minimal invasive procedures.
Key players in the market includes Coherent, Inc., Schott AG, Boston Scientific Corporation, Timbercon, Inc., IPG Photonics Corporation, American Medical System LLC, LEONI AG, ROFIN-SINAR Technologies Inc., Vitalcor, Inc., and TRUMPF Group, among others.