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Global Medical Fiber Optics Market to See CAGR 6.1% during 2019-2027
June 25, 2019 | PRNewswireEstimated reading time: 2 minutes
According to Coherent Market Insights, the global medical fiber optics market was valued at US$ 1,039.5 million in 2018 and is projected to exhibit a CAGR of 6.1% over the forecast period (2019 – 2027).
Key trends and analysis of the global medical fiber optics market:
Growing use of medical fiber optics in minor and major surgeries have majorly driven the global medical fiber optics market. The market has been on growth due to various technological up gradations in the medical gears, which have resulted in reduction in their sizes. The global medical optical fiber market growth is driven due to the increasing demand for further advanced technologies and rapid development in the fiber technology section. The most noteworthy and predominant applications of fiber optics in medicine are in imaging and illumination components of endoscopes.
Among fiber type, silica fiber segment is expected to exhibit the highest CAGR of 6.0% over the forecast period and is expected to generate a revenue of US$ 834.6 Mn in 2027, owing to rising demand for silica medical fiber optics in medical fields. Silica has a wide wavelength range with decent optical transparency. In the near-infrared spectral area, particularly around 1.5 μm wavelength such properties are boosting the use of silica optical fiber.
Key Market Takeaways:
- The global medical optical fiber market is projected to witness CAGR of 6.1% during the forecast period, owing to increasing demand for safer, less time-consuming, and technologically enhanced surgeries
- Among applications, illumination segment accounted for the largest share of 50.6 % in 2018. This segment was valued at US$ 525.9 Mn in 2018 and is expected to generate US$ 798.8 Mn by 2027. This segment is expected to exhibit a CAGR of 7.8% over the forecast period.
- Among fiber type, the pure silica fiber segment accounted for the largest share of 46.8% in 2018. This segment was valued at US$ 547.5 Mn in 2018 and is expected to generate US$ 834.6 Mn by 2027. This segment is expected to exhibit a CAGR of 5.8% over the forecast period.
- On the basis of region, North America held the largest share in 2018 with share of 39.4%.
- Major players operating in the global medical fiber optics market include Leoni AG, Gulf Fiberoptics, Inc., Coherent, Inc., Timbercon, Inc., Fiberoptics Technology, Inc., Schott AG, Newport Corporation, Molex Incorporated, Integra LifeSciences Holdings Corporation, and Sucnoptic Technologies LLC
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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