Global Medical Fiber Optics Market report published by Accurize Market Research forecast that the global market is expected to reach $1.5 billion by 2024; growing at a CAGR of 6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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The rising popularity of fiber-optics to drive the growth of the global market
Some of the factors driving the growth of the global medical fiber optics market are increasing development in the field of fiber optic technology, the rising popularity of fiber-optic transillumination in dentistry, need for miniaturized medical devices, and growing demand for minimally invasive procedures. Additionally, enhancement in the field of fiber optics would provide future scope in the forecasted period. Though, the risk associated with the intensity of light could hamper the progress of the market.
Market Segmentation
Global medical fiber optics market is split into application and geography. Application segment is divided into laser fiber optic, fiber optic sensors, endoscopes, fiber optics surgical lights, fiber optic dental lights, and others.
North America, Europe, Asia-Pacific and Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa, and the Middle East.
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"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America held the majority of share with 41.1%, followed by Europe with 31.6% in the year 2017. 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.
Top players in the market
Major market players include 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.