Medical Fiber Optics Market Size

Medical Fiber Optics Market Analysis

The medical fiber optics market was valued at USD 1.18 billion in the base year, and it is expected to reach USD 1.70 billion by the end of the forecast period, registering a CAGR of 6.40%.

• The initial phase of the pandemic had a substantial impact on the market studied. The significant decline in volumes of surgical treatments, especially medical imaging technologies, impacted the demand and supply chain of medical fiber optics in the early phase of the pandemic. For instance, according to the study published in August 2022, the quaternary care facility successfully dealt with the COVID-19 pandemic's pressures by significantly reducing the number of surgical procedures performed during the peak of the pandemic. Therefore, owing to the aforementioned factors, initially, the COVID-19 pandemic has slowed down the market growth due to the decline and reduced number of surgical and endoscopic procedures. However, with the released restrictions and resumed hospitals and surgical departments, the number of elective surgical procedures has increased globally, which in turn has boosted the demand for medical fiber optics-related devices.
• Factors such as the rising prevalence of chronic diseases worldwide, growing preference for minimally invasive surgery, and a surge in the adoption of laser technology are anticipated to drive the medical fiber optics market over the forecast period. The increasing burden of cancer among the population raises the demand for endoscopic microscopes capable of producing high-resolution, sub-cellular images of tissue in real time. These fiber-optic endoscopes enable clinicians to detect and diagnose cancer at its early stages. For instance, according to the American Cancer Society 2023 report, an estimated 26,380 new cases of stomach cancer were diagnosed in the United States in 2022, and 26,500 new stomach cancer cases are estimated to be diagnosed in 2023. Thus, the high burden of cancer in the country creates the demand for effective diagnosis and surgical procedures, which require an endoscope that uses fiber optics, thereby boosting the market growth.
• Additionally, the emergence of laser technology, such as laser angioplasty and endovenous laser ablation, along with fiber optics, has promoted the development of intravascular imaging and treatment. As per an article published in Aging and Disease in February 2022, it has been observed that the combined use of laser technology and fiber optics provides a flexible tool for imaging arterial and venous diseases as well as ensures high safety in the treatment of intravascular arteriovenous diseases. Moreover, technological advancement in fiber optic-based devices is likely to increase the demand for fiber optics, contributing to market growth. For instance, in July 2022, Amphenol Corporation launched Amphe-Lite fiber optic termini. It is a fiber optic interconnection that transmits an optical laser with high speed and reliability. Such launch of new products is also expected to boost the growth of the market over the forecast period.
• Hence, the growing burden of chronic diseases and the surge in the adoption of laser technology coupled with product launches is expected to boost the market over the forecast period. However, the high cost of medical fiber optics and the low adoption rate in emerging and underdeveloped countries will likely limit market expansion.