MEDICAL FIBER OPTICS MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

1. Growing preference for minimally invasive surgery (MIS) is expected to drive growth of the global medical fiber optics market during the forecast period

MIS refers to a medical surgery, which performed through small incisions rather than large incisions. Since there is reduced blood loss, these surgical procedures are gaining major traction in hospitals and clinics worldwide. Furthermore, MIS offers shorter hospital stays, fewer complications, and low cost. For these surgeries, fiber optics are used as they are highly flexible, light, and can be placed in tight spaces highly localized measurements. Hence, these factors are expected to drive growth of the global medical fiber optics market during the forecast period.

2. Rising prevalence of gastrointestinal diseases is expected to propel the global medical fiber optics market growth over the forecast period

The prevalence of gastrointestinal and digestive diseases has increased significantly in the recent past in both developed and emerging economies. According to the Centers for Disease Control and Prevention (CDC), in 2019, there were around 14.8 million adults in the U.S. diagnosed with ulcers. Ulcer is a type of gastrointestinal disease and in severe cases, it requires surgical procedures. Medical fiber optics can be used in diagnosis and analysis of ulcers, which in turn, is expected to propel the global medical fiber optics market growth in the near future.

Market Dynamics- Restraints

1. Increasing use of non-invasive diagnostics and monitoring methods is expected to restrain growth of the global medical fiber optics market during the forecast period

Many medical professionals and patients are preferring non-invasive diagnostics and monitoring methods for obvious reasons. These methods include glucose concentration, hemodynamic monitoring, X-rays, EKG, ECG, etc. As a result of this, the demand for medical fiber optics has declined significantly. Therefore, these factors are expected to restrain growth of the market in the near future.

2. Challenges associated with comp ability issues are expected to hamper the global medical fiber optics market growth over the forecast period

There still remains a major issue of integrating novel technology in healthcare industry that can help physicians to diagnose and monitor patients efficiently. Moreover, solution providers offer various devices that are compatible with certain optical fibers due to technical specifications and requirements. Hence, these factors are expected to hamper the market growth over the forecast period.

Market Opportunities

1. Constant technological advancements can provide major business opportunities

Key companies in the market are focused on research and development activities, in order to innovate novel products. For instance, in June 2015, Leoni introduced radiation-resistant multi-mode fibers for computer tomography applications. These fibers are IEC 60332-1-2 and IEC 60332-3-22 Cat. A compliant. Moreover, in June 2015, Leoni introduced radiation-resistant multi-mode fibers for computer tomography applications.

2. Rising business expansion of market players can present lucrative growth opportunities

Key market players are focused on business and capacity expansion, in order to enhance the market presence. For instance, in March 2015, Schott AG expanded its Puravis glass optical fiber solutions by introducing rigid fiber rods for dental devices applications.