According to a recent study published by Persistence Market Research (PMR), the rise in the adoption of fiber optics in various procedures reflected in the boosting the value of the medical fiber optics market to crossed the US$ 1 billion milestone in 2018. The convergence of the healthcare and technology has been triggering transformative innovations in the way various procedures are carried out in the healthcare industry, and increasing adoption of fiber optics in medical and surgical techniques is an evidence of the healthcare industry advancing towards a tech-driven future, projects the PMR study.
Increasing inclination of patients towards minimally or noninvasive surgical procedures, coupled with the recent technological advancements that are improving efficiency of these procedures, is mainly attributed for the positive growth prospects of the medical fiber optics market. The PMR study opines that growing uptake of medical fiber optics, not only in surgical procedures but also in the field of diagnostics will provide an impetus to the expansion of the market in the coming decade.
Medical Fiber Optics to Become Indispensable in Illumination and Imaging Applications
Key findings of the PMR study indicate that nearly half the revenue share of the medical fiber optics market is accounted by their applications in illumination and imaging components of medical devices, such as endoscopes. Fiber optics are becoming one of the most favored medical tool owing to its characteristics such as resistance to electromagnetic disturbances, ability to withstand high temperatures, and chemical inertness.
With growing prevalence of fiber optics in minimally invasive surgeries as an imaging or illumination device, the global market medical fiber optics is expected to create the incremental opportunity of around US$ 776 million during 2018-2028, according to the PMR study. Taking into consideration the potential opportunities for fiber optics in illumination applications in the surgical landscape, leading players in the medical fiber optics market are joining forces with technology companies to introduce more innovative features of fiber optics to gain a competitive edge in the market.
Advancements in Fiber Optics Technology will Foster Innovation in its Medical Applications
Increasing demand for endoscopes in minimally invasive surgical procedures and recent discoveries in the field of fiber optics have opened a window of opportunities for manufacturers in the medical fiber optics market. Manufacturers are focusing on leveraging the technological advancements to offer innovative features to improve the surgical efficiency for healthcare professionals, and ultimately, to gain a competitive edge in the medical fiber optics market, finds the PMR study.
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The study also finds that increasing investments by market players in the advanced fiber optics technology and product innovation are mainly directed towards improving the efficacy of medical fiber optics not only in the surgical techniques but also in versatile diagnostic procedures. Furthermore, exploring the potential for advanced fiber optic technology in innovative applications such as fiber optic biomedical sensors will redefine the future growth parameters of the medical fiber optics market, opines the PMR study.