The global medical fiber optics market is a consolidated one with the presence of a few large companies that hold majority market share, states Transparency Market Research (TMR) in a new research report. Product innovation and development of existing products is the focus of key players in this market to consolidate their position.
Prominent companies to name in the medical fiber optics market are Timbercon Inc., Coherent Inc., Rofin, Vitalcor Inc., Sunoptic Technologies, IPG Photonics, Schott, Leoni AG, Trumph, and American Medical System.
As per the TMR report, the global medical fiber optics market is expected to rise at a CAGR of 7.60% between 2013 and 2019. Rising at this pace, the market is anticipated to peg an overall value of US$1.3 bn by 2019 from US$863.1 mn in 2013. In terms of application, the endoscopes segment displayed dominance in the overall market in 2013; going forward, the segment is poised to display notable growth rate through 2019. The endoscopes segment is predicted to be worth US$543 mn by 2019. By geography, North America holds dominance in the medical fiber optics market as the region boasts high medical service standards and presence of state-of-the-art medical infrastructure. Furthermore, rising demand for minimally invasive surgeries will bode well for North America medical fiber optics market in the near future. North America is expected to continue to lead the global market for medical fiber optics in the forthcoming years.
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Improvement of Healthcare Infrastructure Fuels Demand
First and foremost, medical fiber optics are increasingly used in minimally invasive procedures. This is driving the medical fiber optics market. With technological advancements of medical equipment leading to shrinking of their size, the medical fiber optics market receives a boost. The global medical fiber optics market is also fuelled by rising demand for progressive technologies and expeditious development in fiber technology.