Medical Fiber Optics Market (By Fiber Type: Multimode, Plastic; By Product Type: Fiber Optics Cables; By Application)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global medical fiber optics market was valued at USD 4.63 billion in 2022 and it is predicted to surpass around USD 8.38 billion by 2032 with a CAGR of 6.11% from 2023 to 2032.

Key Pointers

• The multimode optical fiber segment held the largest share of 44.37% in 2022 and is expected to reveal a CAGR of 6.33% during the forecast period.
• The plastic optical fiber segment is anticipated to witness lucrative growth at a CAGR of 7.02% during the forecast period.
• Based on product type, the fiber optics cables segment held the largest share of 42.31% in 2022.
• The illumination segment accounted for the largest share of 29.85% in 2022 and is anticipated to exhibit a CAGR of 5.61% in the forecast period.
• The biomedical sensing segment accounted for the largest share of 12.66% in 2022 and is anticipated to reveal the fastest CAGR of 7.14% during the forecast period.
• Asia Pacific dominated the market in 2022 with a share of 31.07% and is expected to grow at a CAGR of 7.24% during the forecast period.
• Middle East and Africa is anticipated to witness the fastest CAGR of 8.11% in the forecast period.

The growing prevalence of chronic conditions such as cancer, technological advancements in medical devices, awareness regarding minimally invasive surgeries, and rapidly advancing healthcare infrastructure are some of the key factors which are projected to drive the market growth during the forecast period. Besides, the COVID-19 pandemic had a slight negative impact on the growth of the market. Factors such as the cancellation of non-essential surgical procedures like dentistry, and cosmetology negatively impacted the growth of the medical fiber optics market. However, the use of optic fibers-based biosensors for the detection of COVID-19 had a positive impact on the market growth.

Moreover, the adoption of lasers in dentistry and cosmetology due to better and promising patient outcomes is expected to boost the market growth. Lasers are used in cosmetology for permanent hair removal and tattoo removal, and both procedures are increasing at a considerable rate. For instance, according to an article by Astanza, 23% of the population with tattoos later experience regret. Moreover, medical applications of laser technology include eye correction surgeries, tumor removal, kidney stone removal, and varicose vein treatment. The use of lasers prevents bleeding and promotes faster healing, which is expected to drive their adoption. For instance, the use of lasers in LASIK eye surgeries improves the precision of the procedure.

The rising number of minimally invasive surgeries performed globally is projected to drive the demand for sensors, miniaturized optical cameras, and optic fibers, thereby driving the growth of the medical fiber optics market. Minimally invasive surgeries offer advantages such as faster recovery, smaller incisions, and shorter hospital stays, which are expected to drive their adoption. The surgeries are performed for multiple conditions such as abdominal issues, hip and knee replacements, and certain types of cancers. Endoscopic surgery is the most common type of minimally invasive surgery in the U.S., with more than 20 million endoscopy surgeries being performed every year according to an article by the National Institute of Diabetes, Digestive and Kidney Diseases.

Despite several advantages, the adoption of some medical fiber optics is limited in developing and underdeveloped nations due to the high costs of the fibers. Moreover, the high cost of raw materials and high transportation costs further add up to their manufacturing costs thereby, increasing the final product price. The high maintenance costs of medical devices further add up to the cost of devices. In addition, the shortage of healthcare professionals is expected to negatively impact the growth of the market as skilled professionals are required for handling the devices.

Medical Fiber Optics Market Segmentations:

By Fiber Type 

• Single Mode Optical Fiber
• Multimode Optical Fiber
• Plastic Optical Fiber (POF)
• Fiber Bundles

By Product Type 

• Fiber Optics Cable
• Fiber Optics Connectors
  • Standard Fiber Optics Connectors
    • Lucent Connectors (LC)
    • Multi-Fiber Push On Connectors
    • Other
  • Custom Fiber Optics Connectors
    
    • Circular with Optics
    • Hybrid Circular with Fiber and Electrical
• Others

By Application

• Endoscopic Imaging
• Laser Signal Delivery
• Biomedical Sensing
• Illumination
• Others