Albany, New York (PRWEB) August 21, 2014
According to a new market report published by Transparency Market Research "Medical Fiber Optics Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global medical fiber optics market was valued at USD 863.1 million in 2013 and is expected to grow at a CAGR of 7.6% from 2013 to 2019, to reach an estimated value of USD 1,336.1 million in 2019.
The medical fiber optics market is witnessing significant growth due to increased applications of fiber optics for minimally invasive surgeries, increased demand for advanced diagnostic technologies and rapid development in medical fiber optics technology. There has been a substantial rise in the number of medical fiber optic applications including X-ray imaging, ophthalmic lasers, light therapy, lab and clinical diagnostics, dental head pieces, surgical and diagnostic instrumentation, surgical microscopy and endoscopy. Thus, the rise in the number of applications of medical fiber optic technology is driving the market growth. In addition, miniaturization of medical devices has also increased the demand for medical fiber optics technology.
Browse Medical Fiber Optics Market Report with full TOC: http://www.transparencymarketresearch.com/medical-fiber-optics-market.html.
On the other hand, stringent regulations and standards impede the growth of the medical fiber optics market. The risk associated with high intensity of lights also restrains the growth of the medical fiber optics market. Medical fiber optics technology uses high intensity of light for treatment and surgeries of cancer and ophthalmic diseases. This light disrupts the tissue in histopathology examination.
North America is the largest market of medical fiber optics. Improved medical infrastructure and increased usage of medical fiber optics in minimally invasive surgeries are the key drivers of growth in the medical fiber optics market in the region. Moreover, several associations such as the Society of Laparoendoscopic Surgeons, the Canadian Healthcare Association (CHA) and the Association of Canadian Academic Healthcare Organizations (ACAHO) are also supporting the improvement of healthcare services.
In Europe, several countries including the U.K., France and Germany have modern healthcare systems. The medical fiber optics market in the region is expected to witness moderate growth due to improved healthcare infrastructure, government funding and increased usage of endoscopic minimally invasive surgeries. Furthermore, the medical fiber optics market in the region is also driven by the aging population, as more people seek endoscopic treatments for various age-related diseases such as cardiovascular diseases and ophthalmic diseases. Moreover, many associations in the region play a vital role in the growth of the medical fiber optics technology.
Asia is the fastest growing region in the medial fiber optics market due to medical infrastructure development, government initiative programs, and aging population and related-disorders. Several government initiatives in medical fiber optics are also contributing to the growth of medical fiber optics market in the region.
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LEONI AG and TRUMPF are some of the leading player in the global medical fiber optics market. Other major players of medical fiber optics market include SCHOTT, ROFIN, Coherent Inc., IPG Photonics and American Medical System.
The global market of medical fiber optics is segmented as follows:
Medical Fiber Optics Market, By Application
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