Optical Fibers in Endoscopy Market Expected to Reach $1.5 Billion by 2030

According to a new report published by Allied Market Research, titled, “Optical Fibers in Endoscopy Market," The optical fibers in endoscopy market was valued at $869.02 million in 2020, and is estimated to reach $1.5 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.

Optical fibers in endoscope are narrow tubes of fibers used to transmit light into the patient's body. Non-coherent fiber optic bundles transmit the light to a specific area, whereas coherent fiber optic bundle transmits the final image, which is then examined by the doctor.

The factors that drive the growth of the Optical Fibers in Endoscopy Market Size include rise in applicability of optical fibers in the medical sector such as hospitals and clinics, in terms of both patients and investing firms. Moreover, rise in geriatric population and increase in usage to reduce complications & risks related with diseases such as cancer further drive the optical fibers in endoscopy market growth. Conversely, in Optical Fibers in Endoscopy Market Analysis, large-scale production of optical fibers in endoscopy and high growth potential in untapped emerging economies are expected to open new avenues for the expansion of the global Optical Fibers in Endoscopy Market Growth during the forecast period. Alarming rise in prevalence of disorders such as colorectal cancer & neurological disorders, rise in government & private funds for development of healthcare sectors, and increase in number of key players are expected to notably contribute toward the growth of the global optical fibers in endoscopy market during the forecast period.

Surge in patient population suffering from colorectal cancer & gastrointestinal disorder and technological advancements leading to production of effective optical fibers in endoscopy devices notably contribute toward the market growth in Optical Fibers in Endoscopy Market Forecast. For instance, in August 2019, according to World Ageing 2019 report, there were around 703 million people aged 65 years or more in the world. Therefore, increase in the number of older population escalates the risk of chronic diseases, which increase the usage of optical fibers, thus boosting the market growth. Moreover, the World Health Organization (WHO) launched several cancer prevention programs across different nations, such as India, Korea, and Ireland, to lower the number of cancer cases. These programs intend to improve quality of life for cancer patients by implementing evidence-based strategies for prevention, early diagnosis, treatment, and palliation. Thus, development new strategies by key players propels the growth of the market. Moreover, rise in geriatric population and increase in usage to reduce complications & risks related with diseases such as cancer further drive the optical fibers in endoscopy market growth.

Surge in innovations in healthcare product offerings and increase in cases of chronic diseases further generate lucrative growth opportunities for the market.  

The optical fibers in endoscopy market is segmented into material, type, and region. On the basis of by material, the market is categorized into glass optical fibers in endoscopy and plastic optical fibers in endoscopy.  By type, it is fragmented into rigid endoscopy and flexible endoscopy.

The glass optic fibers (GOF) in endoscopy segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of product approvals, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of optical fibers in endoscopy products.

North America accounted for a majority of the global optical fibers in endoscopy industry share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in production of optical fibers in endoscopy, increase in number of approvals for endoscopy products, rise in presence of key players, and surge in development of technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth of optical fibers in endoscopy industry, owing to increase in number of colorectal cancer cases, rise in demand for endoscopy procedures, and surge in healthcare expenditures.

KEY FINDINGS OF THE STUDY

• By material, the glass optic fibers (GOF) in endoscopy segment was the highest contributor to the market in 2020.
• By type, the flexible endoscopy segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.