Optical Fibers in Endoscopy Market Size, Analysis, Share, Research, impact of COVID-19 on Business Growth and Forecast to 2027
Pune,Maharashtra, India,Nov 17 2020 (WiredRelease) Allied Analytics–:The use of plastic optical fibers in endoscopes has increased considerably owing to their advantages such as these are cheap and their after processing is simpler than glass fibers. All these factors are expected to stimulate the market for optical fibers in endoscopy.
Optical fibers in endoscope are narrow tubes of fibers, used to transmit light into the patient’s body. Non-coherent fiber optic bundles transmits the light to the specific area whereas coherent fiber optic bundle transmits the final image, which is then examined by the doctor.
The major factors that contribute to the growth of the market include rise in geriatric population, which is at a higher risk of diseases such as orthopedic diseases, gastrointestinal conditions, ophthalmic diseases, GI cancer, and others. Moreover, rise in adoption of endoscopy due to several benefits such as reduction of risk of complications, minimal scarring, and reduced hospital stays boost the market for endoscopy, which in turn stimulates the use of optical fibers. However, the problems associated with their use such as risk of attenuation and dispersion are expected to restrain the market growth.
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Plastic optical fibers in endoscopy segment is expected to witness the highest CAGR of 6.4% during the forecast period. This is primarily attributed to the fact that plastic optical fibers are less expensive and lighter in weight in comparison to glass optical fibers.
Glass optical fibers in flexible endoscopy generated the maximum revenue, accounting for more than four-fifths share of the global optical fibers in endoscopy market in 2016. Within the same segment, plastic fibers is estimated to exhibit the highest CAGR of 6.5% during the forecast period.
Increase in incidence of cancer is the prime reason for the rise in adoption of endoscopes, which in turn stimulates the demand for optical fibers. For instance, according to World Cancer Research Fund International, in 2012, the highest incidence of colorectal cancer was in Europe and Oceania.
In addition, increase in geriatric population is expected to further boost the market growth as they are more susceptible to diseases such as cancer which is set to increase the demand for endoscopy.
According to the U.S. Census Bureau, between 2012 and 2050, the U.S. is projected to experience considerable growth in geriatric population. In 2050, the population aged 65 and over is projected to be 83.7 million, almost double its estimated population of 43.1 million in 2012. Thus, rise in aging population in turn is expected to increase the demand for optical fibers in endoscopy.
Asia-Pacific is expected to witness an increase in the demand of optical fibers in endoscopy market in coming years. Development in healthcare infrastructure is expected to contribute toward the growth of endoscopy devices, which is projected to support the growth of the optical fibers market in the region.
The major companies profiled in the report include are Hoya Corporation, Olympus Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, Happersberger otopront GmbH, KARL STORZ GmbH & Co. KG, XION GmbH, Cogentix Medical (Vision Sciences Inc.), Strauss Surgical, and Vimex Sp. z o.o.
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