Increasing occurrence of gastrointestinal diseases is playing a major role in pushing forward the overall market growth.
New York, NY -- (SBWIRE) -- 04/19/2017 -- Growing application of fiber optic products across various medical domains is one of the key factors expected to drive the global medical fiber optic market during 2016 to 2024. According to the latest findings by Persistence Market Research (PMR), the market is set to witness a CAGR of over 6% to reach US$ 1,544.7 Million by 2024.
In addition, incessant development in sensor-based component technology is expected to influence the demand for fiber optic in the near future. In 2015, the medical fiber optic market stood at US$ 916.7 Million in revenues.
The global medical fiber optics market has been categorised into fiber type, application, by usage and end user.
Based on fiber type, demand for polymer optical is expected to gain traction during the forecast period. The polymer optical segment is projected to surpass market valuation of US$ 577 Million by 2024 riding on a robust CAGR of over 6%. Whereas, the pure silica segment which had a market valuation of over US$ 429 Million in 2015 is anticipated to grow at a moderate pace during the assessment period.
By application, the fiber scanning is expected to be the predominant segment, reflecting a 7.l% CAGR growth during the forecast period. In 2015, the segment accounted for over 15% share of the overall market standing at US$ 140.3 Million in terms of value. The image transmission is expected to emerge as the second largest segment and is estimated to cross US$ 270 Million by 2024.
By usage, reusable materials and components will account for a relatively higher valuation of the market as compared to disposable usage type. In addition, the reusable segment represented a market value of US$ 270.9 Million in 2015.
On the basis of end user, the diagnostic laboratories segment to witness a robust growth and will have a significant contribution in driving the overall market growth. The segment is projected to reach a market valuation of US$ 171.9 Million, expanding at a CAGR of 7.1% by the end of 2024.
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PMR's findings based on regional market suggest that North America will continue to be the largest market for medical fiber optics during the assessment period. The market in the region was valued at over US$ 336 Million in 2015. In addition, the region is set to increase at over 5% CAGR to reach US$ 534.8 Million. The medical fiber optics market in Asia Pacific is expected to witness the highest growth rate. The region is projected to stand at US$ 312 Million, reflecting a CAGR of 7.5% between 2016 and 2024.
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Major stakeholder playing a significant part in the global medical fiber optics market include Sunoptic Technologies LLC, Leoni AG, Integra LifeSciences Holdings Corporation, Newport Corporation, Fiberoptics Technology, Inc., Coherent, Inc., Gulf Fiberoptics, Inc., Timbercon, Inc., Schott AG, and Molex Incorporated. Most of the companies are actively focusing on further product innovation and improving product offerings to cater to the growing requirements of consumers.