New York City, New York, Nov. 21, 2017 (GLOBE NEWSWIRE) -- The increasing applications of the products of fiber optic across several various medical domains is one of the important factors that are expected to drive the overall growth of the global medical fiber optic market over the course of the given forecast period of 2016 to 2024. According to the recent report by Persistence Market Research, the global market for medical fiber optics is expected to reach a figure worth US$1,544.7 mn by the end of the given forecast period in 2024. This growth of the global market for medical fiber optics is expected to be achieved with the help of a strong CAGR of 6% over the given period of forecast.
Growing incidences of gastrointestinal diseases is playing an important role in augmenting the overall growth of the global medical fiber optics. In addition to this, increasing development in the sensor-based technology segment, is also projected to guide the swift development of the global fiber optics market in the coming years of forecast. In 2015, the global market for medical fiber optics stood at the overall valuation of US$916.7 mn in terms of revenue generated.
The global market for medical fiber optics can be segmented into type of medical fiber, application of the medical fiber optics, by the usage, and by the end user.
Depending on the type of fiber used, the demand for the polymer optical fiber is projected to gain a considerable traction over the course of the given forecast period. The segment of polymer optical is expected to cross over the total market valuation of US$577 mn by the end of 2024. This growth of the segment of the global medical fiber optics market is expected to be achieved with the help of a steady CAGR of more than 6%. On the other hand, the segment of pure silica fiber which was valued for a worth of US$429 mn in the year 2015 is projected to expand at a moderate pace over the course of the mentioned forecast period.
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In terms of application, the global market for medical fiber optics is expected to be dominated by the segment of fiber scanning. The segment is projected to show a steady CAGR of 7.1% during the aforementioned forecast period. In the year 2015, the fiber scanning segment of global medical fiber optics market accounted for more than 15% of the overall share in the market and was valued worth US$140.3 mn. The segmented is expected cross over US$270 mn by the end of the forecast period in 2024.
In terms of usage, the global market for medical fiber optics is expected to be led by the reusable components and materials and will have comparatively higher market valuation when compare to the segment of disposable usage type. In addition to this, the segment was valued around US$270.9 mn in the year 2015.
Depending on the end user, the segment of diagnostic laboratories is expected to witness a sturdy growth and is projected to contribute significantly in driving the overall growth of the global medical fiber optics market. The segments is expected to cross the market valuation of US$171.9 mn. This growth is expected to be achieved with the help of a steady CAGR of 7.1% during the course of the given forecast period of 2016 to 2024.
In terms of regional segmentation, the global market for medical fiber optics can be segmented into key regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these North America market is expected to continue its dominance followed by Asia Pacific which is expected to show highest growth rate.
Some of the key companies in the global market include name such as Gulf Fiberoptics Inc., Molex Incorporated, Sunoptic Technologies LLC, Leoni AG, and Coherent Inc. among others.
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