Increasing technological advancements is expected to be responsible for the growth of global medical laser fibers market.
According to a new market research study titled Medical Laser Fibers Market - Global Analysis and Forecasts by Type and Application. The global medical laser fibers market is expected to reach US$ 1,438.65 Mn in 2027 from US$ 565.61 in 2018. The market is estimated to grow with a CAGR of 11.1% from 2019-2027. The report highlights the trends prevalent in the global medical laser fibers market and the factors driving the market along with those that act as deterrents to its growth.
The global medical laser fibers market, based on the application was segmented into urology, ophthalmology, cardiovascular, respiratory, neurology, and other applications. In 2018, the urology segment held the largest share of the market, by the application. The highest share of urology segment attributes to the high prevalence of patients suffering from the urological diseases treated with medical laser systems.
With the advancing field of photonics, fiber lasers have continued to be a preferred choice by medical professionals for many uses including diagnostics and therapeutic applications. These fibers have been adopted rapidly primarily due to their physical characteristics that consist of a fiber waveguide structure. A wide variety of wavelengths generated through fiber lasers as well as the diversity of physical mechanisms used in pulse generation also underpins and supplements the flexibility of fiber laser technology. The market players are launching innovative medical laser fibers in the market that is likely to boost its adoption and aid in the growth of the global medical laser fibers market. For instance, in January 2018, Typenex Medical, a medical devices and supplies manufacturer, introduced Fibernex. It is a line of reusable and single-use holmium laser fibers that are compatible with holmium and Nd:YAG laser systems. Thus, the introduction of breakthrough products easing the complicated surgical and diagnostic procedures through laser fibers is expected to contribute to the growth of the global medical laser fibers market.
Some of the prominent players operating in the medical laser fibers market are Clarion Medical Technologies, Lumenis, biolitec AG, BD, Boston Scientific Corporation, Olympus Corporation, Cook, KARL STORZ SE & Co. KG, Richard Wolf GmbH, and IPG Photonics Corporation among others. The market players are focused on bringing new and innovative products and services through various inorganic strategies such as acquisitions and mergers to sustain their position in the market. For instance, in May 2017, Lumenis, one of the leading players offering energy-based medical devices, introduced its new Moses Holmium technology at the 112th American Urological Association (AUA) annual meeting in Boston.
Global Medical Laser Fibers Market, By Regions, 2018 (%)
The report segments the global medical laser fibers Market as follows:
Global Medical Laser Fibers Market – By Type
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