MEDICAL LASER FIBER MARKET REPORT OVERVIEW
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The global medical laser fiber market size is USD 788.1 million in 2022 and is projected to touch USD 2048.94 million by 2031, exhibiting a CAGR of 11.2% during the forecast period.
The rise in CAGR is a byproduct of the medical laser fiber market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with it experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Laser fiber in medicine is used in conjunction with a medical laser treatment instrument to transmit the energy generated by the laser for laser surgery. The extraordinary flexibility of fiber lasers make them extremely powerful for both medical procedure and indicative imaging, giving an elevated degree of exactness, accuracy and security. The primary benefit of fiber lasers is their contactless interaction, yet their conservativeness, high productivity and usability are likewise fundamental advantages for medical applications.
Endoscopes utilizing optical fiber are likewise utilized as a device for imaging. Optical fiber can likewise be joined with catheters to give an imaging indicative of a vein when sidestep a medical procedure is performed. OCT is presently utilized in different clinical regions, like ophthalmology, as it utilizes a light source to take cross-segment pictures for diagnostics. High-productivity fiber lasers with an enormous range are frequently utilized for this application. Skin reemerging and tattoo evacuation are operations requiring high energy lasers. The different uses of laser fibers facilitate the growth of the global medical laser fiber market.
COVID-19 Impact: Possibilities of Treating COVID to Increase Market Growth
The effects of the COVID-19 pandemic are already being felt on a global level, which has influenced the market significantly. The outbreak of COVID-19 had a negative impact on many markets. Various countries went into lockdown. Due to the spread of the infection, there was a demand for complete lockdown and doctors thereby, tried to use fiber lasers to treat patients suffering from COVID. Various laser treatments were tried to diagnose patients suffering from multiple organ failure to improve their living conditions during the pandemic which affected the demand for the product and improved its market growth.
LATEST TRENDS
"Improving Diagnosis in Pediatric Patients with Urinary Stones to Expand Market Growth"
Compared to the standards of laser lithotripsy, a new thulium fiber laser system provides better results in treatment of urinary stones of pediatric patients. The TFL technology used can also reduce the operating time. The fibers used here are much smaller, which enable miniaturization possibilities. They are energy resistant and more flexible. This kind of lasers create an opportunity for the manufacturers to expand the production. Such demands are expected to pose an opportunity for the global medical laser fiber market growth during the forecast period.
MEDICAL LASER FIBER MARKET SEGMENTATION
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- By Type
Based on type; the market is divided into single-use, Reusable.
Reusable medical laser fiber is the leading part in the type segment.
- By Application
Based on application; the market is divided into urology, OB/GYN, vein treatment, endoscopic surgery, dermatology, plastic surgery, and others.
Urology is the leading part in the application segment.
DRIVING FACTORS
"Ability to Treat Tumors and Cancer to Increase Production"
The medical procedure by the fiber laser system requires just a few minutes to accomplish. Just two small cut marks are left, and keeping a patient at the hospital isn't required after the surgery. Hence, the principal advantage of fiber laser treatment is the potential chance to rehash the cycle in the event that sweeps uncover it didn't annihilate each of the cancers the initial time around. Contrasted with a lumpectomy system, fiber laser treatment presents no significant dangers. As these processes create a huge demand among medical industries, the manufacturing companies mainly focus on expanding the business by increasing its production. Such demand is anticipated to drive the global medical laser fiber market share.
"Several Uses in Medical Industries to Improve Market Growth"
The different uses of medical laser fiber provides the manufacturers a necessity to increase production rate. Numerous illnesses can be distinguished by checking explicit changes in atomic organization by utilizing optical fiber spectroscopic examination. In urology, from cutting soft tissues to hair removal and the diagnosis, laser fibers play a very important role. They are also used to treat stones present in the bladder in the medical industry. Hospitals and medical universities are anticipated to drive the medical laser fiber market growth during the forecast period.
RESTRAINING FACTORS
"Risk and Damage in Health to Impede Market Growth"
The reusable laser fibers have a risk of a flexible scope which results in expensive repair costs. Sometimes, patients may also have infections at the place of treatment and skin can be damaged due to the muscle tissues being disturbed. Dangers of laser medical procedure incorporate deficient therapy of the issue, torment, contamination, dying, scarring, and skin variety changes. Depending on laser wavelength, it may pose risk for the eyes of the doctors and nurses in the laser treatment room if exposed. These factors restrict the growth of the global medical laser fiber market.
MEDICAL LASER FIBER MARKET REGIONAL INSIGHTS
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"North America to Lead Market Owing to its Highest Consumption Rate"
North America holds the largest part of the global medical laser fiber market share due to the largest manufacturing companies in countries such as the U.S. being the leading producers. The demand for these medical devices is attributed to its various uses of laser fibers in the medical industry in the market. The consumption rate of medical laser fiber being high is one of the biggest advantages of these countries. New production and technology facilities for these laser fibers also contributed to the growth in the establishment of various manufacturer companies to facilitate the market growth in the region.
KEY INDUSTRY PLAYERS
"Innovations in Technology by Manufacturers to Elevate Market Growth"
This document provides a list of market participants and information about their activities in the industry. Information is collected and recorded through appropriate research, technological developments and equipment, mergers and acquisitions, product line expansions and partnerships. Other aspects evaluated for this market include companies producing and introducing new facilities, regions of operation, automation, technology adoption, capacity, maximizing revenue and creating product differentiation.
List of Market Players Profiled
- Boston Scientific (U.S.)
- C. R. Bard (U.S.)
- Cook Medical (U.S.)
- Olympus (Japan)
- Lumenis (Israel)
- Spectranetics (U.S.)
- MED-Fibers (U.S.)
- Biolitec (Austria)
- ForTec Medical (U.S.)
- Clarion Medical (Ontario)
- Hecho Technology (China)
- Nanjing Chunhui (China)
- Wuxi Dahua Laser (China)
- Accutech (U.S.)
- Curestar (U.K.)
- Beijing L.H.H. Medical (China)
- Raykeen (China)
- Shenzhen Xinrui (China)
INDUSTRY DEVELOPMENT
- March 2021: All Specialties AccuMax Single-Use Holmium Laser Single-use fibers designed to efficiently deliver focused holmium energy and offer the necessary flexibility to meet the challenging deflection needs of flexible ureteroscopy. Urology AccuTrac and Flexiva TracTip Single-Use Holmium Laser Fibers Protect the Scope by Boston Scientific.
REPORT COVERAGE
This research delivers a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. The report also offers a clear overview of leading companies with their successful marketing strategies, market contribution, and recent developments. With detailed research done, it also offers a complete analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, shares, drivers, restraints, and others. This analysis can be changed if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 788.1 Million in 2022 |
Market Size Value By |
US$ 2048.94 Million by 2031 |
Growth Rate |
CAGR of 11.2% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions
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What value is the medical laser fiber market expected to touch by 2031?
The global medical laser fiber market is expected to reach USD 2048.94 million by 2031.
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What CAGR is the medical laser fiber market expected to exhibit by 2031?
The medical laser fiber market is expected to exhibit a CAGR of 11.2% by 2031
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Which are the driving factors of the medical laser fiber market?
Drivers of this medical laser fiber market are the ability to treat tumors and cancer and its several uses.
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Which are the top companies operating in the medical laser fiber market?
Boston Scientific, C. R. Bard, Cook Medical, Olympus, Lumenis, Spectranetics, MED-Fibers, Biolitec, ForTec Medical, Clarion Medical, Hecho Technology, Nanjing Chunhui, Wuxi Dahua Laser, Accutech, Curestar, Beijing L.H.H. Medical, Raykeen, Shenzhen Xinrui are key companies operating in the medical laser fiber market.