New Study Reports: Optical Fibers in Endoscopy Market on eye to reach $1.18 Billion, by 2023
Optical Fibers in Endoscopy Market was valued at $796 million in 2016, and is estimated to reach $1,185 million by 2023, growing at a CAGR of 5.8% during the study period.
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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.
Key Findings of the Optical Fibers in Endoscopy Market:
• Glass optical fibers in endoscopy is expected to grow at a significant CAGR of 5.7%, during the analysis period.
• Plastic optical fibers in endoscopy is projected to grow at a CAGR of 6.4% during the forecast period.
• Glass optical fibers in rigid endoscopy segment contributed for more than one-fifth share in the global optical fibers in endoscopy market in 2016.
• Plastic optical fibers in flexible endoscopy is projected to grow at a CAGR of 6.5% during the forecast period.
• Plastic optical fibers in rigid endoscopy is projected to grow at a CAGR of 6.1% during the forecast period.
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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