Optical Fibers in Endoscopy Market was valued at USD 796 million in 2016, and is estimated to reach USD 1,185 million by 2023, growing at a CAGR of 5.8 percent during the study period. Optical fibers in endoscope are narrow tubes of fibers, which is used to transmit light into the patient's body. Growth in geriatric population susceptible to gastrointestinal conditions, rise in prevalence of cancer, and rise in adoption of endoscopy due to several benefits such as it reduces the risk of complications are expected to drive the growth of the global optical fibers in endoscopy market. However, the problems associated with their use such as risk of attenuation and dispersion are expected to restrain the market growth.
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.
The optical fibers in endoscopy market is segmented based on material, type, and region. By material, the market is categorized into glass optical fibers and plastic optical fibers. On the basis of type, the market is bifurcated into rigid endoscopy and flexible optical fibers. The rigid endoscopy and flexible endoscopy as well is further divided into glass and plastic optical fibers. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. – Allied Market Research