Medical Fiberscope Device Market Size, Share, Opportunities, And Trends By Application (Arthroscopy, Bronchoscopy, Vascular Fibroscopy, Cystoscopy, Colonoscopy, Others), By End-User (Hospitals, Ambulatory Centers, Research Institutes), And By Geography - Forecasts From 2021 To 2026

The medical fiberscope device market is evaluated at US$509.811 million for the year 2019 and is projected to grow at a CAGR of 3.70% to reach US$657.293 million in 2026.

A fiberscope is a flexible endoscope whose lumen is coated with fibre-optic glass and is used to examine body areas or cavities that are otherwise difficult to reach. Medical fiberscopes are generally used for endoscopic procedures such as arthroscopy, bronchoscopy, perioscopy, etc.  High flexibility and the ability to examine difficult-to-reach areas of the body are the main factors anticipated to boost the growth of the medical fiberscope device market. The rising adaption of minimally invasive surgery and reduced healing time are some other major factors projected to drive market growth in the coming years. The rapid increase in the prevalence of diseases requiring endoscopic evaluation and treatment is also anticipated to propel the market growth during the forecast period. Furthermore, the new technological developments such as the launch of HD fiberscope which enables remarkable image quality during the medical procedure are expected to boost the medical fiberscope device market growth during the assessment period.

The recent outbreak of the novel coronavirus disease harmed the medical fiberscope device market. The pandemic shifted the major focus of the healthcare system towards COVID-19 and as part of the COVID-19 restrictions, a large number of surgeries had to be cancelled in many parts of the world, which led to a decline in the medical fiberscope device market in 2020. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.

Innovations in fiberscope technology.

Various research and developments are being conducted for advancements in the fiberscope technology in the medical field, which is leading to the development of innovations, which is expected to further expand the use of fiberscope in the medical field and is anticipated to propel the growth of medical fiberscope device market during the forecast period. Minimally invasive vascular procedures are usually guided by X-rays which emit considerable amounts of radiation. The recently launched Fiber Optic RealShape (FORS), described by the presenters at the 2020 International Symposium on Endovascular Therapy (ISET), allows the procedure to be done without the use of X-rays and hence reduces radiation. Also, it reduces the time under anaesthesia for the patient. UMass Memorial Health stated in May 2021 that it expects this new technology to become the standard for complex minimally invasive endovascular aortic treatment.

Owing to such innovations, the demand for fiberscope is expected to surge during minimally invasive procedures which are anticipated to propel the market growth during the forecast period. In April 2021, scientists at the University of Nottingham developed the first fibre-optic ultrasonic imaging system in the world which will be used to see the issues related to cells in the human body. This innovation was funded by EPSRC and is aimed at providing better diagnoses of the diseases where the cells that are to be examined are at the hard-to-reach parts of the body like the gastrointestinal tract. It creates microscopic and nanoscopic resolution images which will help in studying and analyzing the cells. The fluorescent labels which are traditionally used to study cell biology under a microscope are deteriorating to the human cells but with the use of this innovation, their usage gets reduced, which is another advantage provided by this new advancement.

Increasing demand for minimally invasive surgeries.

One of the major factors anticipated to drive the growth of the medical fiberscope device market is the growing demand for minimally invasive surgeries due to its various advantages over traditional surgeries. The minimally invasive surgery requires smaller incisions and consequently less scarring which are some of the reasons for its rising preference. The minimally invasive surgeries reduce the hospital stay time for the patient and have shorter recovery periods, along with providing increased accuracy, which is prompting the demand for minimally invasive surgeries, and as the fiberscope is widely used in minimally invasive surgeries, the growth of medical fiberscope device market is projected to surge during the forecast period. A study review by the Journal of The Society of Laparoscopic & Robotic Surgeons published in the US National Library of Medicine, National Institutes of Health, shows that from 2003 to 2018, the share of minimally invasive surgeries for cholecystectomy has increased by 34%, for inguinal hernia repair by 233%, for appendectomy by 267%, for colectomy by 62.5%, for gastrectomy by 433%, and for Nissen by 100%. It also shows that the laparoscopic procedures have increased by 111% for these six procedures over 16 years. Another article published in February 2020 in US NLM, NIH, showed that open surgical procedures declined by nearly 35% from 2000 to 2018 and are being replaced by minimally invasive surgeries. This rising demand is expected to grow further in the coming years and is anticipated to boost the medical fiberscope device market growth during the forecast period.

North America to hold a significant market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the presence of an advanced healthcare system and a large number of endoscopic procedures carried out in the region. The Asia Pacific region is anticipated to witness substantial growth due to the rise of minimally invasive surgeries in the region.

Segmentation

• By Application
  • Arthroscopy
  • Bronchoscopy
  • Vascular Fibroscopy
  • Cystoscopy
  • Colonoscopy
  • Others
• By End-User
  • Hospitals
  • Ambulatory Centers
  • Research Institutes
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

1. Introduction
1.1. Market Definition
1.2. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Medical Fiberscope Device Market Analysis, by Application
5.1. Introduction
5.2. Arthroscopy
5.3. Bronchoscopy
5.4. Vascular Fibroscopy
5.5. Cystoscopy
5.6. Colonoscopy
5.7. Others

6. Medical Fiberscope Device Market Analysis, by End-User
6.1. Introduction
6.2. Hospitals
6.3. Ambulatory Centers
6.4. Research Institutes

7. Medical Fiberscope Device Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. UK
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. India
7.6.3. Japan
7.6.4. South Korea
7.6.5. Taiwan
7.6.6. Thailand
7.6.7. Indonesia
7.6.8. Others

8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. Company Profiles 
9.1. LeMaitre Vascular, Inc.
9.2. Fibertech Co. Ltd
9.3. Olympus Corporation
9.4. Zibra Corporation
9.5. Karl Storz SE & Co. KG
9.6. HOYA Corporation
9.7. Precision Optics Corporation
9.8. Richard Wolf
9.9. GE Healthcare
9.10. B. Braun Melsungen

LeMaitre Vascular, Inc.

Fibertech Co. Ltd

Olympus Corporation

Zibra Corporation

Karl Storz SE & Co. KG

HOYA Corporation

Precision Optics Corporation

Richard Wolf

GE Healthcare

B. Braun Melsungen