The global fiberscope market is projected to grow at a CAGR of 6.56% during the forecast period to reach US$8.537 billion by 2026, from US$5.472 billion in 2019. A fiberscope is a flexible optical fiber bundle with an eyepiece on one end and a lens on the other, which is used to study and check small, hard-to-reach places like the insides of machinery, locks, and the human body. Fiberscope lenses are incapable of capturing high-resolution images. The quality of images captured by a fiberscope is comparable to that of those captured by a night vision camera. Endoscopy, bronchoscopy, and gastroscopy are all procedures that use fiberscopes. Total internal reflection is used by fiber-optic cables in fiberscopes to rely on information visually. Doctors can use fiberscopes to examine the patient's body without making big incisions. The fiberscope market is predicted to increase due to its minimally invasive nature, which is expected to fuel growth throughout the forecast period.
The expanding demand for fiberscopes is expected to be driven by a number of significant causes, including rising healthcare expenditure due to health concerns and increased usage of fiberscopes in minimally invasive operations. Minimally invasive treatments are used by a vast number of surgeons to remove tumors or malignant growths from the body. The use of minimally invasive techniques resulted in better outcomes. Many patients prefer minimally invasive treatments over other standard procedures due to reduced risks and less operation time. Flexible endoscopes are widely employed in diagnostic and therapeutic procedures for illness diagnosis and treatment. As a result, the need for fiberscopes is increasing, which allows for flexible insertion to prevent blood loss and infection. Furthermore, demand for fiberscopes is expected to increase throughout the forecast period due to rising demand across several business verticals and R&D activities taking place in various countries.
Increased use of fiberscopes for surveillance and investigation is expected to be one of the primary drivers driving the fiberscope market forward. Surveillance and investigation equipment used to be larger in size, but smaller equipment built using fiberscope technology is progressively being substituted, giving the investigator an edge. The increasing usage of fiberscopes by governments of various nations for security monitoring purposes is also expected to support market expansion over the projection period. The Whistler Group's Whistler WIC-5200 inspection camera is one example of a fiberscope used in surveillance and investigation. These devices are extremely beneficial when looking in difficult-to-reach areas, and as a result of their increased use, the fiberscope market is expected to rise significantly throughout the projected period.
Key Developments
Olympus Medical System Corporation's Uretero-Reno Fiberscope Olympus URF-P7/P7R was cleared for marketing by the FDA in February 2019. These devices include maneuvering capabilities and may have ports for sampling at internal locations. According to the International Symposium on Endovascular Therapy 2020, the Fiber Optic RealShape (FORS) allows the process to be performed without the use of X-rays and thereby reduces radiation. It also allows the patient to spend less time under anesthesia. In May 2021, UMass Memorial Health predicted that this innovative procedure would become the industry standard for sophisticated minimally invasive endovascular aortic therapy.
By procedure, the global fiberscope market is segmented into bronchoscopy, arthroscopy, colonoscopy, vascular fibroscopy, cystoscopy, and others. Due to advantages such as decreased risk of infection and blood loss, the endoscopy segment is expected to account for a high part of the market.
By end-user, the global fiberscope market is segmented into healthcare, military and defense, automotive, manufacturing, and others. Owing to the rapidly increasing trend of minimally invasive operations, the healthcare segment is expected to acquire a significant share of the fiberscopes market during the projected period. Due to increased public knowledge of endoscopic treatments for diagnostic and therapeutic purposes, fiberscopes are being widely used in the healthcare industry.
By geography, the Global fiberscope market is segmented into five regions North America, Europe, South America, the Middle East and Africa, and Asia Pacific regions. Due to the presence of a sophisticated healthcare system and a large number of endoscopic procedures performed in the region, the North American region is expected to hold a major market share. Because the adoption of new technologies is faster in the United States and Europe, North America and Europe are expected to account for the majority of the worldwide fiberscopes market during the forecast period. Because of the rise of minimally invasive surgeries in the region, the Asia Pacific region is expected to see significant growth.
Covid-19 Insights
Due to COVID-19 pandemic lockdown measures being placed, preventing patient movement and likely identification and overburdening healthcare systems the fiberscope market was impacted negatively. The pandemic halted activity, and fiberscope output was cut, which, along with lower demand from several industry verticals, resulted in a reduction in market growth. Due to the pandemic, the healthcare system's primary focus turned to COVID-19, and as a result of COVID-19 restrictions, many surgeries had to be canceled in various regions of the world, resulting in a fall in the fiberscope market in 2020. However, as limitations in most parts of the world are being relaxed, the market is expected to recover.
Key Market Segments