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In February 2019, U.S FDA approved the marketing of Uretero-Reno Fiberscope Olympus URF-P7/P7R manufactured by Olympus Corporation. Fiberscopes are flexible fiberoptic medical device designed for examination and visualization of organs and cavities of the body. These instruments are equipped with steering capabilities and could include ports for sampling in the internal sites.
Fiberscopes are generally used in endoscopy, bronchoscopy, and gastroscopy. Fiber-optic cables present in fiberscopes utilize total internal reflection to rely on information visually. Fiberscopes aid the doctors to examine the patient’s body without the need for large incisions. This minimally invasive nature of fiberscope provides an advantageous edge and hence is expected to drive the fiberscope market growth during the forecast period.
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The improvements in digital nonsurgical solutions have resulted in an increased demand for fiberscopes in patients and healthcare providers. For instance, Olympus Medical Systems Corp. developed Rhino-Laryngo Fiberscope which is a nasal cavity and pharynx observational fiberscope that delivers high-resolution images with the use of a 300mm scope.
Additionally, adoption of fiberscope is expected to increase during the forecast period owing to the low risk associated with the endoscopic procedure that utilizes fiberscopes. These factor combined with others is projected to drive the fiberscope market growth during the forecast period.
The lack of awareness among medical practitioners in upcoming countries regarding technological advancement in endoscopic techniques is projected to harm the global fiberscopes market growth. Additionally, certain drawbacks of fiberscope like the malfunction of the device, risk of infection, the lack of clarity of the image are expected to restrain the global fiberscopes market. For instance, Uretero-reno fiberscope URF-P6RP6 manufactured by Olympus Medical Systems Corp. was given a Class 2 device recall by FDA due to breakage of insertion tub during surgical procedures.
The major companies covered in the global fiberscope market report include Olympus Medical Systems Corp., Edmund Optics Inc., B. Braun Melsungen AG, Clarus Medical LLC., Optomic, Precision Optics Corporation, Pentax Medical, and others.
By End User
· Ambulatory surgical centers
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among the end user type, hospitals are expected to dominate the major proportion of the fiberscope market due to the increasing adoption of nonsurgical procedures globally.
The global fiberscopes market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe are projected to dominate the global fiberscope market owing to the evolving healthcare facilities. According to the National Center for Health Statistics (NCSH), in the U.S, 6.2 million endoscopic procedures of large and small intestines were performed in the year 2010. Additionally, according to the American Society of Gastrointestinal Endoscopy, approximately 75 million endoscopic procedures were performed in the US in the year of 2017. The rise in prevalence and increasing awareness about endoscopic procedures in developing countries of Asia-Pacific and Latin America is expected to provide lucrative opportunities for the growth of fiberscope market in these regions. The Middle East and Africa is anticipated to experience comparatively lower CAGR in the fiberscope market during the forecast period owing to the limited skilled practitioners in endoscopic procedure.
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