Fiber-optic collimating lenses are used in communication, medical diagnostics & imaging, lasers and detectors, metrology, microscopy & spectroscopy, and others (display applications, cytometry, artificial intelligence, and LiDAR). The communication segment holds the largest market share owing to the increasing demand for digitalization and the growing need for being connected. The fiber-optic collimating lens market for communication was valued at USD 209.0 million in 2020 and is expected to reach USD 392.0 million by 2026; it is anticipated to grow at the highest CAGR of 11.7% during the forecast period. The growing demand for fiber in the communication application is the key driver for the growth of this segment.