Fact.MR’s medical videoscopes industry analysis shows that the global market was valued at US$ 22 Bn in 2020, and is projected to top US$ 30 Bn by 2031, expanding at a CAGR of 5%. Demand for medical videoscopes for use in bronchoscopy is projected to expand at a CAGR of 6% across the assessment period, with that for use in arthroscopy is set to increase at 4%.
Due to growing applications in surgery, patients’ increased interest in micro-imaging platforms, the development of endoscopes as thin as human hair, and technological advancements like Ultrafine Technology’s innovative desktop endoscope and microcam, an innovative micro-imaging platform, the demand for medical videoscopes is anticipated to experience profitable growth.
Market Drivers
The growing preference for minimally invasive procedures has increased the demand for endoscopy. Additionally, the endoscope method is more affordable than open surgeries regarding pre- and post-operative care costs. The length of hospital stay is also shorter, which is also playing a pivotal role in the growth of the global medical videoscopes market. The incorporation of cutting-edge technologies and the increase in innovation related to endoscopy, such as miniaturization of endoscopes, increased angles in the field of view in endoscopes, incorporation of high-resolution technologies, and reducing the diameter of endoscopes, is also increasing demand for medical videoscopes. The increased prevalence of diseases that demand endoscopies, such as gastrointestinal disorders, sores, and digestive tract bleeding, is also significantly impacting the expansion of the global market. Likewise, the growing elderly and obese population drives the global market because they are more prone to illnesses like cancer, gastrointestinal disorders, and ophthalmic disorders.
The global Medical Videoscopes market has been analyzed from three perspectives– product, application, and region.
Excerpts from ‘By Drug Coating Segmentation’
Based on product, the global medical videoscopes market is segmented into:
- Visualization Systems
- Video Endoscopes
In 2021, the visualization system segment held the most significant market share in the global medical videoscopes market. The visualization system market is further sub-segmented into endoscopic cameras, endoscopic light sources, endoscopic light sources, camera heads, video converters, video processors, video recorders, transmitters & receivers, and others. Due to the adoption of advanced technological systems such as HD 3 chip cameras, 360 degree and 3D imaging systems, and ultra-high defined LED multi-light technology; endoscopic cameras are expected to have the largest share of the visualization system segment. Moreover, a diverse set of applications that provide video assisting in surgical procedures such as thoracic, anterior, and posterior spinal surgeries, bariatric, and general endoscopic procedures is also propelling the segment growth.
Key players in the industry are adopting acquisitions, expansion, product development, and agreements as their business strategies to sustain the competition and increase their market share.
Various companies are also focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. These activities have paved the way for expansion of business and customer base of market players.
Key Companies Profiled
- Olympus Corporation
- Stryker Corporation
- KARL STORZ GmbH & Co. KG
- Fujifilm Holding Corporation
- Hoya Corporation
- Richard Wolf GmbH
- Smith and Nephew
- ConMed Corporation
Key Segments Covered :
- By Flexibility
- Flexible Medical Videoscopes
- Rigid Medical Videoscopes
- By Product
- Cystoscopes
- Neuroendoscopes
- Urology Endoscopes
- Arthroscopes
- Laparoscopes
- OB/GN Endoscopes
- Otoscopes
- Laryngoscopes
- Nasopharyngoscopes
- Rhinoscopes
- Gastroscopes