A medical videoscope is an optical medical instrument that helps to screen and execute diagnostic interventions inside the hollow cavities and visceral organs of the body, such as the gastrointestinal (GI) tract, brain, lungs, abdomen, and others. The increase in number of endoscopic procedures due to the growing ailments, such as abdominal pain, ulcers, digestive tract bleeding, abnormal growths in the colon, and other abdominal & gastrointestinal diseases, is expected to boost the market growth.
The major factors that drive the global medical videoscope market are technological advancements in the visualization systems (3D cameras to improve image and video quality), rise in preference for minimal invasive surgeries, and increase in endoscopy procedures. In addition, the unmet medical demands in developing countries and miniaturization of videoscopic devices offer lucrative opportunities for growth of this market. However, lack of skilled professionals and high costs associated with medical videoscope restrain the market growth.
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Endoscopy cameras is anticipated to dominate the visualization & documentation segment, accounting for over one-fifth of total share in 2021. This is attributed to the incorporation of advanced technologies in endoscopy cameras such as ultra-high definition and 4-light emitting diode (LED) multi-light technology, which enhances the video quality.
A medical videoscope is an illuminated, optical instrument used to screen and execute diagnostic interventions inside hollow cavities and visceral organs of the body, such as the brain, esophagus, lungs, abdomen, gastrointestinal (GI) tract, and others. Medical conditions such as abdominal pain, ulcers, digestive tract bleeding, abnormal growth in the colon, and other abdominal & gastrointestinal diseases can be diagnosed through endoscopy. The demand for medical videoscopes has increased significantly owing to the increasing preference for minimally invasive surgeries.
Key findings of Medical Videoscope Market:
- Capsule endoscopy is projected to be grow at the highest CAGR from 2021 to 2030.
- Hospital was the highest revenue-generating end user segment in 2015, and is expected to continue its dominance ahead as well.
- North America dominated the global medical videoscope market, and is projected to grow at a CAGR of 5.5%.
- Laparoscopy application occupied nearly one-third of the total market in 2021.
- India is the fastest growing country market in Asia-Pacific region, registering a CAGR of 11.0%.
In 2021, Asia-Pacific and LAMEA collectively accounted for one-third of the total medical videoscope market, and are expected to continue this trend due to rise in geriatric population & targeted diseases, specifically in China, India, and other developing economies. Rise in disposable income, improvement in healthcare funding, and high populace demanding endoscopic procedures drive the growth of the medical videoscope market in Asia-Pacific.
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The major companies profiled in the report include Conmed Corporation, Fujifilm Holdings Corporation, HOYA Corporation (Pentax Medical), KARL STORZ GmbH & Co. KG, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew, Plc, Stryker Corporation, Hill Rom Holding, Inc. (Welch Allen, Inc.), and XION GmbH.
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