NEW YORK, Aug. 9, 2021 /PRNewswire/ -- As per insights by Fact.MR, the global market for medical videoscopes is estimated to surpass US$ 30 Bn by the end of 2031 in comparison to the valuation of US$ 22 Bn registered in 2020.
Due to rising technological advancements in the field of endoscopy, the market is likely to exhibit growth at a CAGR of 5% over the forecast period 2021-2031. The global medical videoscopes market is expected to grow at a significant rate owing to the rising preference for minimally invasive surgeries and a surge in technological advancements for miniaturization of medical videoscopes.
Several innovations in design witnessed in the market include, increased angles in the field of view in endoscopes, reduced outer diameters of scopes, endoscopy systems combined with high-resolution technologies such as 3D systems, and miniaturized endoscopy systems.
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The market continues to witness steady growth owing to the rising scope for application in video assisted procedures such as bariatric, thoracic, laparoscopic, general endoscopic, and posterior/anterior spinal care.
Among various applications, bronchoscopy technology is widely adopted by leading manufacturers. Fact.MR has estimated that it will rise at a CAGR of 6% over the forecast period 2021 and 2031, surpassing a valuation of US$ 3 Bn by the end of 2031.
Regionally, North America will emerge as a highly lucrative market, accounting for 30% of the sales of medical videoscopes through 2031. Demand for the U.S. market remains positive driven by rising adoption of minimally invasive surgeries and growing neurological disorders.
"Evolution of endoscopic cameras from single-chip cameras to HD cameras and further to 3D cameras has pave way for major advancements in visualization system, which, in turn will bolster future growth prospects," said a Fact.MR analyst.
Key Takeaways from Medical Videoscopes Market Survey
- The U.S. is expected to emerge as a lucrative market owing to a surge in neurological disorders.
- Backed by the presence of robust production facilities, the Asia Pacific market is estimated to grow at an impressive pace over the forecast period.
- Owing to growing healthcare expenditure, the Europe market is expected to grow at a significant rate over the assessment period.
- Based on application, the demand for bronchoscopy is set to expand at a CAGR of over 6% between 2021 and 2031.
- Rising prevalence of ophthalmic, orthopaedic, and gastrointestinal diseases will fuel demand for medical videoscopes.
- Growing patient preference towards minimally invasive surgeries will bolster future growth prospects.
- Dearth of professionals for performing endoscopic surgeries is restricting market growth.
- High cost of medical videoscope devices are hampering sales of the market.
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Medical videoscope manufacturers are focusing on new product launches to enhance their product portfolio. Also, several other players are undertaking acquisitions to solidify their position in the market.
For instance, 2021, PENTAX Medical (a subsidiary of HOYA Group) and Jiangsu Vedkang Medical Science and Technology Co., Ltd, announced the establishment of a joint venture, PENTAX Medical Therapeutics (Jiangsu) Co., Ltd. to manufacture single use therapeutics products in the field of flexible medical endoscopy. This strategic collaboration with Vedkang will aid in enhancing the quality of healthcare across the globe.
In 2020, Olympus Corporation announced the acquisition of Veran Medical Technologies, a medical device manufacturer through its subsidiary Olympus Corporation of the Americas (OCA). This acquisition aims at fortifying Olympus' respiratory device portfolio and further solidify their position in respiratory medical devices.
Some of the leading players operating in the medical videoscopes market profiled by Fact.MR are:
- Olympus Corporation
- Stryker Corporation
- KARL STORZ GmbH & Co. KG
- Fujifilm Holding Corporation
- Hoya Corporation
- Richard Wolf GmbH
- Smith and Nephew
- ConMed Corporation
- Welch Allyn, Inc.
- XION GmbH
More Valuable Insights on Medical Videoscopes Market
Fact.MR, in its new report, offers an unbiased analysis of the global medical videoscopes market, analysing forecast statistics through 2021 and beyond. the survey reveals growth projections on medical videoscopes market with detailed segmentation:
- By Flexibility
- Flexible Medical Videoscopes
- Rigid Medical Videoscopes
- By Product
- Urology Endoscopes
- OB/GN Endoscopes
- By End User
- Medical Videoscopes for Hospitals
- Medical Videoscopes for Clinics
Key Questions Covered in the Medical Videoscopes Market Report
- The market survey also highlights projected sales growth for medical videoscopes market between 2021 and 2031
- The report offers insight into medical videoscopes demand outlook for forecast period 2021-2031
- Medical videoscopes market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Medical videoscopes market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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