Medical Videoscope Market Expected to Reach $27,202 Million, by 2022

Medical Videoscope Market Report, published by Allied Market Research, forecasts that the global market was valued at $17,927 million in 2015, and is expected to reach $27,202 million by 2022, supported by a CAGR of 5.9% during the forecast period 2016 – 2022. The flexible videoscopes segment held nearly three-fourths share of the total market in 2015.

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Top Dominating Key Players:

• Conmed Corporation

• Fujifilm Holdings Corporation

• HOYA Corporation (Pentax Medical)

• KARL STORZ GmbH & Co. KG

• Olympus Corporation

 

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 videoscopes restrain the market growth.

Segment Analysis:

Endoscopy cameras is anticipated to dominate the visualization & documentation segment, accounting for over one-fifth of total share in 2015. 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.

Laparoscopy segment dominated the application segment with one-third share, in 2015 and is expected to grow at a CAGR of 6.0%. In response to the growing obese population, minimal invasive surgeries, such as laparoscopy, are currently in high demand globally, especially used for weight reduction (bariatric surgeries). Laparoscopy device companies are inclined towards manufacturing robot-assisted endoscopy devices and sophisticated endoscopy cameras with 4 LED multi-light technology to ease the overall procedure.

Key findings of Medical Videoscope Market:

  • Capsule endoscopy is projected to be grow at the highest CAGR from 2016 to 2022.
  •  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 2015.
  • India is the fastest growing country market in Asia-Pacific region, registering a CAGR of 11.0%.

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In 2015, 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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I am Satyajit Shinde. My keen interest in reading and writing. I forayed into the field of writing due to my love for words and the urge to do something different. I have been a part of the content resource team here in Allied Market Research. We have a dedicated team for content development wherein, we coordinate with the Market Analysts and create a precise content. I am personally involved in writing content for user engagement. I owe a responsibility to make sure the content is rich and user-centric. Allied Market Research has given me the chance to gain knowledge about different subjects.