Medical Videoscopes Market

Market Outlook for Medical Videoscopes

Medical videoscopes are in high demand all over the world due to their diverse range of applications and adaptability in terms of instrument specification.
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.

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%.

Key Points Covered in Medical Videoscopes Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Demand for Medical Videoscopes and How to Navigate
• Recommendation on Key Winning Strategies

Sales Analysis of Medical Videoscopes from 2016 to 2020 Vs Demand Outlook for 2021 to 2031

As per Fact.MR - a market research and competitive intelligence provider, the global market for medical videoscopes was valued at US$ 15 Bn in 2016 and is anticipated to expand at a CAGR of 5% to top US$ 30 Bn by 2031.

Over the years, demand for medical videoscopes has increased significantly owing to the growing preference for minimally invasive surgeries. Apart from being minimally invasive, medical videoscopic procedures are cost-effective in terms of pre- and post-operation care costs and length of stay at hospitals.

Technological advancements and breakthroughs in the field of endoscopy are expected to drive demand for medical videoscopes over the coming years. Advancements in technology have also resulted in several improvisations, including increased angles in the field of view in endoscopes, reduced outer diameters of scopes, endoscopy systems that are integrated with high-resolution technologies such as 3D systems, and miniaturized endoscopy systems.

Other factors driving sales of medical videoscopes include favourable reimbursement scenario in selected geographies and increasing prevalence of diseases requiring endoscopy procedures.

Another pivotal factor that is driving the growth of the global market for medical videoscopes is rapid rise in the number of elderly people who are prone to orthopaedic, gastrointestinal, and ophthalmic diseases, as well as cancer. Endoscopic procedures are increasingly being used for the treatment of a number of common major disorders such as cancer, obesity, and gastroesophageal reflux disorder (GERD).

What are the Key Opportunities Medical Videoscope Manufactures Can Look Forward To?

Growing patient preference for minimally invasive surgeries, increasing technological advancements for miniaturization of medical videoscopes, and a growing aging population globally are factors driving the global market. Increasing demand for medical videoscope services around the globe for surgeries is a key opportunity for manufacturers.

The visualization system market is foreseen to pose lucrative growth attributed to the application in a number of endoscopic procedures and in all categories of video assisted procedures such as bariatric, thoracic, laparoscopic, general endoscopic, and posterior/anterior spinal procedures.

Increasing cost effectiveness of endoscopic procedures in terms of hospitals stay and post and pre operation care costs are further expected to fuel market demand.

Moreover, increasing number of technological advancements in visualization systems such as evolution of large handheld endoscopic cameras into thin single chip ultra-fine cameras and production of 360O 3D images as compared to the older two-dimensional imaging cameras are nudging growth opportunities for manufacturers.

What are the Restraints being Encountered by Medical Videoscopes Providers?

Globally, there is a shortage of specialists (endoscopy physicians and surgeons) who perform endoscopic surgeries. Moreover, investment costs for medical videoscope equipment are extremely high for most hospitals in developing countries.

Shortage of professionals and high costs of medical videoscopes are acting as restraining factors for the growth of the market.

Which Region Offers the Largest Opportunity for Medical Videoscope Providers?

North America accounts for the largest share of revenue of close to 30% for medical videoscopes, and is expected to grow at a significant rate over the next ten years. This expected growth is attributed to increasing number of surgeries and procedures employing videoscopes and introduction of high-resolution technologies and high-definition 3D technology.

Various other factors that are driving the market are growing median age of the population as well as growing incidences of ophthalmic, orthopaedic, and gastrointestinal diseases, as well as cancer in the region.

The Asia Pacific market is developing at a rapid pace owing to the presence of a large population base, increasing healthcare expenditure by governments, rising research funding for better treatments of people, and growing awareness related to videoscope procedures among patients.

Europe is also expected to witness significant growth during the forecast period owing to rising healthcare expenditure as well as increased life expectancy and aging population in the region.

Country-wise Analysis

How is the U.S. Emerging as a Lucrative Market for Medical Videoscope Providers?

The market for medical videoscopes in the U.S. was estimated at US$ 6 Bn in 2020. Factors attributing to market growth include increasing number of neurological disorders and rising adoption of minimally invasive surgeries.

According to a survey conducted in the U.S. by the National Centre for Health Statistics, approximately 3.5 million laparoscopic procedures were performed in the U.S. in 2017. This indicates that endoscopic procedures are performed widely across the country.

Category-wise Analysis

What is the Global Demand Outlook for Medical Videoscopes in Bronchoscopy?

Global demand for medical videoscopes in bronchoscopy is projected to top US$ 3 Bn by 2031, increasing at a CAGR of 6% during the assessment period.

Growth is primarily driven by growing hospital investments in bronchoscopy facilities, increasing demand for bronchoscopy owing to rising prevalence of respiratory diseases, growing demand for minimally invasive surgery, and technological advancements in the field of bronchoscopy.

Why Has Demand for Medical Videoscopes in Arthroscopy Grown Tremendously in Recent Years?

Arthroscopy is a minimally invasive surgical procedure that helps surgeons examine and treat bone and joint related problems using an arthroscope and other arthroscopy devices (such as visualization systems, arthroscopic implants, power shaver systems, radiofrequency devices, and others).

They are essential to diagnose and treat osteoarthritis, rheumatoid arthritis, carpal tunnel syndrome, bone tumour, and others. The market for arthroscopy devices has grown tremendously in the recent years due to increase in number of sport injuries, rapid ageing population and increase in patient preference for minimally invasive surgeries.

Owing to these factors, demand for use in arthroscopy is expected to expand at a CAGR of 4% over the coming ten years.

Competitive Landscape

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.

Medical Videoscopes Market Report Scope

Attribute	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered	North America Europe Asia Pacific Central & South America Middle East & Africa
Key Countries Covered	USA Canada Germany France the UK Russia Italy China Japan South Korea India Australia  Middle East Latin America
Key Market Segments Covered	Flexibilit Product End User Region
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  Welch Allyn, Inc. XION GmbH
Pricing	Available upon Request

Key Segments Covered in Medical Videoscopes Industry Research

• By Flexibility

  • Flexible Medical Videoscopes
  • Rigid Medical Videoscopes

• By Product

  • Cystoscopes
  • Neuroendoscopes
  • Urology Endoscopes
  • Arthroscopes
  • Laparoscopes
  • OB/GN Endoscopes
  • Otoscopes
  • Laryngoscopes
  • Nasopharyngoscopes
  • Rhinoscopes
  • Gastroscopes
  • Colonoscopes
  • Bronchoscopes
  • Duodenoscopes
  • Sigmoidoscopes

• By End User

  • Medical Videoscopes for Hospitals
  • Medical Videoscopes for Clinics