Analysis of Medical Camera market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global medical camera market was valued at around US$ 3 Billion in 2020, and is projected to expand 1.4X to top US$ 5 Billlion by 2031.
Demand for medical cameras for endoscopy is set to capture over 40% market share, with North America holding around 50% global market share over the decade.
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As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for medical cameras expanded at close to 4% CAGR. In 2020, the market was valued at around US$ 3 Bn.
Medical cameras have gained an indispensable position in modern medicine. Images and videos released from medical cameras are currently used across life science applications where visual study requires documentation. These cameras find an array of application majorly in microscopy, ophthalmology, pathology, endoscopy, lab automation, biomedical research, rheumatology, and other specialties.
These products ensure accurate diagnosis thereby facilitating the doctors to make precise and appropriate interpretations. Performance benchmarks are increasing to ensure better healthcare delivery, owing to the increasing private funding and investments in healthcare facilities and infrastructure.
Consistent technological advancements coupled with increased acceptance and application of medical cameras is expected to lead to healthy market growth during the forecast period.
All these factors create an ideal environment for medical cameras across the world, and the market is expected to top a valuation of US$ 5 Bn by 2031.
Medical cameras using infrared technology generate various wavelengths, which are a series of events that determine properties such as water content, chemical components and temperature, which cannot be done with regular camera.
Cameras having thermal imaging features can detect inflamed tissue or abnormal blood circulation. 3D medical imaging is used in various applications such as cosmetic surgery simulation, monitoring of rheumatoid arthritis, and dental prosthesis.
High speed imaging techniques can capture and process the movements of a person suffering from muscular-skeletal diseases.
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Medical cameras assist surgeons and clinical staff by providing images during various medical procedures. They are designed expertly to help doctors investigate the internal condition of patients.
These cameras have advanced technologies that help detect individual particles of light, called photons. These devices are small tools that enable surgeons perform various procedures through smaller incisions.
In addition, cameras are placed in one of the trocars for enhancing, enlarging, and illuminating various organs and structures, therefore providing a magnified view for better visualization and aiding in surgical procedures.
North America dominates the market with a share of around 50%, due to widespread technological advancements and presence of chief market players. Rise in the geriatric population is expected to increase the prevalence of various diseases, leading to high demand of medical cameras in the region.
Swift acceptance of latest equipment, escalating per capita spending on healthcare, and increase in investments in research & development will further boost the growth of the market in the region during the forecast period.
The market in the U.S. was valued at over US$ 800 Mn in 2020. Increasing funding by government agencies for the development of healthcare infrastructure and medical equipment is expected to drive market growth.
According to the National Health Expenditure Accounts (NHEA), the U.S. spent US$ 54.4 Bn on durable medical equipment in 2017. Furthermore, the medical camera market size is expanding, owing to their use in various applications in endoscopy such as gastroscopy, colonoscopy, bronchoscopy, and laryngoscopy.
The U.S. is expected to hold a dominant position over the forecast period owing to increasing prevalence of gastrointestinal diseases that require endoscopies for diagnosis. In 2018, as per the New England Journal of Medicine (NEJM), around 18 Mn endoscopies were performed in the U.S. including 11 Mn colonoscopies.
Moreover, new technological advancements are also contributing to the growth of the market in the country.
By 2031, China is expected to have a market of roughly US$ 360 Mn. China spends 6% of its GDP on healthcare, according to estimates, and its medical equipment market has grown by double digits for the previous three decades.
China has a huge patient population mainly due to the rapidly growing senior population and subsequent increase in the prevalence of ophthalmological & dermatological diseases. Treatment for these diseases demands the use of endoscopes, retinal cameras, and intraoral cameras.
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Rising endoscopy procedures are one of the major factor driving the growth of the market. Furthermore, there is increasing usage of minimally invasive surgical techniques, owing to the benefits associated with it, such as increased safety, decreased scarring, faster recovery, and reduced length of hospital stay.
In addition, there is rising preference for high-quality imaging cameras. Moreover, another major factor driving the growth of the Medical Cameras market includes an increased usage of endoscopic devices has been observed in disease diagnosis.
Growing prevalence of diseases that can be detected by endoscopy has increased the demand for these devices. The current generation of endoscopic cameras is either equipped with CMOS (Complementary Metal Oxide Semiconductor) sensors or CCD (Charge-Coupled Device) sensors.
Growing incidence of chronic diseases and the need for advanced diagnostics are expected to propel demand for endoscopic cameras.
Growing need for high-definition visuals in surgical procedures is expected to increase demand for medical cameras in hospitals. Rising shift from open surgeries to minimally invasive procedures along with advances in technology in the field of surgery have increased the need for more flexible operating rooms with advanced equipment.
There is an increasing trend of buying HD cameras for operating rooms and other medical facilities. Significant requirement of high-quality images (HD cameras) in medical specialties is expected to lead to high market growth over the forecast period.
COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact industry growth during the forecast period.
The medical camera market has been damaged by the COVID-19 pandemic as well. Medical device makers such as pharmaceutical businesses rely heavily on healthcare facilities to obtain data for clinical trials.
Medical cameras must go through a series of pre- and post-market clinical investigations before receiving market authorization certificates. Due of the worldwide pandemic, medical camera businesses are finding it harder to make educated judgments regarding their products, supply networks, and regulatory duties.
Medical and healthcare departments are operating at full capacity to treat patients as the COVID-19 pandemic spreads. This has led to advancements in technologies and products being used in healthcare. 2021 is projected to be better, with the market regaining its original traction by 2022.
Major players with a prominent share in the market are focusing on expanding their customer base across several end-user industries.
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The global medical camera market is worth around US$ 3 Bn at present, according to Fact.MR.
The market for medical cameras is projected to rise at a CAGR of over 8% during 2021 – 2031.
Investments in healthcare facilities around the world are largely expected to shape market expansion.
Over the forecast period, endoscopic devices are likely to be a major demand driver for medical cameras.
Top 5 key manufacturers of medical cameras account for around 40% share in the global market.
Top 5 countries driving demand for medical cameras are the U.S., China, Japan, Canada, and Germany.
North America accounts for around 50% of global medical camera demand, and will continue to flourish over the years ahead.
The European market for medical cameras is projected to expand at a CAGR of more than 4% during 2021 – 2031.
The market in South Korea and Japan is set to expand at around 4% CAGR each, over the next ten years.
The global market increased at a CAGR of close to 4% during 2016 – 2020.
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