The global medical videoscopes market is expected to witness lucrative growth during the forecast period owing to increasing applications of videoscopes in surgery, the growing development of novel technologies, and increasing grants and funds by the government for research and development. Some of the other factors that will be responsible for the growth of the market include increased patient inclination toward micro-imaging platforms, the introduction of endoscopes as thin as human hair, and technological advancements such as Ultrafine technology’s innovative desktop endoscope and Microcam which is an innovative micro-imaging platform.
The increasing incidences of diseases that require the usage of medical video scopes are further expected to fuel market demand throughout the forecast period. Medical videoscopes are used to take visual feedback in medical and surgical settings to obtain internal bodily images. The real-time video images taken by videoscopes are displayed to the surgeons while ongoing surgical procedures or a medical examination.
The medical videoscopes market is segmented on the basis of applications, visualization systems, and products available. Products offered in the medical videoscope market comprise visualization systems, flexible videoscopes, and rigid videoscopes. On the basis of application, medical videoscopes include arthroscopy, mediastinoscopy, laparoscopy, gastrointestinal endoscopy, bronchoscopy, cystoscopy, gynecology, laryngoscopy, and otoscopy. Moreover, the visualization segment also includes video processors, video recorders, video converters, endoscopic cameras, wireless displays, camera heads, receivers, transmitters, and monitors.
The visualization system market is expected to witness lucrative growth through 2022 owing to the introduction of novel avenues of applications in a number of endoscopic procedures and in all categories of video-assisted procedures, such as bariatric, general endoscopic, thoracic, laparoscopic, and posterior/anterior spinal procedures. Increasing the cost-effectiveness of endoscopic procedures in terms of duration of stay at hospitals and post and pre-operation care costs is further expected to fuel market demand. Furthermore, an increasing number of technological advancements in visualization systems such as the evolution of large handheld endoscopic cameras into thin single-chip ultra-fine cameras and the production of 360O 3D images as compared to the older two-dimensional imaging cameras have remodeled the global medical video and imaging market.
The geographical analysis of the medical videoscope industry divides it into North America, Europe, Asia-Pacific, and Latin America & MEA. North America accounts for the largest share of the revenue for 2014 and the Asia Pacific is expected to grow at a significant rate in the next seven years. This expected growth is attributed to the increasing number of surgeries and procedures employing videoscope and the introduction of high-resolution technologies high definition 3D technology.
Various other factors that are driving the growth of the medical videoscope market are the growing median age of the population as well as growing incidences of ophthalmic, orthopedic, and gastrointestinal diseases as well as cancer. The growing application of endoscopic technology being used for the treatment of major disorders like gastroesophageal reflux disorder (GERD), cancer, and obesity is also expected to fuel market demand through 2022.
The key participants in the global medical videoscope market include Welch Allyn, Inc., Olympus Corporation, Plc ConMed Corporation, KARL STORZ GmbH & Co., KG Fujifilm Holding Corporation, Richard Wolf GmbH, ConMed Corporation, Welch Allyn, Inc., Stryker Corporation, Hoya Corporation, Smith and Nephew PLC and XION GmbH.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.