Medical Videoscopes Market to Set Phenomenal Growth from 2018 to 2025
Medical videoscope can be defined as an equipment employed to illuminate the body cavities to obtain internal body images in medical and surgical settings. These real-time images taken by videoscopes are displayed in front of surgeons during the medical examination or surgical procedure to enable them to have a clear idea of the patient’s medical condition. Medical videoscopes enable the screening and diagnostic intervention of visceral organs and hollow cavities of the human body including the lungs, the abdomen, the brain, and the gastrointestinal (GI) tract. Rise in the prevalence of ailments such as ulcers, abnormal growth of the colon, digestive tract bleeding, and abdominal pain, which generates the demand for endoscopic procedures, is one of the primary factors responsible for growth of the medical videoscopes market.
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The market for medical videoscopes is anticipated to expand significantly during the forecast period, owing to the rising median age of the population, growing incidence of ophthalmic and gastrointestinal diseases, and increasing application of the medical videoscope technology in the treatment of gastroesophageal reflux disorder (GERD) and cancer. Technological advancements in visualization systems include increased angles of view in endoscopes and incorporation of high-resolution technologies such as miniaturized endoscopy systems and 3D systems. In addition, cost-effectiveness of endoscopy procedures in terms of pre- and post- surgery costs and long duration of hospital stays promotes the growth of the market. Furthermore, rising demand for minimally invasive procedures is likely to fuel the medical videoscopes market in the near future. However, dearth of surgeons and endoscopy physicians trained in performing endoscopic surgeries and high cost of endoscopic equipment are factors projected to hamper the market during the forecast period.
The global medical videoscopes market can be segmented based on product, application, end-user, and region. Based on product, the market can be segmented into videoscopes and visualization systems. The videoscopes segment can be sub-classified into rigid videoscopes and flexible videoscopes. Rigid videoscopes include urology endoscopes, laparoscopes, arthroscopes, gynecology endoscopes, and others. Flexible videoscopes include laryngoscopes, bronchoscopes, colonoscopies, rhinoscopes, and others. The visualization systems segment can be sub-divided into endoscopic cameras, video recorders, wireless displays, video converters, light sources, and others. Based on application, the market for medical videoscopes can be segmented into gastrointestinal, gynecology, mediastinoscopy, laryngoscopy, urology endoscopy, and others. Based on end-user, the market can be segmented into hospitals, diagnostic centers, clinics, and others.
Geographically, the global medical videoscopes market can be segmented into five regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America accounted for the leading share of the global market in terms of revenue in 2016 and is anticipated to continue its dominance during the forecast period. Europe is expected to follow North America in the market for medical videoscopes. However, sluggish growth of the economy in the region is likely to negatively impact the market in Europe during the forecast period. The market in Asia Pacific is anticipated to register a significantly high CAGR from 2017 to 2025, owing to factors such as increasing health care expenditure by governments, rising research funding, growing awareness related to endoscopic procedures among people, surging number of training centers for endoscopy, and focus on developing endoscopic infrastructure in the region.
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Leading players operating in the global medical videoscopes market are Stryker Corporation, Fujifilm Holding Corporation, Smith and Nephew plc, Olympus Corporation, Cook Medical, Medtronic plc, Siemens Healthcare, KARL STORZ GmbH & Co., KG, Welch Allyn, Inc., Richard Wolf GmbH, Hoya Corporation, and ConMed Corporation.
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