Fact.MR – A Market Research and Competitive Intelligence Provider: Fact. MR in its latest report forecasts that the global sales of medical camera will witness a 1.4X increase during the forecast period, reaching a market valuation of around US$5 Bn by 2031 end.
Sales of Endoscopy Camera will soar at 8% CAGR amid Rise in Minimally Invasive Procedures
A Fact.MR survey on medical camera market offers detailed analysis on growth drivers and trends affecting demand in terms of camera type, sensor, resolution and region. It also highlights various strategies adopted by key market players to gain a competitive edge in the self-care medical devices market.
Fact.MR – A Market Research and Competitive Intelligence Provider: Fact. MR in its latest report forecasts that the global sales of medical camera will witness a 1.4X increase during the forecast period, reaching a market valuation of around US$5 Bn by 2031 end. The market is set to register a CAGR of over 8% between 2021 and 2031.
Increasing number of surgeries, growing consumer preference for minimal invasive procedures, advancements in camera technology and rising prevalence of chronic diseases including digestive disorders are some of the factors driving the medical camera market.
With the growing demand for high-definition cameras in surgeries and endoscopic procedures worldwide, the sales of medical cameras are soaring.
Technological advancements have paved way for the development of sophisticated medical cameras. These high-resolution cameras are increasingly relied on for various medical purposes such as diagnosis, delivering therapy, and performing surgery.
Introduction of camera capsules has completely revolutionized the approach to digestive diseases investigation and management. Thanks to the development of Capsule endoscopy, the puzzle of diagnosing and treating small intestine and stomach diseases without performing surgery has been solved. Huge number of capsule endoscopies are being performed across the globe.
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Rising geriatric population has been a key factor igniting the demand for minimally invasive procedures. As a result, more and more artificial intelligence based (AI) medical cameras are being utilized.
The scope of medical cameras is vast. These cameras find application in microscopy, pathology, endoscopy, lab automation, rheumatology and other applications. Availability of 4k 3D imaging solutions also play a vital role in enhancing medical training and education.
With over 40% market share, endoscopy camera segment dominates the medical camera market. Owing to the increasing number of endoscopic procedures worldwide, the sales of medical cameras are soaring. Endoscopies are minimally invasive procedures, performed for investigation, confirmation and treatment purposes.
North America leads the medical camera market with a share of around 50%. This can be attributed to various factors such as increasing number of minimally invasive procedures, technological advancements and presence of key market players.
“Increasing investment in medical camera technology and rising preference for minimally invasive procedures will continue to drive medical cameras sales through the forecast period. With a gamut of technological advancements on card to offer greater precision and high definition images, market players can expect impressive growth on cards,” says the Fact. MR analyst.
Key Takeaways from Medical Camera Market Survey
- The U.S. dominates the medical camera market, owing to the increasing prevalence of various diseases that require endoscopies for diagnosis and treatment. The U.S market was valued at over US$ 800 Mn in 2020.
- Due to the presence of a high percentage of geriatric population, the market in China is set to reach a valuation of around US$ 360 Mn by 2031 end.
- The market in Japan is set to expand at around 4% CAGR between 2021 and 2031.
- Endoscopy cameras are expected to capture over 40% market share as a result of increasing number of endoscopic procedures.
- Based on resolution, the High-definition (HD) cameras segment leads the market.
Key Drivers
- Increasing number of surgical procedures is mainly driving the growth of medical camera market.
- Rise in minimally invasive procedures fuel the demand for advanced medical cameras.
- Technological advancements in medical devices and cameras are likely to drive the growth of the market during the forecast period.
- Increasing incidence of chronic diseases along with rising geriatric population is positively impacting the demand for medical cameras.
Key Restraints
- High cost of medical cameras is hampering the growth of market.
- Shortage of trained medical professionals and availability of refurbished products poise a serious impediment to market growth.
- COVID-19 negatively impacted the market as a result of decline in surgeries and endoscopic procedures.
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Competitive Landscape
Key Companies operating in the medical camera market are investing heavily on research and development activities. They have adopted various organic and inorganic strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
- In July 2020, Smith+Nephew, the global medical technology business launched its next generation robotics“the CORI◊ Surgical System” with the aim of making robotic surgical procedures better and faster. CORI includes new camera technology which is over four times faster and offers more efficient cutting technology.
- In july 2021, Virtual Dental Care, the makers of Teledentix mobile and teledentristry software and Holland Healthcare, makers of the TelScope partnered in order to create seamless teledentristry solution. With the integration of TelScope and Teledentix, patients and provides will be able to turn any smart device into an intraoral camera to capture high quality images and video into the secure Teledentix patient record.
- In November 2020, OptaSensor launched one of the smallest commercially available digital camera “OsirisM”with high resolution. Owing to its tiny design (1x1 mm), the OsirisM camera can be integrated in medical disposable endoscopes including ureteroscopes and arthroscopes.
Some of the prominent players operating in the medical camera market profiled by Fact.MR are:
- Olympus Corporation
- Sony Corporation
- Basler AG
- IMPERX, Inc.
- Optomed Plc
- IDS Imaging Development Systems GmbH
- Danaher
- Carestream Health, Inc.
- Stryker Corporation
- Richard Wolf GmbH
- Smith & Nephew PLC
- Leica Microsystems
- Carl Zeiss AG
- Hamamatsu Photonics K.K.
- Topcon Corporation
- Canon Inc.
More Insights on the Global Medical Camera Sales Outlook
Fact.MR provides an unbiased analysis of medical camera market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for medical camera with a detailed segmentation on the basis of:
Type
- Dental Cameras
- Dermatology Cameras
- Endoscopy Cameras
- Ophthalmology Cameras
- Surgical Microscopy Cameras
Sensor
- Charge Couple Devices (CCD)
- Complementary Metal-oxide Semiconductors (CMOS)
Resolution
- High Definition Medical Cameras
- Standard Definition Medical Cameras
End User
- Medical Cameras for Hospitals
- Medical Cameras for Diagnostic Centers
- Medical Cameras for Academic and Research Institutes
- Medical Cameras for Ambulatory Surgery Centers
Key Questions Covered in the Medical Camera Sales Outlook Report
- The report offers insight into medical camera demand outlook for 2021-2031
- The market study also highlights projected sales growth for medical camera market between 2021 and 2031
- Medical camera market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Medical camera market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore Fact.MR’s Coverage on the Healthcare Domain –
ENT Cameras Market- Due to its market presence in today’s world, the global market for ENT Cameras is predicted to increase at a modest rate throughout the forecast period. However, with technological improvements also affecting the ENT Cameras market, product availability and exposure may be impacted. The majority of the increase is due to an increase in the number of ENT Cameras used in reported cases; surgical treatments are performed using ENT Cameras in the generic market, and thus there is fierce competition among local and regional players to develop products that are highly compatible and useful to the majority of users.
Medical Device Technologies Market- The use of minimally invasive (MI) and non-invasive diagnostic techniques has become increasingly popular over time. Today, MI operations are gaining popularity, notably in the treatment of cancer, particularly solid tumors. These operations have fewer problems, lower the risk of infection, are less painful, and take less time to recover from. As a result of these benefits, their usage has expanded, boosting the medical device technologies market’s growth prospects. Medical device technologies will continue to be influenced by technological advances such as mHealth devices, continuous glucose monitoring systems, and insulin administration systems.
Endoscopy Ultrasound Market- Since a few years, the scope of the global endoscopy ultrasound market has expanded. This is mostly due to an increase in the global incidence of gastrointestinal malignancies. Due to the current COVID-19 epidemic, healthcare personnel are delaying elective endoscopic ultrasonography treatments in order to prevent infection of healthcare workers by infected patients. In the short term, this is expected to have a mild influence on the market. The global endoscopic ultrasound market is expected to grow at a healthy rate as a result of these factors. Throughout the forecast period, endoscope segments will dominate the global endoscopy ultrasound market
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Source: Fact.MR