Medical Camera Market trends and development over 2021-2027 influenced by the demand for hi-tech camera and imaging systems in areas including microscopy, endoscopy, ophthalmology, pathology, rheumatology, biomedical research, lab automation, and others. Also, increased consumer preference for minimally invasive procedures is being witnessed globally, creating a demand for advanced operating rooms with the best-quality equipment. As a result, investments in high-quality cameras for operating rooms and other medical facilities is on the rise.
Medical cameras are high-resolution systems that ensure accurate diagnosis, enabling providers to make precise interpretations. The demand for such cameras is continuous increasing due to growing government and private funding in health infrastructure and improvements in performance benchmarks for better healthcare delivery. These factors along with ongoing advances in camera technology will certainly augment the medical camera market growth.
Endoscopy cameras are expected to showcase robust demand through 2027 led by the increasing number of gastritis, ulcers, digestive tract issues and other cases globally. The implementation of high-quality imaging in endoscopic cameras is growing to achieve improved disease diagnosis. Wide occurrence of numerous diseases requiring endoscopy for diagnosis will fuel the demand for endoscopy cameras. This demand will be further amplified by consumer inclination towards minimally invasive procedures.
Geographically, North America is poised to be among the most lucrative medical camera markets. The regional growth trends can be associated with the presence of established medical device makers and a robust healthcare infrastructure. North America is home to a large elderly population base. Large-scale occurrence of numerous chronic and lifestyle associated diseases among elderly individuals will propel the demand for medical cameras. Ongoing R&D projects in healthcare requiring advanced camera and imaging systems will present the regional market players with promising opportunities.
Sony Corporation, Smith & Nephew, Stryker, Olympus, and Carestream Health (Onex Corporation) are some of the leading manufacturers of camera technologies for healthcare sector. These companies are continuously working towards developing advanced camera systems with improved resolution and clarity to enhance accuracy in medical diagnosis and procedures. Besides these companies, numerous other manufacturers are making their way into the medical camera market.
For instance, medical devices maker Indago had raised USD 10 million through a financing round in June 2021. The company aims to utilize these funds to finish the pre-submission testing of its ArthroFree wireless camera system, and to receive FDA clearance for the technology.
The outbreak and rapid spread of the COVID-19 pandemic has exposed vulnerabilities in healthcare systems globally. In a bid to minimize the risk of hospital associated infections to patients and frontline workers, and to conserve critical resources, many countries had enforced a temporary restriction on elective surgeries in 2020. For instance, the U.S. government had enacted a temporary ban on elective procedures in most states between March and May 2020. Similar efforts worldwide had led to reduced number of surgical procedures, resulting in a weakened demand for camera systems.
However, these restrictions have led to a significant backlog of uncompleted surgical procedures during 2020, as well as a huge backlog of elective surgeries that continued to be delayed owing to diminished capacity of healthcare systems. As a result, as government restrictions are being lifted in many parts of the world, healthcare providers are focusing on implementing ramp up strategies. This could drive new investments in advanced medical diagnosis and treatment technologies, including camera and imaging systems, indicating a positive growth trend for the market over 2021-2027.