Medical Videoscope Market size is projected to witness significant growth from 2019 to 2025.
Increasing medical conditions such as bleeding digestive tract, irregular growth in colon, sores, gastrointestinal diseases, and abdominal ache are factors driving medical videoscope market growth. As these conditions are possible to be diagnosed by endoscopy, medical videoscope is applied in this field and many other areas that upsurges industry size growth.
Wide product portfolio of medical videoscope market allows doctors to diagnose diseases effectively. This includes arthroscopes, gynecology endoscopes, colonoscopes, laparoscopes, rhinoscopes, cystoscopes, nasopharyngoscopes, sigmoidoscopes, urology endoscopes, neuroendoscopes, duodenoscopes, upper GI endoscopes, and bronchoscopes. Moreover, availability of these devices in rigid as well as flexible forms are extremely easy-to-use by physicians, hence propelling the market growth.
Rising patient preference as well as demand for minimally invasive surgical procedures have increased the demand for medical videoscopes. Additionally, associated benefits such as these minimally invasive procedures are endoscopic, cost-effective as compared to open surgeries in terms of stay in hospitals along with pre- and post-operation costs. Such factors are rendering positive impact on the business growth.
As per the CDC, in May 2017, approximately 14.8 million adults in the U.S. alone were diagnosed with digestive ulcers. This accounted for around 6.1% and 32.2 million visits to physicians regarding primary diagnosis of digestive system. Such high prevalence upsurges revenue size, thereby increasing the adoption rate of medical videoscope.
Dearth of expert physicians, restricted reimbursements across emerging nations, and high cost of endoscopic equipment are challenging factors that will hamper the medical videoscope market growth.
Endoscopic cameras are projected to dominate visualization systems segment over the forecast timeframe. This is attributed to technologically advanced systems that includes 3600 3D images, ultra-fine single chip cameras, and ultra-high defined LED multi-light technology. In addition, wide-range of applications in surgical procedures (by video assisting) such as thoracic, anterior, posterior spinal surgeries, bariatric, laparoscopic, and general endoscopic are anticipated to propel industry growth.
Laparoscopy application segment held major revenue share in 2018 owing to rising demand for minimally invasive procedures through laparoscopy coupled with increasing obesity that will upsurge the requirement for bariatric surgeries and aid in weight reduction. Associated advantages such as enhanced visualization, magnifying optics along with high definition properties, surgical navigation, and augmented reality are few factors stimulating laparoscopy segment business growth.
U.S. dominated medical videoscopes market due to increasing incidence of cancer, orthopedic, gastrointestinal, and ophthalmic diseases along with high adoption of advanced devices for surgeries. In addition, rising application of endoscopic technology in the treatment of obesity, and gastroesophageal reflux disorder (GERD) is boosting medical videoscopes market growth over the coming years.
China and India will grow lucratively owing to rising number of endoscopic procedures, increasing healthcare expenditure coupled with improvements in healthcare infrastructure. Moreover, initiatives such as research activities, formation of training hubs for endoscopy in countries such as Japan, India, and China are factors propelling business growth. Unmet demands and increasing awareness amongst patients about minimally invasive surgery will result in future growth opportunities for medical videoscope market.
Some of the business players include Stryker, ConMed, Richard Wolf, Fujifilm Holding, Olympus, Hoya (Pentax Medical System), Welch Allyn, Karl Storz, XION, US Endoscopy, Arthrex, and Medtronic. The company players focus on strategic alliances, acquisitions and partnership to sustain in the market. For instance, in June 2017, Olympus announced launch of ENDOEYE 3D video telescope that is a 3D surgical endoscope supporting fast and precise surgery.
Medical Videoscope Market, by Product, 2014-2025 (USD Million)
Medical Videoscope Market, by Application, 2014-2025 (USD Million)
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