Medical Videoscope Market is driven by technological advancements in endoscopy cameras
Medical Videoscope Market by Product Type (Videoscopes and Visualization & Documentation Systems), Application (Bronchoscopy, Arthroscopy, Laparoscopy, Urology Endoscopy, Neuroendoscopy, Gastrointestinal Endoscopy, Obstetrics/Gynecology Endoscopy, ENT Endoscopy, and Others), and End User (Hospitals, Clinics, and Others)
A medical videoscope aids in enhancing the screening and visualization during various surgeries to closely observe the body cavities and organs. The global medical videoscope market consists of videoscopes and visualization systems, and has witnessed significant technological advancements in recent years. Endoscopic visualization systems are applicable in most endoscopic procedures and other video-assisted procedures (thoracic, bariatric, anterior/posterior spinal procedures, and others), helping surgeons to observe visceral body cavities and organs.
The medical videoscope market is driven by technological advancements in endoscopy cameras such as narrow band imaging (NBI) and an external miniature light source for flexible videoscopes. In addition, preference for minimally invasive surgeries along with high-performing products, such as desktop endoscope and miniaturized visualization systems, expected to boost the market growth. However, lack of skilled physicians and endoscopists is a key factor that hampers the growth of the market. High cost of endoscopic procedures and equipment, coupled with limited scope of reimbursements across developing countries, is a major challenge faced by the stakeholders. On the other hand, unmet medical demands, cost-effective medical videoscopes, and surge for favorable reimbursement policies in developing economies are anticipated to provide opportunities in the future. The global medical videoscope market registered $17,927 million in 2015, and is anticipated to reach $27,202 million by 2022, registering a CAGR of 5.9% from 2016 to 2022.
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The market is segmented based on product type, application, end user, and geography. On the basis of product type, the market is bifurcated into videoscopes and visualization & documentation systems. The videoscopes are further sub-segmented into videoscopy devices, capsule endoscopy, and robot-assisted endoscopy. The videoscopy devices are further categorized on the basis of flexibility and endoscope type into various segments. The flexible videoscopes holds the largest market share, owing to the technological advancements (ultrahigh definition technology, 4-light emitting diode multi-light technology, and others), a wide array of applications, and fastest recovery time.
On the basis of visualization & documentation systems, the market is divided into light sources, camera heads, wireless display & monitors, endoscopy cameras, endoscopy carts, digital documentation systems, video processors & video convertors, transmitters & receivers, and others (printers and digital capture systems). On the basis of application, it is categorized into bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuro-endoscopy, gastrointestinal endoscopy, obstetrics/gynecology endoscopy, ENT endoscopy, and other applications. The laparoscopy application was the highest revenue contributor in 2015, while gastrointestinal endoscopy section is anticipated to grow at the highest rate. The growth for gastrointestinal endoscopy is due to increase in demand for gastrointestinal endoscopic procedures and rise in demand for colorectal cancer screening.
Geographically, this market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with country-wise analysis. North America accounted for the largest market share in the medical videoscopes market in 2015, and is expected to retain its dominance throughout the forecast period. Well-equipped & better financed hospitals & clinics, high adoption rate for technologically advanced products, and sophisticated healthcare infrastructure are factors that fuel the market growth in this region. Moreover, U.S. is the target area for the top players in the market, owing to preventive measures taken by the population base and high prevalence rate of diseases such as cancer and GI diseases. However, Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to the improvement in healthcare facilities, available disposable income, and rapidly developing economic conditions.
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