Global Medical Cameras Market to Grow at a CAGR of 7.9%, during Forecast Period
Published | 27 September 2022
Global Medical Cameras Market is flourishing owing to the rising demand for endoscopic operations, an increase in the number of surgical procedures, improvements in medical camera technology, and rising investments in endoscopy and laparoscopy facilities.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Medical Cameras Market was worth USD 3.15 billion in the year 2021. The market is projected to grow at a CAGR of 7.9%, earning revenues of around USD 5.32 billion by the end of 2028. The Global Medical Cameras Market is booming because of the increase in surgical operations, rising endoscopic treatment demand, technological advancements, and higher investments in endoscopy and laparoscopy facilities. Also, due to increased government and corporate funding in health infrastructure and improvements in performance benchmarks for improved healthcare delivery, the need for such cameras is always increasing. These factors, together with continued developments in camera technology, undoubtedly contribute to the growth of the medical camera market. Furthermore, the high price of medical cameras, however, poses a substantial barrier to the market's growth. The availability of refurbished items, a shortage of skilled medical personnel, and product discontinuations are all significant barriers to market expansion.
Growing Technological Improvements
The market is expanding internationally primarily due to the rise in surgical procedures and technological advancements in medical cameras. Medical cameras are being used in an increasing number of surgical procedures, a trend that has accelerated in recent years. The increasing number of surgeries can be attributed to the aging of the global population and the rise in chronic diseases, both of which are driving up the demand for medical equipment. Many countries around the world are grappling with the problem of aging populations. According to the World Population Ageing 2019 report from the United Nations, there were 703 million individuals worldwide who were 65 or older in 2019. 1.5 billion individuals are projected to be senior seniors by 2050. Medical cameras are in high demand worldwide due to supportive government regulations and increased R&D spending. factors fueling the growth of the world market for medical cameras.
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Increasing Demand for Endoscopic Procedures
Increased prevalence of chronic illnesses and GI disorders such as colorectal, esophageal, or pancreatic malignancies, biliary disease, and inflammatory bowel diseases are among the primary factors promoting the growth of the flexible endoscope devices market. Additionally, there are enormous prospects for endoscopic re-processors because every endoscope needs to be decontaminated after use to prevent patient cross-contamination. A great opportunity exists for businesses already operating in or considering entering the endoscopic devices market as the market transitions from manual to standardized automated processing. This results in offering lucrative opportunities for the Global Medical Cameras Market during the forecast period (2022-2028).
Challenge: Scarcity of Qualified Medical Personnel
Endoscopy physicians and surgeons are in short supply worldwide. According to the Association of American Medical Colleges (AAMC), the United States will suffer a shortage of around 1,050 gastroenterologists by 2020. The country's need for colonoscopies is predicted to climb by 10%. This shortage of skilled endoscopy professionals extends to regions such as Asia Pacific, Latin America, and Europe (excluding the UK where training has been provided for nurse endoscopists for the last ten years by the United Kingdom Central Council for Nursing, Midwifery, and Health). All these factors boost the growth of the Global Medical Cameras Market during the forecast period (2022-2028).
Segmental Coverage
Global Medical Cameras Market - By Resolution
Based on the resolution, the Global Medical Cameras Market is segmented into Standard Definition (SD) Cameras and High-definition (HD) Cameras. High-definition cameras hold the greatest proportion of the global medical camera market. The huge proportion of this category can be attributable mostly to the increased demand for HD cameras among end users as a result of the critical need for high-quality photographs in medical specialties. This influences the high-definition cameras segment to dominate the market share in the upcoming years.
Impact of COVID-19 on Global Medical Cameras Market
The majority of nations have experienced COVID-19-related healthcare service disruptions; the worst affected are the US, Russia, Spain, Italy, the UK, India, Germany, and Iran. The epidemic has caused diagnostic processes to be delayed in numerous nations globally. The market for medical cameras suffered from the postponement of operations and other treatments. According to a study published in the Gastrojournal titled "Global Impact of the COVID-19 Pandemic on Endoscopy," the number of endoscopic procedures carried out during the pandemic significantly decreased. Between April 23 and May 12, 2020, 252 endoscopy units around the world participated in the study. 2,069,447 endoscopic procedures were carried out by these endoscopy units in a single year. Endoscopic units reported an average 83% decrease in overall endoscopy volumes during the COVID-19 pandemic compared to baseline.
Competitive Landscape
The leading market players in the Global Medical Cameras Market are Olympus Corporation, Richard Wolf GmbH, Topcon Corporation, Sony Corporation, Stryker Corporation, Danaher, Canon Inc., Carl Zeiss Ag, Smith & Nephew, Carestream Dental LLC, Basler Ag, Atmos Medizintechnik GmbH & Co. Kg, Imperx, Inc, Ids Imaging Development Systems GmbH, Optomed plc, Haag-Streit Group, Cymo B.V., Diaspective Vision, Dage-Mti, Fude Technology Group Limited, Healthtech Engineers Private Limited, Scholly Fiberoptic GmbH, Medicam, Esc Medicams, Tonglu Kanger Medical Instrument Co., Ltd, and other prominent players. The Global Medical Cameras Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Medical Cameras Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Medical Cameras Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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