As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global market for medical videoscopes was estimated at US$ 22 Bn in 2020, and is expected to top US$ 30 Bn by 2031.
Medical videoscopes see huge demand across the globe owing to their wide application areas as well as flexibility in terms of specification of instruments, which fits in with the various requirements of different procedures.
The market has seen an extraordinary amount of technological advancements and breakthroughs in the last few years, as companies have focused on developing products capable of reducing pain, curtailing the number of sick days, and reducing the overall cost of treatment.
Demand for medical videoscopes market is expected to witness lucrative growth owing to rising application in surgery, growing development of novel technologies, and increasing grants & funds by government for research & development.
Other factors that will be responsible for market growth include increased patient inclination towards micro-imaging platforms, introduction of endoscopes as thin as a human hair, and technological advancements such as Ultrafine technology’s innovative desktop endoscope and microcam, which is an innovative micro-imaging platform.
Key Takeaways from Market Study
- Key factors driving demand for medical videoscopes are rise in patient inclination towards non-invasive surgical procedures and technological advancements in the field of endoscopy.
- North America holds close to 30% global market share for medical videoscopes.
- Huge population base and the governments’ increased expenditure on public health are driving demand for medical videoscopes in Asia Pacific.
- Global demand for medical videoscopes in bronchoscopy is expected to expand at a CARG of 6%through 2031.
- Global demand for medical videoscopes in arthroscopy is expected to expand at a CAGR of 4% over the next ten years.
“With the prevalence of chronic diseases requiring endoscopy on the rise, demand for medical videoscopes is set to increase over the coming years”.
To sustain in the competition, key players in the industry are adopting the strategy of acquisitions, expansion, product development, and agreements. Many major players are also focusing on growth strategies such as product launches, product approvals, and patents and events.
The market is in its growth phase, and is anticipated to offer lucrative growth opportunities for manufacturers of medical videoscopes over the coming years.