Report Overview

According to the deep-dive market assessment study by Growth+ Reports, the global medical videoscopes market was valued at US$ 18.4 billion in 2021. The market is expected to witness a CAGR of 7% from 2022 to 2030.

Market Fundamentals

A medical videoscope is a medical optical device with lights attached to a screen that carries out diagnostic procedures inside hollow organs and cavities of the body, including the brain, esophagus, lungs, abdomen, gastrointestinal (GI) tract, and others.

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Market Dynamics 

The increasing preference for minimally invasive procedures has increased the demand for endoscopy significantly. Moreover, the endoscope procedure is cost-effective compared to the open surgeries in terms of pre- and post-operation care costs. The hospital stay is also short, thus boosting the growth of the global medical videoscopes market. The adoption of advanced technologies and rise in the innovation related to endoscopy includes miniaturization of endoscopes, increased angles in the field of view in endoscopes, incorporation with high-resolution technologies, and reducing the diameter of endoscopes is also increasing the demand for medical videoscopes. Additionally, the rising prevalence of diseases requiring endoscopies, such as bleeding the digestive tract, irregular growth in the colon, sores, and gastrointestinal disorders, is also pivotal in developing the global market.

Similarly, the rising geriatric and obese population is also propelling the global market as they are more susceptible to gastrointestinal and ophthalmic diseases and cancer. The presence of a good reimbursement policy in some regions is also expected to propel the growth of the global market. However, the lack of skilled healthcare specialists who perform endoscopic surgeries is the primary factor that is hampering the global medical videoscopes market. Moreover, the cost of endoscope equipment is very high in most developing countries. The reimbursement scenario in these countries also restricts market growth. 

Market Ecosystem

The global medical videoscopes market has been analyzed from three perspectives: product, application, and region. 

Medical Videoscopes Market by Product

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Based on products, the global medical videoscopes market is segmented into visualization systems and video endoscopes. The visualization system segment dominates the global medical videoscopes market with the largest market share in 2021. The visualization system is further sub-segmented into endoscopic cameras, endoscopic light sources, endoscopic light sources, camera heads, video converters, video processors, video recorders, transmitters & receivers, and others. Among these, endoscopic cameras are expected to have the largest share of the visualization system segment due to the adoption of advanced technological systems such as HD 3-chip cameras, 360-degree, 3D imaging systems, and ultra-high-defined LED multi-light technology. Furthermore, a broad range of applications providing video assisting in surgical procedures such as thoracic, anterior, and posterior spinal surgeries, bariatric, and general endoscopic fuel the segment growth. 

Medical Videoscopes Market by Application 

Based on application, the global medical videoscopes market is bifurcated into laparoscopy, arthroscopy, obstetrics/gynecology, gastrointestinal (GI) endoscopy, urology endoscopy (cystoscopy), bronchoscopy, mediastinoscopy, otoscopy, laryngoscopy, and others. The laparoscopy segment held the largest market share of the global medical videoscope in 2021. The large percentage of the laparoscopy segment can be attributed to the wide use of laparoscopy in different surgeries, including cholecystectomy (gallbladder removal), appendectomy (appendix removal), small tumor removals, biopsies, gastric bypass surgery etc. The rising obese population is increasing the demand for bariatric surgeries for weight reduction, thus increasing the need for laparoscopy. Moreover, the rising market for minimally invasive procedure is also anticipated to boost segment growth.

Medical Videoscopes Market by Region

Based on region, the global medical videoscopes market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global medical videoscopes market in 2021, followed by Europe. Asia Pacific market is anticipated to grow at the fastest CAGR during the forecast period. The large share of North America can largely be attributed to the increasing incidence of cancer and orthopedic, gastrointestinal, and ophthalmic diseases. The adoption of advanced technology and the presence of well-developed healthcare infrastructure are also pivotal in regional growth. Moreover, the increased demand for minimally invasive procedures and the company of the top market players are also expected to propel the region's growth. 

Competitive Landscape

Some of the prominent players operating in the global medical videoscopes market are:

• Olympus Corporation
• Stryker Corporation
• Fujifilm Holding Corporation
• KARL STORZ GmbH & Co. KG
• ConMed Corporation
• Pentax Medical System (Hoya Corporation)
• Smith and Nephew; Plc.
• Medtronic; Plc
• Arthrex; Inc
• Welch Allyn; Inc.
• XION GmbH
• US Endoscopy
• Richard Wolf GmbH

Strategic Developments

• In September 2020, Olympus Corporation announced the launch of its VISERA ELITE III a surgical visualization platform. It provides various imaging functions; all supported in one system enabling minimally invasive therapies such as Laparoscopic Colectomy and Laparoscopic Cholecystectomy.
• In September 2020, Fujifilm received regulatory approval for its latest generation Endoscopic Ultrasound endoscope (EG-740UT) combined with ARIETTA 850 FF ENDO for the upper gastrointestinal tract. 
• In April 2020, SonoScape got U.S. FDA  510(k) clearance for its HD-550 endoscopy system for gastrointestinal diagnosis. This system provides a 4-LED light source that supports 1080P high definition and enables multi-mode and multi-spectrum.

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