Video Laryngoscope Market
Number of pages: 100 | Report Format: PDF | Published date: June 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 345.39 million |
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Revenue Forecast in 2031 |
US$ 1,381.26 million |
|
CAGR |
16.65% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product, Device Type, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global video laryngoscope market was valued at US$ 345.39 million in 2022 and is expected to register a revenue CAGR of 16.65% to reach US$ 1,381.26 million by 2031.
Video Laryngoscope Market Fundamentals
The video laryngoscope is a cutting-edge medical device that visualizes the larynx and guides the endotracheal tube during intubation procedures. It offers significant advantages over traditional direct laryngoscopes, such as improved visualization, reduced intubation difficulty, and enhanced patient safety. The video laryngoscope market has witnessed significant trends and opportunities in recent years. Technological advancements, including high-definition imaging and wireless connectivity, have revolutionized the field, making video laryngoscopes more user-friendly and reliable. The growing prevalence of respiratory diseases, increasing demand for minimally invasive procedures, and a focus on patient safety have also expanded the market.
With the ongoing progression of the global video laryngoscope market, players are implementing diverse strategies to maximize their potential gains. Manufacturers are investing in research and development to introduce advanced features and functionalities in video laryngoscopes. They are also focusing on expanding their distribution networks to reach untapped markets and collaborating with healthcare institutions to conduct training programs for healthcare professionals. Furthermore, strategic partnerships, mergers, and acquisitions are undertaken to enhance product portfolios and gain a competitive edge. These initiatives by market players are driving innovation and promoting the adoption of video laryngoscopes in diverse healthcare settings.
Video Laryngoscope Market Dynamics
The rise in cases of various conditions, such as upper respiratory tract infections (URTIs) which encompass common cold, laryngitis, pharyngitis/tonsillitis, acute rhinitis, acute rhinosinusitis, and acute otitis media, is the main driving factor driving the growth of the global video laryngoscope market. According to the National Centre for Biotechnology Information, in 2022, around 12 million ambulatory care visits in the United States of America are due to acute pharyngitis, which accounts for 1 to 2 percent of all such visits annually. This is major since upper respiratory tract infections are highly contagious and can spread rapidly through close contact with infected individuals or contaminated surfaces. The rise in air pollution levels and changing weather patterns have also contributed to the increase in URTIs, weakening the immune system and making individuals more susceptible to infections.
Moreover, technological advancement in the video laryngoscope market is another factor driving the global video laryngoscope market. The introduction of advanced video laryngoscopes with improved imaging quality and portability has been a major contributing factor to the market's growth. These devices offer better airway visualization, making intubation easier and more efficient. For instance, introducing portable and wireless video laryngoscopes has made airway management easier in emergencies. Additionally, software and imaging technology advancements have improved the accuracy and precision of video laryngoscopes, reducing complications during intubation procedures.
Several major market players are introducing new and ingenious products into the market. For instance, Timesco launched a new video laryngoscope at Arab Health in 2023. This product is designed to enhance the precision and convenience of intubation procedures, offering a valuable resource for healthcare experts. Moreover, it includes state-of-the-art imaging technology that delivers instantaneous video feedback during intubation, further elevating its efficacy in critical care environments.
Limiting factors in the video laryngoscope market include high cost, limited availability in certain regions, and a lack of proper training for healthcare professionals. The high cost of video laryngoscopes can make them inaccessible to smaller healthcare facilities or those with limited budgets.
Video Laryngoscope Market Ecosystem
The global video laryngoscope market is analyzed from five perspectives: product, device type, and end user.
Video Laryngoscope Market by Product
Based on the product, the global video laryngoscope market is segmented as reusable and single-use.
The reusable segment dominated the global video laryngoscope market with the highest revenue share in 2022. This trend is expected to continue in the coming years due to the numerous benefits offered by reusable video laryngoscopes. These devices are cost-effective in the long run as they can be sterilized and used multiple times, reducing the need for frequent replacements. Additionally, reusable video laryngoscopes are more environmentally friendly than their disposable counterparts, generating less waste. As a result, healthcare facilities are increasingly opting for reusable video laryngoscopes, driving the growth of this segment in the market.
Moreover, single-use laryngoscopes are expected to show high revenue growth due to their convenience and safety features. These laryngoscopes are designed for one-time use, reducing the risk of cross-contamination and infection transmission between patients. Additionally, the demand for single-use laryngoscopes is expected to increase in the coming years due to the growing awareness about the importance of infection control in healthcare settings.
Video Laryngoscope Market by Device Type
Based on device type, the global video laryngoscope market is segmented into cart-based models and integrated display models.
The integrated display models segment accounted for the majority of revenue share in 2022. This can be attributed to the increasing demand for digital signage solutions across various retail, healthcare, and hospitality industries. Integrated display models offer a seamless and efficient way to showcase advertisements, promotions, and information to customers and visitors. Additionally, technological advancements have made these displays more interactive and engaging, further driving their popularity among businesses. As a result, the integrated display models segment is expected to continue dominating the market in the coming years.
Video Laryngoscope Market by End User
Based on end user, the global video laryngoscope market is segmented into ENT clinics, hospitals, and others.
The hospital segment dominated the global video laryngoscope market in 2022. This dominance can be attributed to the increasing demand for video laryngoscopes in emergency departments and intensive care units. Video laryngoscopes have become an essential tool for airway management in critically ill patients, providing better visualization and reducing the risk of complications during intubation procedures. The growing prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma has further fueled the demand for video laryngoscopes in hospitals. The healthcare industry's growing use of advanced technologies is projected to drive substantial growth in the video laryngoscope market in the near future.
Video Laryngoscope Market by Region
Based on the region, the global video laryngoscope market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share of the global video laryngoscope market in 2022, owing to the region's high adoption rate of advanced medical technologies and well-established healthcare infrastructure. Additionally, the presence of major market players in the region is expected to drive the growth of the video laryngoscope market in North America. Moreover, with the increasing prevalence of respiratory tract infections such as tonsillitis in North America. According to MedlinePlus, tonsillitis is prevalent in children aged two and above, and nearly every child in the United States experiences it at least once.
The Asia Pacific region is projected to grow rapidly with 17.15% of revenue CAGR. This is majorly due to the increasing prevalence of chronic respiratory diseases and the rising demand for minimally invasive procedures. Additionally, the growing geriatric population and the advancements in technology are expected to fuel the market growth further. Video laryngoscopes provide better visualization of the airway, which helps in the quick and accurate diagnosis of respiratory disorders. Moreover, the increasing adoption of these devices by hospitals and clinics for airway management is also expected to contribute to the revenue growth of the global video laryngoscope market.
Video Laryngoscope Competitive Landscape
Some of the prominent companies having the largest revenue share in the global video laryngoscope market are,
Strategic Developments
The video laryngoscope is a cutting-edge medical device that visualizes the larynx and guides the endotracheal tube during intubation procedures.
The global video laryngoscope market will be valued at US$ 1,381.26 million in 2031.
The global video laryngoscope market has witnessed significant growth over the years, owing to the increasing prevalence of respiratory tract infections and the increasing launch of new and innovative products in the market.
The global video laryngoscope market is expected to register a revenue CAGR of 16.65% by 2031.
North America accounted for the highest revenue share of the video laryngoscope market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain