The major factors for the growth of the medical cameras market include the rising demand for high-definition visuals in surgical procedures, advances, and modifications in the medical cameras, and growing use of medical cameras and microscopes for surgeries.
The rising demand for high-definition visuals in surgical procedures is expected to increase the demand for medical cameras in the hospitals. Furthermore, there is a rising number of surgeries across the globe propeling the overall growth of the market. Also rising shift from open surgeries to minimally invasive procedures along with advances in technology in the field of surgery, have increased the need for more flexible operating rooms with advanced equipment. There is an increasing trend of buying HD cameras in the operating rooms and other medical facilities. Thus, owing to the all above mentioned factors, the Medical Cameras market is expected to witness high growth over the forecast period.
Key Market Trends
Endoscopy Cameras in Type Segment is expected to Hold Largest Market Share
The rising endoscopy procedures are one of the major factor driving the growth of the market. Furthermore, there is increasing usage of minimally invasive surgical techniques, owing to the benefits associated with it, such as increased safety, decreased scarring, faster recovery, and reduced length of hospital stay. In addition, there is a rising preference for high-quality imaging cameras. Moreover, another major factor driving the growth of the Medical Cameras market includes an increased usage of endoscopic devices has been observed in disease diagnosis. The growing prevalence of diseases that can be detected by endoscopy has increased the demand for these devices. The current generation of endoscopic cameras is either equipped with CMOS (Complementary Metal Oxide Semiconductor) sensors or CCD (Charge-Coupled Device) sensors. The growing incidence of chronic diseases and the need for advanced diagnostics is expected to propel the growth of endoscopic cameras.
North America is Expected to Hold Largest Market Share over the Forecast Period
The North America region is expected to be the largest medical cameras market owing to the rising technological advancements and presence of the major market players. Furthermore, the rising prevalence of diseases and an increase in the geriatric population is expected to increase the demand for medical cameras in the region. According to the United States Census Bureau’s Statistics, as of 2018, the total number of people aged 65 years and older exceeds 52 million, and between 2020 and 2030, the number of elderly people is projected to increase by almost 18 million. The rise in geriatric population is expected to increase the prevalence of various diseases leading to the high demand of medical cameras. Thus, owing to the all above mentioned factors the market is expected to witness high growth.
The market studied is a moderately competitive owing to the presence of a few major market players. Some of the market players are Allied Vision Technologies GmbH, Canfield Scientific, Inc., Canon, Inc., Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC, Sony Electronics Inc., Stryker Corporation, Topcon Corporation, and Videology Imaging Solutions, Inc.
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