Global Medical Camera Market Driven by Increasing Minimally Invasive Surgeries
Posted on 14 Sep 2022
Medical cameras are now required throughout an increasing number of surgical procedures. The spurt in geriatric population and rise in prevalence of chronic diseases have led to increased demand for various types of medical equipment, including medical cameras. Older patients prefer non-invasive operations since they result in fewer complications than traditional surgeries (mostly employing endoscope and microscope surgical cameras). As a result, the global medical camera market is set to expand 1.4x between 2021 and 2031 to surpass USD 5 billion by 2031, driven by the growing use of medical cameras in various aspects of healthcare treatment.
These are the latest findings of Fact.MR (Rockville, MD, USA), a market research and consulting agency.
The efficacy of medical cameras in detecting various types of diseases is driving their increased adoption in the healthcare domain. The growing number of surgical procedures is necessitating the use of medical cameras, creating sizeable opportunities for market players. The increasing preference for minimally-invasive surgeries is also creating significant opportunities for medical camera manufacturers as these surgeries require extensive use of cameras. However, the high cost of medical cameras remains a key reason for their limited adoption. For instance, the average cost of endoscopic cameras is nearly USD 1,500, which is a significant investment for smaller hospitals in the developing countries. Additionally, the lack of skilled professionals and technicians who can handle high-end medical cameras poses another key challenge for market growth. To address these challenges, the market players are focusing on launching innovative products, built from affordable and easy to source components. They are also focusing on improving the functionality of their products to cater to critical surgical procedures.
Based on type, endoscopy cameras are likely to remain the largest segment of the medical camera market and held a share of nearly 40% in 2021. Based on resolution, high-definition cameras will account for a higher share of the medical camera market than standard definition medical cameras. Hospitals are expected to be the largest end-user of medical cameras during the forecast period. Sales of medical cameras are also likely to increase as a result of growing spending on healthcare across the globe. Numerous countries such as the U.S., India, Germany, and the U.K. are now allocating a higher percentage of their GDP to healthcare spending. North America is likely to be the leading market for medical cameras globally, holding nearly 50% share during the forecast period.
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