The global medical camera market is set to expand 1.4x between 2021 and 2031 to reach a valuation of US$ 5 Billion by 2031, according to Fact.MR. The market is likely to be driven by caused by growing use of medical cameras in various aspects of healthcare treatment.
Medical cameras are now required throughout an increasing number of surgical procedures. The spurt in geriatric population and the rise in chronic diseases’ prevalence has increased the demand for various types of medical equipment, including medical cameras. For instance, in 2019, there were 703 million people worldwide who were 65 or older, according to the United Nations (UN). In 2050, it is predicted that there will be 1.5 billion seniors worldwide.
Older patients prefer non-invasive operations since they have fewer complications than traditional surgeries (mostly employing endoscope and microscope surgical cameras). Hence, demand in the market is predicted to surge at 4% CAGR over the upcoming decade.
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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. For instance, according to the National Health Account Estimate, the India government’s health expenditure share in GDP increased from 1.15% to 1.35% in 2021.
Key Takeaways:
- North America is likely to be the leading market for medical cameras globally, holding nearly 50% share during the assessment period.
- By type, endoscopy cameras are likely to remain the largest segment. In 2021, this segment held nearly 40% market share.
- By resolution, high-definition cameras will account for a higher market share than standard definitioin medical cameras.
- Hospitals are expected to be the largest end-user of medical cameras throughout the forecast period.
Growth Drivers:
- Efficacy of medical cameras in detecting various types of diseases is driving their adoption in the healthcare domain
- Growing number of surgical procedures is necessiating the use of medical cameras, creating sizeable opportunities for market players
- Preference for minimally-invasive surgeries is also creating significant opportunities for medical camera manufacturers as these surgeries require extensive use of cameras
Restraints:
- High cost of medical cameras continues to be a key reason for their limited adoption. For instance, the average cost of endoscopic cameras is nearly US$ 1,500, a significant investment for smaller hospitals in developing countries
- Lack of skilled professionals and technicians who can handle high-end medical cameras is another key challenge for market players
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Competitive Landscape:
The efficacy of medical cameras is widely known among end-users, however, high cost is limiting adoption. To address this challenge, market players are focusing on launching innovative products, built from affordable and easy to source components. The prominent players are also focusing on improving the functionality of their products to cater to critical surgical procedures.
For instance,
- Sony Corporation launched PMW-10 MD in 2021 that provides full HD resolution and high signal processing. The medical camera is equipped with SxS memory cards that allow quick transfer of images to IT-based devices.
Key Questions Covered in the Medical Camera Market Report:
- What is the projected value of the medical camera market in 2021?
- At what rate will the global medical camera market grow until 2031?
- Which are the factors hampering the growth in the medical camera market?
- Which region is expected to lead in the global medical camera market during 2021-2031?
- Which are the factors driving the medical camera market during the forecast period?
- What is the expected market value of medical camera during the forecast period?
Key Companies Profiled by Fact.MR
- IMPERX, Inc.
- Optomed Plc
- Basler AG
- Olympus Corporation
- Sony Corporation
- Canon Inc.
- Topcon Corporation
- Richard Wolf GmbH
- Stryker Corporation
- Carestream Health, Inc.
- Carl Zeiss AG
- Leica Microsystems
- Smith & Nephew PLC
- Hamamatsu Photonics K.K.
- Topcon Corporation
- IDS Imaging Development Systems GmbH
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More Valuable Insights on Medical Camera Market
In the latest study, Fact.MR offers a detailed study on global medical camera market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of medical camera with analysis across below segments:
By Type:
- Dental Cameras
- Dermatology Cameras
- Endoscopy Cameras
- Ophthalmology Cameras
- Surgical Microscopy Cameras
By Sensor:
- Charge Couple Devices (CCD)
- Complementary Metal-oxide Semiconductors (CMOS)
By Resolution:
- High Definition Medical Cameras
- Standard Definition Medical Cameras
By End User:
- Hospitals
- Diagnostic Centers
- Academic and Research Institutes
- Ambulatory Surgery Centers
Explore More on Fact.MR’s Healthcare Domain:
Diagnostic Imaging Centers Market: The global market for diagnostic imaging centers is expected to grow at a CAGR of 5.2%. The market is currently worth US$ 83 billion, and by the end of 2027, it is expected to be worth US$ 107 billion. There has been a significant increase in the prevalence of chronic diseases, which has raised demand for diagnostic imaging services.
Neurology Diagnostics Devices Market: The market for neurology diagnostics devices was valued at US$ 8.24 billion by the end of 2021, and by 2032, it is expected to have grown to US$ 21.1 billion, with a CAGR of 8.9%. Rising incidence of neurological problems and the increased emphasis on early diagnosis with the use of dependable and secure technology for neurological therapy have both favourable impacted sales of neurology diagnostics equipment.
Electrical Stimulation Devices Market: Currently valued at US$ 7.5 billion, the electrical stimulation devices market is expected to grow to US$ 11 billion by 2027. As more individuals become aware of their potential and efficacy, demand for electrical stimulation techniques for pain rehabilitation and training is dramatically increasing.
Dental Cameras Market: Global demand for dental cameras is expected to increase at a CAGR of 11.7% from 2022 to 2027. North America dominates the market with a share of around 50% of global market.
