Rockville , April 04, 2023 (GLOBE NEWSWIRE) -- The global medical camera market size is set to expand 1.4X, reaching a valuation of US$ 5 billion by 2031. Between 2021 and 2031, global medical camera sales will increase at 8% CAGR.
Rising applications of medical cameras in the healthcare industry is a key factor driving the market. Similarly, increasing number of surgical procedures performed worldwide will elevate medical camera demand.
Over the last few decades, medical cameras have gained immense traction worldwide. These cameras allow medical professionals to see directly into body and view tissues. They have transformed the way various diseases are detected and treated.
Rising usage of medical cameras in pathology, lab automation, microscopy, and other applications is set to drive the global market.
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Increasing incidence of chronic diseases such as digestive disorders coupled with a rapid shift towards minimally invasive procedures will create high demand for medical cameras.
Growing demand for endoscopy procedures is likely to boost the medical camera market. This is because endoscopy requires an efficient imaging system to provide an accurate diagnosis and treatment plan.
Medical cameras are used in various types of endoscopic procedures. They provide clear and high-resolution images and videos. Increasing usage of high-definition cameras in surgeries and endoscopic procedures will bolster medical camera sales.
Hospitals, clinics, and other healthcare organizations are increasingly investing in HD medical cameras. This is because these high-quality cameras have become essential tools for modern medical procedures.
Another key factor that will create growth prospects for the medical camera industry is the rising trend of remote patient monitoring. Today, medical cameras and AI are revolutionizing the delivery of care.
Patient monitoring cameras are enabling medical experts to assess a patient from any remote location. They allow for early detection of diseases as well.
As per the National Library of Medicine, in remote areas with a lack of hospitals and specialized medical devices, telehealth is supported by camera-based vitals surveillance using mobile phones.
Demand in the market will remain high for endoscopy cameras. This is due to rising cases of digestive disorders and increasing number of endoscopic procedures.
Besides this, rising popularity of capsule endoscopy supported by development of camera capsules will boost segment growth. Endoscopy cameras segment is set to account for around 2/5th of the global market through 2031.
North American market is set to account for lion’s share in the global market. This is attributed to the factors such as the prevalence of chronic diseases and growing popularity of home healthcare. As per Fact.MR, North America currently holds around 50% share of the global medical camera market.
Key Takeaways from the Global Medical Camera Market:
- Global medical camera sales are set to surge at 8.0% CAGR between 2021 and 2031.
- By type, endoscopy cameras segment will hold over 40% share of the global market during the forecast period.
- Based on resolution, demand is likely to remain high for high-definition medical cameras.
- North America is forecast to hold around 1/2 of the global market through 2031.
- The USA medical camera market was valued at US$ 800 million in 2020.
- China medical camera industry will total a valuation of US$ 360 million by 2031.
Growth Drivers:
- Medical cameras’ widespread use in the healthcare industry is being fueled by their effectiveness in identifying different types of disorders.
- Increasing surgical procedures worldwide is likely to fuel medical camera sales.
- Rising popularity of minimally invasive surgical procedures will create new growth prospects.
- Technological advancements in medical cameras will support market expansion.
Restraints:
- Complexity associated with operating medical cameras might limit market expansion.
- Availability of refurbished medical cameras is also slowing down market development.
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Competitive Landscape:
Leading medical camera manufacturers are increasingly focusing on launching novel products with improved product quality. They are working on improving features such as image resolution and low-power consumption to gain a competitive edge in the market.
They are also seeking to develop innovative medical cameras that offer more functionalities and enhanced accuracy for effective medical imaging.
For instance,
- In November 2022, the introduction of SP Configurations, Orian SP, and Galan was announced by Canon Medical Systems USA Inc. Featuring an intelligent ceiling camera and AI-driven workflow solutions, the new launch will provide high-end performance.
- In March 2022, AVer unveiled MD330U Series medical grade PTZ camera for patient monitoring and telemedicine.
Key Companies Profiled by Fact.MR
- Olympus Corporation
- Sony Corporation
- Basler AG
- IMPERX, Inc.
- Optomed Plc
- IDS Imaging Development Systems GmbH
- Danaher
- Carestream Health, Inc.
- Stryker Corporation
- Richard Wolf GmbH
- Smith & Nephew PLC
- Leica Microsystems
- Carl Zeiss AG
- Hamamatsu Photonics K.K.
- Topcon Corporation
- Canon Inc.
More Valuable Insights on Medical Camera Market
In the latest study, Fact.MR offers a detailed study on the global medical camera market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of medical cameras 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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Covered in the Medical Camera Market Report:
- What was the estimated value of the medical camera market in 2021?
- At what rate will the global medical camera market grow until 2031?
- What 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?
- What 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?
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