Endoscopic Camera Systems Market: Introduction
According to the report, the global endoscopic camera systems market was valued over US$ 3.7 Bn in 2020 and is projected to expand at a CAGR of 5.7% from 2021 to 2031. Government initiatives to improve awareness about advanced technologies is anticipated to drive the global endoscopic camera systems market during the forecast period.
North America is expected to account for a significant share of the global endoscopic camera systems market during the forecast period. Expansion of the endoscopic camera systems market in the region can be attributed to rise in access to healthcare, presence of key players, and availability of various products.
The market in Asia Pacific is likely to expand at a high CAGR from 2021 to 2031. High disposable income, change in consumer preference toward new and advanced products, and government initiatives toward modernization of healthcare infrastructure are key factors that drive the market.
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Innovative Technologies to Propel Market
The rapid development of the electronic technology is boosting the integration of medical imaging equipment. Thus, focus on continuous advancements in product portfolio by all leading players in the global market to launch advanced endoscopic camera systems is likely to create significant opportunities in the market. Moreover, increase in awareness regarding technologically advanced products fuels demand and consequently, creates lucrative opportunity.
Devices to Dominate Global Market
In terms of product, the global endoscopic camera systems market has been bifurcated into device and accessories. The introduction of new products is anticipated to drive the device segment. For instance, in September 2020, PENTAX Medical announced the launched of new J10 Series Ultrasound Video Gastroscopes in the U.S. Considerable success of J10 Series endoscopes enabled to increase diagnostic capabilities and effective patient management. In March 2016, MEDIT INC launched a Proof Camera VIDEOSCOPE-XT.
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Complementary Metal Oxide Semiconductor (CMOS) to Expand at High CAGR
Based on sensor type, the global endoscopic camera systems market has been divided into complementary metal oxide semiconductor (CMOS) and charge-coupled device (CCD). The considerable focus on developing low-cost back-illuminated complementary metal-oxide semiconductor (CMOS) sensor technology is anticipated to propel the segment.
Gastroenterology to be Key Indication
In terms of application, the global endoscopic camera systems market has been split into gastroenterology, pulmonology, orthopedic surgery, cardiology, ENT surgery, gynecology, neurology, and urology. According to Center for Disease Control and Prevention, in 2018, the U.S. recorded 22.4 million number of visits to physician offices with diseases of the digestive system as the primary diagnosis.
High Demand in Hospitals
Based on end-user, the global endoscopic camera systems market has been divided into hospitals, diagnostic centers, and others. Role of hospitals is likely to evolve in the near future due to a shift from traditional hospital-centric and doctor-centric patterns of care to integrated models, which, in turn, is projected to boost the segment.
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Competition Landscape
The report provides profiles of leading players operating in the global endoscopic camera systems market. These include Olympus, Stryker, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., SCHÖLLY FIBEROPTIC GMBH, Gimmi GmbH, B. Braun Melsungen AG, KARL STORZ, Xuzhou AKX Electronic Science And Technology Co., Ltd., MEDIT INC, and Richard Wolf GmbH.
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