North America dominated the global medical videoscopes market and accounted for the largest share of this market in 2016 and is expected to continue the same within the forecast period. Growth in this region is attributed to increasing in aging population, growing demand for minimally invasive procedures. Furthermore, in addition, well-developed healthcare infrastructure is also expected to foster the market growth in this region within the forecast period.
Sarasota, FL -- (SBWIRE) -- 01/18/2018 -- Medical videoscope is used to illuminate and allow observation of body cavities relating to general endoscopic, laparoscopic and gynecological surgeries. Medical videoscopes have a significant and a wide application in the diagnostic and surgical procedures such as; laparoscopy, endoscopy, gynecology, arthroscopy, urology, and bronchoscopy. The medical videoscope market is expected to witness a lucrative growth within the forecast period owing to increasing applications of videoscopy for minimally invasive surgeries such as cardiac, gastrointestinal, ENT etc. The increasing prevalence of diseases which require medical videoscopes are further expected to foster the market demand for medical videoscope in coming five years. These surgeries are not only minimally invasive but also cost effective in terms of patient stay duration during pre and post procedures/operations.
According to the report, the global medical videoscopes market accounted for USD 15.34 Billion in 2016 and is expected to reach USD 22.77 Billion by 2022, growing at a CAGR of around 6.8% between 2017 and 2022.
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Development of better healthcare infrastructure, the introduction of advanced technologies for surgical procedures and increasing healthcare expenditure are major driving factors for the growth in this market in coming five years. In addition, the benefits of medical videoscopes such as cost effectiveness, minimizing errors in medical procedures and increased successful outcomes are expected to foster the growth in this market. Furthermore, increasing geriatric population with growing prevalence of targeted diseases is also supplementing the market growth. However, lack of skilled professionals and high costs of the medical videoscopes are some of the factors hampering this market. In spite of these barriers, innovation of some new technologies in this field and emerging markets can be an opportunity in this market.
The medical videoscope market is segmented on the basis of product, application, and region. On the basis of product, the medical videoscopes market can be categorized into; videoscopes and visualization systems. The videoscope segment is further divided into rigid videoscopes and flexible videoscopes. This segment is dominated by the visualization systems by capturing the largest share of the global medical videoscope market in 2014. In this segment, flexible videoscopes attributed for the largest market share in 2014. The visualization system market is projected to show an attractive growth in coming five years due to its use in a wide range of applications in the endoscopic surgeries and in all the video-assisted medical diagnostic and surgical procedures like; general endoscopic, laparoscopic, and posterior/anterior spinal procedures and ENT and etc. In addition, due to the cost effectiveness of endoscopic procedures in terms of hospital stay during post and pre-operation is also projected to boost the demand for medical videoscopes. Furthermore, increasing number of technological advancements in visualization systems is also a growth driver in this market. In terms of application, the medical videoscopes market is categorized into arthroscopy, laparoscopy, gastrointestinal, obstetrics/gynecology, urology endoscopy (cystoscopy), mediastinoscopy, bronchoscopy, otoscopy, laryngoscopy and others.
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In terms of geography, North America dominated the medical videoscopes market by capturing the largest market share in 2014 owing to the increasing demand for minimally invasive procedures, especially for endoscopy is projected to fuel the growth of the growth in this market in coming five years. In addition, well-developed infrastructure is also expected to fuel the market growth in this region in coming five years. Europe is expected to follow the North America in this market within the forecast period. The medical videoscopes market of Europe is undergoing tremendous changes with increasing expenditure for healthcare infrastructure.
Asia-Pacific is expected to witness the fastest growth with the highest CAGR in the coming five years. Major driving factors in this region are increasing medical expenditure and raising awareness about minimally invasive surgeries. In addition, increasing geriatric population with increasing prevalence of targeted diseases is also expected to fuel the growth in this market in this region within the forecast period.
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Latin America and Middle East & Africa are expected to show a healthy market growth for medical videoscopes within the forecast period. Especially in Brazil, the high growth rate in the over-60 population over the next 15 years and increasing prevalence of targeted diseases require videoscope for diagnostic and surgical procedures are expected to fuel the market growth in this market.
Some of the key players of Medical Videoscopes market such as Stryker Corporation, ConMed Corporation, XION GmbH, Smith and Nephew plc, Fujifilm Holding Corporation, Olympus Corporation, Richard Wolf GmbH, Welch Allyn, Inc., KARL STORZ GmbH & Co. KG, and Hoya Corporation (Pentax Medical System) among others.
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