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North America Medical Videoscopes Market Analysis and Forecast by 2023

Press Release   •   Jan 09, 2017 08:46 EST

Medical videoscopes are used across various applications such as endoscopy, gynecology, laparoscopy, arthroscopy, urology, and bronchoscopy. Apart from their diverse applications, the market for medical videoscopes is also gaining impetus from the latest technological advances introduced in endoscopic procedures, which in turn have resulted in several improvisations in videoscopes. Additionally, the rapidly rising geriatric population, which is more vulnerable to gastrointestinal and orthopedic diseases, is also anticipated to accelerate demand from the global medical videoscopes market. However, the high cost of this equipment may hinder several small and mid-sized hospitals from investing in them, subsequently hampering the overall growth of the market.

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Medical videoscopes help to enhance the visualization system during various surgeries enabling health care experts to closely observe body cavities and organs. Videoscopes contain specific software that creates dynamic 3D images from the output of computed tomography (CT), magnetic resonance imaging (MRI) and other scanners. The images are thereby used by health care professionals to improve the diagnosis of serious medical conditions. Medical videoscopes are usually 10 mm or lesser in diameter and measure up to 15 m in length. Various components of medical videoscopes are insertion probe, lighting bundle, external light source, and recording device. A number of applications of medical videoscopes include endoscopy, laparoscopy, gynecology, urology, arthroscopy and bronchoscopy. Technological advancements in the field endoscopic procedures have resulted in several improvisations driving the growth of the medical videoscopes market. Furthermore, rapid rise in the number of geriatric population vulnerable to orthopedic and gastrointestinal diseases is anticipated to accentuate the market growth over the forecast period. However, high cost of endoscopic equipment in most of the hospitals might hinder the growth of the medical videoscopes market.

North America holds a leading position in the market followed by Europe due to growing number of technological advancements, and increasing need of the population for minimally invasive endoscopic procedures.. These two regions have always been on the forefront in terms of novel technologies and medications. In addition, increasing number of endoscopy training workshops and several government initiatives in the U.S. and Canada is augmenting the growth of the medical videoscopes market. Given Imaging developed an ingestible camera, named, the PillCam Colon, approved by the U.S. Food and Drug Administration to be used during colonoscopy procedures. Asia Pacific, too, is developing at a great pace and is considered to be as the most promising market for the growth of medical videoscopes due to the presence of a large population base, increasing incidences and prevalence of a number of diseases that require endoscopy procedures among the Asian population. Furthermore, increasing government support to set up modern healthcare infrastructure, favorable reimbursement scenario and various tax benefits would also drive the medical videoscopes market in the coming years.

Presently, the medical videoscopes market is consolidated due to the presence of few established and emerging medical devices companies. Some of the top players associated with the medical videoscopes market are Richard Wolf GmbH, Stryker Corporation, Fujifilm Holding Corporation, Olympus Corporation, Smith and Nephew plc, PENTAX Medical Company, KARL STORZ GmbH & Co. KG, Touch of Life Technologies, ConMed Corporation, KARL STORZ GmbH & Co. KG, and XION GmbH.

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