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Medical Camera Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: January, 2023
No of Pages: 159
Delivery Format: PDF+ Excel

$2,950.00

Overview of the medical camera market
The market for medical cameras was valued at $2.71 billion in 2018 and is anticipated to grow to $5.21 billion by 2026, at a CAGR of 8.4%.

Cardiology, gastroenterology, ophthalmology, oncology, and other medical specialties employ medical cameras for both diagnostic and therapeutic purposes. The primary reasons propelling the growth of the medical camera market are the ageing population and the associated rise in chronic diseases. Additionally, it is anticipated that in the upcoming years, market participants will greatly benefit from medical cameras’ technological advancements and their shrinking.

The market is divided into two categories based on type: digital and analog. During the projected period, a greater CAGR is expected for the digital segment. The benefits of digital cameras over analogue cameras, including enhanced image quality, portability, and simplicity of use, are credited with this.

The market is divided into charge-coupled devices (CCD), complementary metal-oxide semiconductors (CMOS), and other categories based on technology. During the projection period, the CMOS segment is anticipated to increase at the greatest CAGR. This is explained by the benefits of CMOS over CCD, namely its lower cost, greater integration, and reduced power consumption.

According to modality, the market is divided into endoscopy, microscopy, and ophthalmology. During the projection period, the endoscopy segment is anticipated to increase at the highest CAGR. This is explained by the rise in endoscopic operations carried out internationally.

The market is divided into diagnostics and therapies according to application. During the projected period, a greater CAGR is expected for the diagnostics segment. This is explained by the rise in diagnostic procedures carried out internationally.

The market is divided into hospitals, ambulatory surgery centers, and other entities based on the end user. During the projection period, the hospital sector is anticipated to increase at the greatest CAGR. This is explained by the rise in hospital admissions.

Medical Camera Market Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Rise of the medical camera market

From 2018 to 2025, the medical camera market is anticipated to expand at a compound annual growth rate of 9.87%, reaching a market value of $13.9 billion.

The demand for minimally invasive surgeries, the rise in surgical procedures, the prevalence of chronic diseases, and the ageing population are all factors driving the growth of the medical camera market.

The demand for these procedures is being driven by minimally invasive surgery’s association with fewer problems and shorter hospital stays. Additionally, the market for medical cameras is expanding due to the rise in surgical procedures.

Another factor boosting the market for medical cameras is the rising incidence of chronic disorders. There is a substantial danger of complications and death from chronic diseases, including cancer and cardiovascular conditions. Early detection and treatment of many disorders are crucial for increasing the likelihood of survival.

The market for medical cameras is expanding as a result of the ageing population. Elderly people are more prone to chronic illnesses and need more frequent medical operations.

The high cost of medical cameras and the shortage of experienced workers are the two main barriers to the market for medical cameras.

The market is significantly constrained by the expensive nature of medical cameras. Medical cameras are expensive, and insurance frequently does not cover them. Many patients are unable to afford them as a result.

The market for medical cameras is also constrained by a scarcity of competent workers. Medical cameras are intricate machines that require specific training to use. Because of this, there is a shortage of qualified employees who can operate them.

Obstacles in the medical camera market
From 2020 to 2025, the market for medical cameras is anticipated to expand at a CAGR of 9.9%, according to a recent analysis by MWR The market is growing as a result of rising demand for minimally invasive procedures, an increase in the prevalence of chronic diseases, and an ageing population, according to the study.

The report does, however, also point out some of the difficulties the medical camera industry is currently facing. Among them are the high price of medical cameras, the scarcity of experienced workers, and the onerous restrictions.

The price of medical cameras, for example,

In general, medical cameras cost more than standard cameras. This is because they must adhere to stricter requirements for durability and quality. Medical cameras frequently include specialised functions, which raises the price. For instance, the price of some medical cameras may increase since they have capabilities like focusing and picture stabilisation.

2. A shortage of qualified employees

The shortage of qualified employees is another issue the medical camera business must deal with. Operating and maintaining medical cameras calls for specialised training. As a result, there are a small number of employees who are trained to use medical cameras. This may result in a staffing shortage and raise the price of services for medical cameras.

3. The strict guidelines

Additionally, the medical camera business is governed by strict laws. This is so because crucial processes like surgery and diagnosis employ medical cameras. As a result, medical camera safety and calibration are subject to stringent regulations.Because of this, it could be challenging for new competitors to meet the necessary standards.

The medical camera market is anticipated to expand at a healthy clip in the years to come, despite these obstacles. This growth is fueled by the expanding prevalence of chronic diseases, the rising number of elderly people, and the rising demand for minimally invasive surgeries.

Impact of the Medical Camera Market (Covid 19)
Medical camera sales have been significantly impacted by COVID-19. As hospitals have prioritised caring for COVID-19 patients and postponed elective surgeries as a result of the pandemic, there has been a decline in the demand for medical cameras. Manufacturers of medical cameras have seen a reduction in revenue as a result of this.

The manufacturing of medical cameras has also decreased as a result of the decline in demand. This is due to the fact that many manufacturers had to close their facilities due to the pandemic’s onset. Due to the resulting lack of medical cameras, costs have increased.

On the market for medical cameras, COVID-19 is anticipated to have a brief effect. With the resumption of elective procedures and the restoration of hospitals to regular business, the demand for medical cameras is anticipated to increase.

Major Market Developments in the Medical Camera Industry
The importance of medical cameras in the healthcare sector is rising. They are employed in a number of fields, including research, diagnosis, and treatment in medicine. From 2019 to 2024, the market for medical cameras is anticipated to expand at a CAGR of 5.8%, reaching USD 4.5 billion.

The following are the major business trends that are propelling the medical camera market’s expansion:

1. One of the main factors fueling the growth of the medical camera market is the rising acceptance of less invasive procedures. A lower chance of infection, a shorter hospital stay, and less scarring are all benefits of minimally invasive procedures.

2. The market for medical cameras is expanding as a result of an increase in research initiatives in the area of medical imaging. Medical cameras are being used more frequently by medical research institutions.

3. Another important reason fueling the expansion of the medical camera market is the growing government backing for the use of medical cameras. Governments all across the world are spending money on building out the infrastructure for healthcare and offering financial incentives for using medical cameras.

4. The market for medical cameras is expanding as a result of a growing number of mergers and acquisitions. Companies are merging and acquiring more businesses to increase their product offerings and market share.

5. The market for medical cameras is expanding as a result of the rising number of new product launches. To suit the evolving requirements of the consumer, businesses are introducing new products with cutting-edge features.

Key Trends in the Medical Camera Market
In the upcoming years, it is anticipated that the market for medical cameras will expand significantly. This can be related to the rise in popularity of diagnostic imaging as well as the rising demand for minimally invasive procedures. Additionally, the market for medical cameras is anticipated to rise as a result of the development of new technologies like 3D and 4D imaging.

The following are some major trends that are anticipated to have an effect on the expansion of the medical camera market:

1. Growing interest in minimally invasive procedures:

The need for medical cameras is anticipated to rise along with the preference for minimally intrusive procedures. In comparison to more typical surgeries, minimally invasive procedures are less unpleasant and require less time for recuperation. This is anticipated to fuel the demand for medical cameras.

2. The rise in acceptance of diagnostic imaging

Given that it aids in the early detection of diseases, diagnostic imaging is becoming more common. It is anticipated that this will increase demand for medical cameras.

3. Creation of novel technologies

The expansion of the medical camera market is anticipated to be fueled by the introduction of new technologies like 3D and 4D imaging. Better images are provided by these technologies, which also aid in the early detection of diseases.

4. A rise in mergers and acquisitions:

The market for medical cameras has seen an upsurge in mergers and acquisitions. This is anticipated to aid market participants in growing their product portfolios and market share.

5. An increased emphasis on research and development

Players in the medical camera market are concentrating their efforts on R&D to create cutting-edge and novel products. It is anticipated that this will give market participants a competitive advantage.

6. Increasing financial support for healthcare facilities:

The market for medical cameras is anticipated to increase as a result of rising infrastructure investments in the healthcare sector. The government is making significant investments in the healthcare industry to upgrade the facilities. On the market for medical cameras, this is anticipated to have a favorable effect.

Medical Camera Industry Summary
The market for medical cameras is anticipated to grow from 3.31 billion dollars in 2018 to 4.81 billion dollars in 2023, at a CAGR of 7.8%. The increase in minimally invasive operations, the prevalence of chronic diseases, and technological developments in medical cameras are all factors contributing to the expansion of this market.

Based on technology, the medical camera market is divided into analogue and digital segments.During the projected period, the digital medical camera category is anticipated to develop at the greatest CAGR. The advantages of digital cameras over analogue cameras, such as better image quality and more convenient data storage, are the main reasons promoting this market’s expansion.

The medical camera market is divided into endoscopy, ophthalmology, and other applications based on those. Rigid and flexible endoscopies are further separated into their own categories in the endoscopy market. The segment for rigid endoscopy is anticipated to experience the largest CAGR growth during the projection period. The two main drivers propelling the growth of this market are the rise in minimally invasive operations and the prevalence of gastrointestinal illnesses.

The medical camera market is divided based on end users into hospitals, ambulatory surgery centres, and other end users. During the projection period, the hospital sector is anticipated to increase at the greatest CAGR. The rise in hospital admissions, the number of procedures, and the number of hospitals are all factors in this segment’s expansion.

The medical camera market is divided into five geographic regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The highest CAGR is anticipated for North America during the forecast period. The increase in minimally invasive operations, the frequency of chronic conditions, and the concentration of medical device producers in the area are all factors contributing to the region’s growth.

By Application

  • Dental Camera
  • Dermatology Camera
  • Endoscopy Camera
  • Ophthalmology Camera
  • Surgical Microscopy Camera
  • Others

By Technology

  • Digital Imaging (2D/3D)
  • Infrared
  • Liquid Lens Technology
  • Optical Coherence Tomography (OCT)

By Sensor

  • Charge Couple Device (CCD)
  • Complementary Metal-oxide Semiconductor (CMOS)

By Resolution

  • High Definition Camera
  • Standard Definition Camera

By End User

  • Hospitals
  • Diagnostic Centers
  • Academic and Research Institutes
  • Others

Olympus Corporation, Stryker Corporation, Hamamatsu Photonics K.K., Sony Corporation, Carestream Health, and Canon Corporation.

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