Increased population which leads to an increasing number of surgeries and surgical procedures are some of the reasons because of which the Medical Camera Market is growing at a rapid pace.
Covid-19 Impact & Market Status
The Medical Camera market size decreased immensely due to the advent of Covid-19. This is because of the massive downtrend in the demand for endoscopy related surgeries and supply chains were disrupted. The times were really tough and people were panicking all around, number of patient inflows increased and hence demand for proper management also increased. A lot of people had to wait for surgeries and oxygen rooms and this meant that the processes need to be more efficient so that more and more patients could be treated as early as possible. The general increase in covid cases related to a decrease in the endoscopic patients thereby, reducing the demand.
The global Medical Camera market is expected to develop USD 5.32 billion by 2028, at a compound annual increase in price (CAGR) of 7.9% throughout the forecast period.
This Medical Camera Market report explores the current market, regulatory aspects, and potential opportunities, and challenges in individual market segments. The report also gives a detailed outlook of the competitive landscape.
Endoscopy Cameras to Emerge as the Most Lucrative Segment
Based on type, the Medical Camera market is divided into Dental Cameras, Dermatology Cameras, Endoscopy Cameras, Ophthalmology Cameras, Surgical Microscopy Cameras, and Other Cameras. Out of these, the Endoscopy cameras dominated the market in 2020. This is because of the increasing number of gastritis, ulcers, digestive tract issues and other cases globally Additionally, increasing number of diseases can be detected by endoscopy. This is the reason because of which the laboratory segment is the most lucrative in the component segment of Medical Camera Market.
High-definition Cameras to Remain Atop
By resolution, the Medical Camera market is divided into Standard Definition cameras and High-Definition Cameras. Out of these the High-Definition cameras dominated the market in 2020 and are expected to stay in the position during the forecast period. This is because of the rise in demand of the High-Definition cameras because of better picture quality better diagnosis.
Hospitals to Ensure Highest Sales
By end-user, the Medical Camera market is divided into Hospitals, Specialty Clinics, Ambulatory Surgery Centres, Others. Out of these hospitals have dominated the market in 2020 and it is because of the fact that the hospitals have huge need of improving profitability. Hospitals have the capital to buy these expensive cameras and a huge number of target patients. Hospitals tend to include these because there is usually a need for high-quality cameras to improve diagnosis and make the process efficient, Medical Cameras are adopted.
North American Region to Render Ample Investment Avenues
North America is the largest contributor to the growth of global Medical Camera Market. It is because of the infrastructurally developed hospitals, higher adoption rate of advanced technologies, increased government investments for developing the healthcare facilities. Another reason is that there is a huge need of reducing medical expenditure and hence the Medical Camera is gaining importance in North America.
The Asia Pacific region is also expected to have a great CAGR owing to the huge population and increasing technological advancements in that region.
The increasing number of surgeries healthcare segment and the need to effectively diagnose and monitor it is driving the growth of the Medical Camera Market.
Owing to the highly tensed environment in the hospitals, it is super necessary to keep everything else efficient and high quality so that the treatment can be performed without any problems. Increasing amount of equipment need for high-definition visuals and an increasing number of surgeries worldwide have resulted into the growth of Medical Camera Market.
A Medical Camera is a type of camera that helps in accurate diagnosis thereby facilitating doctors to make precise and appropriate interpretations. Due to increasing complexities in the healthcare sector, it is important for the doctors to have best in class cameras that can effectively diagnose the problem. They are designed in such a way that they help the surgeons in performing certain procedures by investigating the internal condition of the patients.
The rise in the adoption of technology and growth in digitization among hospitals to improve efficiency and reduce the complexities is one of the reasons due to which this market is gaining importance. Increased funding from the government all around the world and focus on the healthcare sector over the past few years has resulted in the growth of Medical Camera market.
Improvements in AI technology can play an important role in a complete plan to deal against certain backlogs and can help to enhance efficiency and decrease costs for hospitals and surgery centres. Additionally, improved results with less invasive procedure are expected to drive the market growth.
However, high costs associated with cameras are some of the factors that are hampering the market growth. Nevertheless, Medical Camera Market has the growth prospects, because of the increasing need of highly efficient systems to reduce complexities.
The major players of this market are Olympus Corporation (Japan), Richard Wolf GmbH (Germany), TOPCON CORPORATION (Japan), Sony Corporation (Japan), Stryker (US), Danaher (US), Canon Inc. (Japan), Carl Zeiss AG (Germany), Smith & Nephew (UK), Carestream Dental LLC. (US), Basler AG (Germany), ATMOS MedizinTechnik GmbH & Co. KG. (Germany), IMPERX, Inc (US), IDS Imaging Development Systems GmbH (Germany), Optomed Plc (Finland), HAAG-STREIT GROUP (Switzerland), CYMO B.V. (Netherland), Diaspective Vision GmbH (Germany), Dage-MTI (US), Fude Technology Group Limited (China), Healthtech Engineers Private Limited (India), SCHÖLLY FIBEROPTIC GMBH (Germany), Medicam (India), ESC Medicams (India), and Tonglu Kanger Medical Instrument Co., Ltd (China). Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Medical Camera market. By applying technology, the R&D teams of the companies must try to develop better cameras. The resolution i.e., clarity of the camera and the lens will prove to be essential factors determining the dominant player in the market.
Latest Innovations in the Global Medical Camera Market: A Snapshot
- Swift Medical, a digital wound care startup unveiled a new hardware device that wirelessly attaches to a smartphone camera and captures beneath-the-skin clinical data. Swift Ray 1, fits into the palm of a clinician or patient's hand and allows them to capture powerful medical images from anywhere.
Medical Camera Market Scope
|Revenue forecast in 2028
|USD 5.32 billion
|CAGR of 7.9 % during 2018-2028
|By Type, By Sensor, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Olympus Corporation, Richard Wolf GmbH, Topcon Corporation, Sony Corporation, Stryker Corporation, Danaher, Canon Inc., Carl Zeiss Ag, Smith & Nephew, Carestream Dental LLC, Bas
Key Segments of the Medical Camera Market
Medical Camera Market on the basis of type Overview
- Dental Cameras
- Dermatology Cameras
- Endoscopy Cameras
- Ophthalmology Cameras
- Surgical Microscopy Cameras
- Other Cameras
- Standard-Definition Cameras
- High-Definition Cameras
End User Overview
- Specialty Clinics
- Ambulatory Surgery Centres
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa