Medical Camera Market Outlook to 2024: Top Companies in Market, Trends & Growth
Added: (Wed Jun 05 2019)
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Medical cameras are specialized type of camera, which are used for documentation of clinical demonstration of patients, medical and surgical procedures, and medical devices. These are very high-resolution cameras for obtaining enhanced and magnified images for clear diagnosis of any kind of injury, disease, or medical anomalies.
There are various types of cameras available for different imaging purposes such as endoscopy camera, laparoscopy camera, urology camera, gynecology camera, surgical camera and ear, nose, throat (ENT) camera. Technological advancements in medical camera facilitate more clarity in image and accurate diagnosis, which in turn increases demand for medical camera in the market.
Global Medical Camera Market: Drivers
Rising research and development for new technology in medical imaging is expected to boost medical camera market size. High-resolution images are the result of technologically sophisticated cameras. For instance, in September 2017, the scientists at the University of Edinburgh, Scotland, developed a medical camera that can see through the human body. These cameras are developed to track down the endoscopy devices for the investigation of internal conditions.
Increasing funding by government agencies for development of healthcare infrastructure and medical equipment is also expected to expand the medical camera market growth. According to U.S. National Health Expenditure Accounts (NHEA) 2017 reports, the U.S. has spent US $54.4 billion on the durable medical equipment in 2017. Furthermore, the medical camera market size is expanding, owing to use of medical cameras in various applications in endoscopy such as gastroscopy, colonoscopy, bronchoscopy, and laryngoscopy.
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Global Medical Camera Market: Restraints
The major restraining factor for the medical camera market growth is after effects of endoscopy. For instance, after the upper gastrointestinal (GI) tract endoscopy, some observed complications include bleeding (tearing of GI tract), infections, chest pain, and adverse reaction to sedation regularly occurs. Most of the endoscopy performed in the U.S. and Europe are done with patients under sedation, due to which major complications arises. According to New England Journal of Medicine (NEJM) January 2018 reports, around 33% of patients developed minor respiratory complication and around 6% developed major respiratory complication due to the improper sedation in Germany.
Global Medical Camera Market: Regional Analysis
North America is expected to hold the dominant position in the forecast period, owing to increasing prevalence of gastrointestinal diseases, which require endoscopies for the diagnosis of the disease in the U.S. In 2018, as per the NEJM reports, around 18 million endoscopies were performed in the U.S. including 11 million colonoscopies. Moreover, new technological advancements are also contributing to growth of medical camera market. For instance, in March 2014, U.S. Food and Drug Administration (FDA) approved PillCam COLON 2 developed by Medtronic as a minimal invasive device for colonoscopy in the U.S.
Asia Pacific is expected to witness significant growth in medical camera market, due to the presence of major players operating in the medical camera market such as Olympus Corporation, Canon Corporation, Sony Corporation, and Hamamatsu Photonics K.K. in Japan.
Global Medical Camera Market: Competitive Landscape
Key players operating in the global medical camera market include Olympus Corporation, Stryker Corporation, Hamamatsu Photonics K.K., Sony Corporation, Carestream Health, and Canon Corporation.
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