In 2020, Optomed Plc launched Aurora IQ camera with integrated AI for faster eye screening.

Northbrook, IL 60062 -- (SBWire) -- 04/26/2023 --The Medical Cameras Market is projected to reach USD 4.1 billion by 2026 from USD 2.9 billion in 2021, at a CAGR of 7.3% during the forecast period. Market growth is largely driven by the increasing number of surgical procedures, growing demand for endoscopic procedures, technological advancements, and increasing investments in endoscopy and laparoscopy facilities. However, the high cost of medical cameras is a major restraint for market growth. Product discontinuations, a shortage of trained medical professionals, and the availability of refurbished products are also major challenges limiting market growth to a certain extent.

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Key Market Players

Olympus Corporation (Japan), Richard WOLF GmbH (Germany), TOPCON CORPORATION (Japan), Sony Corporation (Japan), Stryker Corporation (US), Danaher Corporation (US), Canon Inc. (Japan), Carl Zeiss AG (Germany), Smith & Nephew (UK), Carestream Dental LLC (US), and Basler AG (Germany)

Global Medical Cameras Industry Dynamics

DRIVER: The increasing number of surgical procedures

An increasing number of surgical procedures require endoscopy cameras, which has considerably grown in recent years. The growing number of surgeries can be attributed to the rapidly growing geriatric population worldwide and the increasing prevalence of chronic diseases, leading to the increasing demand for medical equipment. Many countries across the world are facing the challenge of increasing senior populations. According to the United Nations (UN), in 2019, there were 703 million persons aged 65 years or over in the world. The senior population is estimated to double to 1.5 billion in 2050. Non-invasive surgeries (mainly using endoscopy and microscopy surgery cameras) are preferred for older people due to lesser complications than conventional surgeries.

RESTRAINT: High costs of Dermatology cameras

Images captured using low-megapixel cameras have several drawbacks. The image quality of such pictures gets reduced while zooming in, cropping, or taking prints. Hence, there is a growing demand for high-megapixel cameras owing to various advantages associated with them. Endoscopic cameras used in clinics (in India) cost ~ USD 1300, whereas endoscopic camera prices in hospitals vary from USD 500 to USD 9,000. Intraoral cameras range from USD 50 to USD 5,000. Camera prices vary depending on megapixel sizes, sensor types, and other features.

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OPPORTUNITY Emerging countries in the Asia Pacific market

The Asia Pacific region presents significant growth opportunities for the medical cameras market. Owing to its massive patient population, the rapid expansion of the healthcare industry, and the shifting focus of manufacturers towards developing countries in this region.
China and India, the two most populous countries globally, have a huge patient population mainly due to the rapidly growing senior population and the subsequent increase in the prevalence of ophthalmological & dermatological diseases. Treatment for these diseases demands the use of endoscopes, retinal cameras, and intraoral cameras.

CHALLENGE: The shortage of trained medical professionals

There is a significant shortage of endoscopy physicians and surgeons worldwide. According to the Association of American Medical Colleges (AAMC), by 2020, the US will face a shortfall of around 1,050 gastroenterologists. The demand for colonoscopies is expected to rise by 10% in the country. This shortage of trained professionals in endoscopy also extends to regions such as the Asia Pacific, Latin America, and Europe (excluding the UK where training has been provided for nurse endoscopists since the last ten years by the United Kingdom Central Council for Nursing, Midwifery and Health).

Hospitals & ambulatory surgery centers segment accounted for the highest CAGR

Based on end users, the global medical cameras market is segmented into hospitals & ambulatory surgery centers and specialty clinics. In 2020, the hospitals & ambulatory surgery centers segment accounted for the highest growth rate. This can be attributed to the rising number of hospitals coupled with large patient pool for target diseases and increasing healthcare expenditure.

North America accounted for the largest share of the medical cameras market in 2020
The medical cameras market is divided into five regions, namely, North America, Europe, Asia Pacific, and Rest of the World. North America dominated the medical cameras market. The large share of the North American region is mainly attributed to the technological advancements in medical cameras, implementation of favorable government initiatives, and rise in the number of surgical procedures.

Recent Developments:
- In 2020, Optomed Plc launched Aurora IQ camera with integrated AI for faster eye screening.
- In 2019, Carl Zeiss AG and the Christoffel Mission for the Blind (CBM) came together with a local
partner, the Poona Blind Men Association, to open a new training center for the treatment of cataracts in Pune. The aim of this new center is to train ophthalmologists and medical personnel throughout the country in phacoemulsification, a modern surgical technique.

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