Increasing Number of Surgical Procedures and Technological Advancements Offer Growth Opportunities in the Global market
The Global Medical Camera Market is expected to reach USD 3.69 billion by 2021 from USD 2.43 billion in 2016, at a CAGR of 8.7% during the forecast period.
The global market is witnessing growth due to factors such as an increase in the number of surgical procedures that require medical cameras and the rapid pace of technological advancements in medical cameras. On the other hand, high manufacturing costs of medical cameras is a major restraint in this market.
The Medical Camera Market is segmented based on camera type, sensor, resolution, end user, and region. Based on camera type, the market is segmented into endoscopy cameras, surgery cameras, dermatology cameras, ophthalmology cameras, and dental cameras.
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In this report, the sensors market includes charge coupled device (CCD) and complementary metal-oxide-semiconductor (CMOS) sensors. In 2016, the CMOS segment accounted for the largest share of this market. This segment is also expected to grow at the highest CAGR during the forecast period. CMOS image sensors offer various advantages, such as low power consumption, ease of integration, rapid frame rate, and low manufacturing cost, which are driving growth in this segment.
Medical Camera Market Segmentation:
Based on resolution, the market includes standard-definition (SD) and high-definition (HD) cameras. The HD cameras segment accounted for the largest share of this market due to a rising demand for high-definition visuals in surgical procedures. This segment is also expected to grow at the highest CAGR during the forecast period.
By end user, the market is segmented into hospitals, diagnostic centers, and specialty clinics & ambulatory surgery centers. Hospitals dominated the global Medical Camera Market. The specialty clinics & ambulatory surgery centers segment, however, is expected to grow at the highest CAGR during the forecast period. Long waiting times in hospitals and a growing preference for clinics and ambulatory surgery centers are driving this market.
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Geographically, the market is segmented into North America, Europe, Asia, and the Rest of the World. In 2016, North America held the largest share in the market and will continue to do so in the forecast period. Asia is expected to witness the highest CAGR, with its growth centered on China, Japan, and India.
Major Players in the Medical Camera Market:
Olympus Corporation (Japan), Stryker Corporation (U.S.), Hamamatsu Photonics K.K. (Japan), Sony Corporation (Japan), and Carestream Health (a subsidiary of Onex Corporation, Canada).