The competitive landscape of the medical cameras and microscopes market is oligopolistic with a handful of players operating across the globe, says Transparency Market Research (TMR). Players such as Carl Zeiss Meditec, Olympus Corporation, Nikon Corporation, and Leica Microsystems accounted for a massive 90% of the overall market in 2014. Top players in the market are adopting several strategies such as merger & acquisitions, business expansions and collaborations to increase their geographical reach..
According to TMR, the global medical cameras and microscopes market is expected to reach a valuation of US$1.3 bn by 2023. The market is projected to rise at an impressive CAGR from 2015 to 2023.
On the basis of type, surgical microscope cameras is expected to hold maximum share in the medical cameras and microscopes market. This is due to their extensive application in research and development centers, hospitals units and specialty clinics. On the basis of geography, North America is expected to hold a majority of share in the medical camera and microscopes market throughout the forecast period. Several factors such as growing prevalence of cancer, rising geriatric population and presence of key players are expected to drive the medical cameras and microscopes market in the region.
Growing Adoption of Invasive Surgeries to Fuel Market
The global medical cameras and microscopes market is likely to grow at a significant pace. This is mainly because of the factors like increasing investments in research and development of advanced and sophisticated medical equipment. Medical cameras are mainly used in hospitals, diagnostic centers, and physicians office to investigate closely tiny and inner organs of the body. Medical microscopes are used for inspecting blood and tissue samples. They are widely used in the pathological and surgical applications.
The increasing inclination of patients towards invasive surgeries is a strong factor likely to boost the global medical cameras and microscopes market during the forecast period. Apart from this, surge in the use of medical camera and microscopes for surgeries such as neurosurgeries, ophthalmology is another factor anticipated to drive the global medical cameras and microscopes market.
Along with this, advancement in medical devices is increasing the demand of the medical cameras and microscopes in the market. For instance- Olympus Corporation launched ORBEYE Surgical Microscope. The device is based on 4K 3D video technology. Olympus Corporation and Sony Imaging Products & Solutions Inc have developed this technology.
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Excessive Tax imposed on Purchase of Medical Cameras and Microscopes to Impede Market
Nevertheless, growth of the medical cameras and microscopes market is hampered in the regions having a poor medical infrastructure. This is because medical cameras and microscopes are expensive equipment and it requires substantial investment for their setup in healthcare units. Apart from this, implementation of excise tax on medical cameras and microscopes by the government is prohibiting small and middle players from adoption of these devices.
However, growing prevalence of the chronic diseases such as cancer and blood disorder is likely to offer lucrative avenue for the growth of the medical cameras and microscopes market during the forecast period.
This review is based on the findings of a TMR report titled “Medical Cameras and Microscopes Market (Type – Endoscopy Cameras, Dermatology Cameras, Ophthalmology Cameras, Dental Cameras, Surgical Microscope Cameras (Ophthalmology, ENT, Neurosurgery) Pathology Microscope Cameras (Hospital Laboratories, Diagnostic Laboratories, Physician Offices)); Type – (Surgical Microscopes, Ophthalmology, ENT, Neurosurgery) Pathology Microscopes (Hospital Laboratories, Diagnostic Laboratories, Physician Offices) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023.”
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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