Medical Cameras and Microscopes Market: Snapshot
The consolidated medical cameras and microscopes market has been witnessing steady growth over the years and a number of high-quality products with advanced technology are available today. Substantial investment in research and development and the implementation of favorable acts and laws have supported the growth of the medical cameras and microscopes market and will continue to do so in the years to come.
The global market for medical cameras and microscopes is poised to expand at a 4.0% CAGR from 2015 to 2023, rising from a value of US$942.6 mn in 2014 to US$1.3 bn by the end of the forecast period.
Surgical Microscope Cameras Witnessing Substantial Demand
The market is bifurcated on the basis of product into medical cameras and microscopes. Microscopes accounted for a larger share in 2014 and the segment is projected to expand at the fastest pace during the forecast period. The high growth rate of the microscopes segment can be attributed to the rising demand for the same for various medical applications as a result of an increasing percentage of geriatric population suffering from different diseases.
Medical cameras are used in a number applications: endoscopy, ophthalmology, surgery, dermatology, dental, and pathology. Surgical microscope cameras led the market for medical cameras in 2015 with ophthalmology cameras registering the highest CAGR from 2015 to 2023. The growing demand for minimally invasive surgeries is a key factor driving the demand for medical cameras.
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U.S. Surges Ahead of Canada in North America Medical Cameras and Microscopes Market
The global market for medical cameras and microscopes is segmented on the basis of geography into North America, Latin America, Europe, Asia Pacific, and Rest of the World. North America is the leading revenue generator in the medical cameras and microscopes market and is likely to retain its lead throughout the forecast period. Within the North America market, the U.S. is the most prominent contributor owing primarily to the rising proportion of aged population and the increasing prevalence of diseases such as cancer.
The Centers for Disease Control and Prevention states that as of 2012, around 117 million Americans were diagnosed and living with one or more chronic health conditions. The National Cancer Institute has found that in 2015, an estimated 1,658,370 new cases of cancer were diagnosed in the U.S., with a mortality of 589,430. The medical cameras and microscopes market in Canada, on the other hand, lags behind owing to the lack of medical device expertise and insufficient investment in the sector.