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.
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North America to lead in terms of Lucrative Regional Market
On the basis of geography, North America is the chief revenue generator for medical camera and microscopes and is likely to remain a leading position through 2023. The growing prevalence of cancer and the growing geriatric population are the key factors driving the growth of the market in the region. However, the region with the fastest pace of growth is expected to be Asia Pacific. China will be a key market for medical cameras and microscopes. The growing healthcare expenditure and the growing aged population will be two important factors driving the demand for these devices. Japan is estimated to hold great opportunity in the market too.
Demand for Evidence-based Treatment to Drive Demand for Medical Cameras and Microscopes
The growing investments in research and development have resulted in the development of advanced and sophisticated medical cameras and microscopes. This in turn is leading to a high growth of the market. The growing acceptance of minimally invasive surgeries is fueling the number of patients and doctors seeking quality care. Doctors and patients are now demanding evidence-based medicine adoption of minimally invasive surgeries as this has proven to reduce healthcare cost, post operative complications, and hospital stays. On the other hand, nations which are witnessing a decline in the government funding for healthcare are likely to suffer in terms of growth in the medical cameras and microscopes market. The implementation of excise tax on medical devices is estimated to restrict the growth of the market too.