Videoscopes Market Size, Share, Growth, and Industry Analysis, By Type (Digital Videoscope Mini Videoscope and Others), By Application (Aircraft Turbines, Airframe Inspections, Bearings Gearboxes, Chemical Processing, Corrosion, Down-Hole Motors, Electronic Assemblies, Heat Exchangers and Boilers, Heavy Equipment Maintenance and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Videoscopes Market Report Overview

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The global videoscopes market size is USD 1545 million in 2022 and is projected to touch USD 2700.12 million by 2031, exhibiting a CAGR of 6.4% during the forecast period.

An sophisticated type of borescope known as a flexible videoscope or video borescope has an incorporated tiny image sensor at the tip of the scope. Internal wiring transmits the video image back to the display from the distal tip and focusable lens assembly. In contrast, a flexible fiberscope and hard borescope are conventional. Coherent image fibre optics are used in flexible fiberscopes to transmit the image to the eye through the eyepiece, while rigid borescopes use hard optical relay components to transmit the image from the tip to the eyepiece. An intermediate camcorder can be used to compare the image quality of the device to that of a fiberscope because it is better.

Videoscopes typically have a diameter of up to 10 millimetres and can be as long as 15 metres (49 feet, 2+12 inches). An articulated tip, an insertion probe section, articulation controls (up, down, left, and right) on the control handle, a lighting bundle, a high intensity external light source, a cable interface with outputs to the display (LCD or CRT), and an external media recording device like a hard drive or a CompactFlash card are just a few examples of integral features. More recent it can store data on USB flash drives or SD cards. Normally, the system will either capture still images or live video.

COVID-19 Impact: Lockdown Shackled the Market and Affected the Product Manufacture

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Over the past 18 months, the majority of industries have had adverse effects worldwide. This can be ascribed to the enormous disruptions that various precautionary lock-downs and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same holds true for the medical videoscopes market worldwide. Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their individual budgets as the general economic condition of the majority of people has been adversely impacted by this outbreak. Over the anticipated period, the aforementioned factors are anticipated to negatively impact the global market for medical videoscopes' revenue trajectory.

LATEST TRENDS

"The Technological Advancements to Attract the Consumers and Expand the Market"

Over the future years, revenue for medical videoscopes is anticipated to increase as a result of technological developments and discoveries in the field of endoscopy. Increased angles of view in endoscopes, smaller outer diameters of scopes, endoscopic systems combined with high-resolution technologies like 3D systems, and downsized endoscopy systems are only a few of the improvements brought about by technological advancements.

Over the anticipated period, endoscopic cameras are expected to dominate the visualization systems market. Technologies-advanced systems, such as 3600 3D pictures, ultra-fine single chip cameras, and ultra-high defined LED multi-light technology, are credited with this. Additionally, a variety of applications in surgical procedures (via video aiding) are projected to drive market expansion, including thoracic, anterior, posterior spinal surgery, bariatric, laparoscopic, and general endoscopic procedures. 

 Videoscopes Market Segmentation

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• By Type

Based on type, the videoscopes market is classified into digital videoscopes, mini videoscopes and others.

Digital videoscopes is the leading part of the type segment.

• By Application

Based on application, the videoscopes market is classified into aircraft turbines, airframe inspections, bearings gearboxes, chemical processing, corrosion, down-hole motors, electronic assemblies, heat exchangers and boilers, heavy equipment maintenance and others.

Aircraft turbines is the leading part of the application segment.

DRIVING FACTORS

"Increasing Preference of Patients and Prevalence of Diseases to Compel the Market Growth  "

Endoscopy is more in demand now that minimally invasive techniques are becoming more popular. In terms of pre- and post-operative care expenditures, the endoscopic approach is more inexpensive than open operations. Additionally, hospital stays are getting shorter, which is significantly contributing to the expansion of the global market for medical videoscopes. The growth of the global market is also being considerably impacted by the rise in the incidence of conditions that call for endoscopies, such as gastrointestinal disorders, sores, and digestive tract haemorrhage. In a similar vein, the global market is driven by an ageing and obese population, who are more susceptible to diseases like cancer, gastrointestinal problems, and ocular issues.

"The Laproscopy Application to Exponentially Drive the Market Growth"

Due to expanding demand for less invasive operations performed by laparoscopy as well as rising obesity, which would increase the need for bariatric surgeries and aid in weight loss, the laparoscopy application category maintained a significant revenue share in 2018. A few variables promoting the expansion of the laparoscopy segment company include associated benefits including improved visualisation, magnifying optics with high definition capabilities, surgical navigation, and augmented reality.

RESTRAINING FACTORS

"The High Cost Associated With the Utilization of the Product to Repel the Market"

The lack of skilled medical professionals, constrained reimbursements in developing countries, and expensive endoscopic equipment are difficult aspects that will restrain the expansion of the medical videoscopes market.

Videoscopes Market Regional Insights

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"North America to Lead the Market With Technological Advancements and Prominent Players"

The medical videoscopes market share was dominated by the North American region because of the rise in cancer, orthopaedic, gastrointestinal, and ophthalmic illnesses as well as the widespread use of cutting-edge surgical equipment. The expansion of the medical videoscopes market growth will also be aided by the growing use of endoscopic technologies in the management of obesity and gastroesophageal reflux disease (GERD). Numerous neurological conditions and an increase in the use of minimally invasive surgery are contributing factors to market expansion. About 3.5 million laparoscopic procedures were carried out in the U.S. in 2017, according to research done there by the National Centre for Health Statistics. This suggests that endoscopic operations are carried out widely throughout the nation.

KEY INDUSTRY PLAYERS

"Notable Players to contribute towards the market growth"

The top notch players of the market share are implementing and applying varied front end and back end strategies  to exceed and expand their empire.

List of Market Players Profiled

• Olympus (Japan)
• GE (U.S.A)
• Karl Storz (Germany)
• SKF (Sweden)
• IT Concepts (U.S.A)
• VIZAAR (Germany)
• Dellon (U.S.A)
• Mitcorp (China)
• SENTECH (South Africa).

REPORT COVERAGE

The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.