In an era of rapidly advancing medical technologies and the escalating prevalence of chronic diseases, the targeted study of the surgical visualization systems market is invaluable for discerning senior business executives. This comprehensive market research report is essential reading, providing in-depth analysis concerning key growth drivers, market trends, and industry challenges.
The rising tide of chronic conditions, such as cancer and chronic kidney disease (CKD), is leading to an increased demand for frequent diagnoses and recurrent hospital visits. This, in turn, is boosting the demand for surgical visualization systems and contributing to market growth. Technological advancements of various surgical instruments are also supporting robust market development, with innovative product launches by leading firms, such as Medtronic plc and SonoScape Medical Corp., leading the charge. However, the high cost of endoscopy procedures may present some hindrance to market expansion.
COVID-19 affected the surgical visualization system market. For instance, an article published in the November 2020 issue of the National Library of Medicine reported thousands of endoscopies are performed annually, but during the COVID-19 pandemic period, a significant decline in these procedures was observed across the globe. Thus, although an overall reduction in elective and urgent procedures was observed, which impacted the growth of the studied market, after a few months the market witnessed significant growth as these services were resumed. In addition, according to the study published in the February 2022 issue of the National Library of Medicine, while surgical services were temporarily shut down during the initial COVID-19 surge, the healthcare system continued to offer safe care for gastrointestinal surgery patients, especially those with oncologic reasons. There has been a comeback in surgical volume and patient mix since the phased reopening, which has finally lessened the initial detrimental impact of the pandemic on the provision of gastrointestinal surgical treatment. Such studies show the rise in surgical procedures, which may drive the market's growth post-pandemic.
The factors that are supposed to be propelling this market are the increasing prevalence of chronic diseases and technological advancements in devices. The increasing prevalence of chronic diseases like cancer and chronic kidney disease (CKD) requires constant diagnosis and frequent hospital visits, which is propelling the demand for surgical visualization systems and thereby contributing to the growth of the studied market. For instance, in July 2022, the Center for Disease Control and Prevention (CDC) published a report that reported that in 2021, 1 in 7, which is about 15% of United States adults or 37 million people, is estimated to have chronic kidney disease (CKD). The report also stated that chronic kidney disease (CKD) is more common in women than in men. Thus, the high incidence of chronic disorders is associated with a high demand for surgical procedures, thereby driving the growth of the studied market.
The technological development of various surgical instruments is also propelling the growth of the studied market. For instance, in November 2021, Medtronic plc launched its PillCam Small Bowel 3 system for remote endoscopy procedures. The PillCam SB3 at Home program combines Medtronic's PillCam technology with Amazon logistics, a combination intended to ensure both timely and accurate results for patients from the comfort of their homes. In April 2022, SonoScape Medical Corp. got approval from the US Food and Drug Administration (USFDA) for its video endoscopy system HD-550, which is used to diagnose problems in the gastrointestinal tract.
Thus, due to the aforesaid factors, such as increasing chronic diseases and product launches, the market is expected to witness significant growth over the forecast period. However, the high cost of endoscopy procedures may slow down the growth of the studied market.
Surgical Visualization Systems Market Trends
Colonoscopy Segment is Expected to Witness a Significant Growth Over the Forecast Period.A colonoscopy is a visual exam of the colon using a lighted, flexible fiberoptic, or video endoscope. An endoscope is inserted through the anus and moved gently around the bends of the colon. Viewing the colon like this helps the doctor check for conditions like colon cancer, noncancerous tumors, inflammation, infection, and bleeding.
The major factors propelling segment growth are the increasing incidence of colon and rectum cancers, technological advancements in devices, and increased diagnostic awareness in the population. For instance, the International Agency for Research on Cancer (GLOBOCAN) reported that colon cancer cases are expected to reach 1.92 million by 2040. Also, the same source reported that rectum cancer cases are expected to reach 1.16 million by 2040. A colonoscopy is one of the most sensitive tests currently available for colon and rectal cancer screening. Thus, a high incidence of colon and rectum cancer is driving the growth of this segment, thereby propelling the growth of the market.
The key market players' technological advancements and new product launches are also contributing to the market's growth.For instance, in April 2021, Medtronic plc launched the United States Food and Drug Administration (USFDA)-approved GI Genius intelligent endoscopy module in the United States. The GI Genius module is the commercially available computer-aided detection (CADe) system that uses artificial intelligence (AI) to identify colorectal polyps. Similarly, in August 2022, New Jersey-based Hackensack University Medical Center received funding from the Health Equity Assistance Program to support the installation of artificial intelligence (AI)-assisted colonoscopy technology and provide training and technical assistance to underserved communities. Thus, such product launches are driving the growth of this segment, thereby fueling the growth of the studied market.
Additionally, an article published in the National Library of Medicine in March 2022 reported the alarming rise in the incidence of early-onset colorectal cancer and the importance of raising awareness and creating newer guidelines in response to the changing demographic of patients impacted by colorectal cancer. The increasing diagnostic awareness in the population, especially among young populations, is also contributing to the growth of this segment.
Thus, due to the above-mentioned reasons such as product launches and increasing cancer cases, the segment is expected to witness significant growth over the forecast period, thereby contributing to the growth of the market.
North America Region is Expected to Witness a Significant Growth Over the Forecast Period.North America is expected to witness significant growth over the forecast period. The market growth is due to the factors such as the presence of key players, the high prevalence of chronic diseases in the region, and the established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to propel market growth. In this region, the United States holds the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market.
The high cases of colon cancer are driving the growth of the studied market in the region. For instance, the American Cancer Society 2022, estimated that in 2022, 1,51,030 colorectum cancer cases are reported in the United States. This, is the fourth most prevalent cancer in the country, with California recording the highest number of colorectum cancer cases. Also, an article titled, “Comparison of trends in early-onset colorectal cancer in North America and Europe” published in June 2022, reported that North America reported a higher incidence increase in rectal cancer than in colon cancer. Thus, high colon-rectal cancer is contributing to the studied market in the region.
Also, product launches, technological developments, mergers acquisitions, and partnerships among the key market players are significantly boosting the market. For instance, in February 2022, EvoEndo, Inc. received 510(k) clearance from the United States Food and Drug Administration (USFDA) to begin marketing and sale of the EvoEndo single-use endoscopy system. The clearance follows EvoEndo’s distribution agreement with Micro-Tech Endoscopy to begin the distribution of the EvoEndo System into hospitals in the United States. Similarly, in November 2021, Micro-Tech Endoscopy launched the LesionHunter Cold Snare, a novel cold snare with an ultra-thin Nitinol wire. This wire material provides durability in the shape and can be used in endoscopic procedures.
Thus, due to the aforesaid mentioned reasons the region is expected to witness significant growth over the forecast period.
Surgical Visualization Systems Market Competitor AnalysisThe surgical visualization systems market is fragmented in nature due to the presence of fewer companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares, including Carl Zeiss Meditec AG, Fujifilm Corporation, Cardinal Health, Karl Storz GmbH & Co. Kg., Laborie Inc., Conmed Corporation, Stryker Corporation, Happersberger Otopront GmbH, Acutronic Medical Systems AG, AngioDynamics Inc., Olympus Corporation, and Richard Wolf GmbH, among others.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases
4.2.2 Technological Advancements in the Devices
4.3 Market Restraints
4.3.1 High Cost of Endoscopy Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Endoscopic Cameras
5.1.2 Light Sources
5.1.3 Displays and Monitors
5.1.4 Video Recorders
5.2 By Application
5.2.4 Other Applications
5.3 By End-Users
5.3.2 Diagnostic Imaging Centers
5.3.3 Other End-Users
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6.1.1 Carl Zeiss Meditec AG
6.1.2 Fujifilm Corporation
6.1.3 Cardinal Health
6.1.4 Karl Storz GmbH & Co. Kg
6.1.5 Laborie, Inc
6.1.6 Conmed Corporation
6.1.7 Stryker Corporation
6.1.8 Happersberger otopront GmbH
6.1.9 Acutronic Medical Systems AG
6.1.10 AngioDynamics Inc.
6.1.11 Olympus Corporation
6.1.12 Richard Wolf GmbH
A selection of companies mentioned in this report includes:
- Carl Zeiss Meditec AG
- Fujifilm Corporation
- Cardinal Health
- Karl Storz GmbH & Co. Kg
- Laborie, Inc
- Conmed Corporation
- Stryker Corporation
- Happersberger otopront GmbH
- Acutronic Medical Systems AG
- AngioDynamics Inc.
- Olympus Corporation
- Richard Wolf GmbH