Medical Endoscope Image Processor Market to Reach $2.9 Billion, Globally, by 2033 at 6.8% CAGR: Allied Market Research
Allied Analytics LLP
6 min read
Increasing prevalence of GI and chronic diseases, rising demand for minimally invasive procedures, increasing awareness, and training programs are the major factors which drive the global market growth.
Wilmington, Delaware, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Medical Endoscope Image Processor Market by Product Type (HD Image Processors, 3D Image Processors and Others), Application (Gastroenterology, Orthopedics, Cardiology, Urology, Gynecology and Others), and End User (Hospital and Clinics, Ambulatory Surgical Centers, Diagnostic Centers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the medical endoscope image processor market was valued at $1.5 billion in 2023, and is estimated to reach $2.9 billion by 2033, growing at a CAGR of 6.8% from 2024 to 2033.
Increasing prevalence of GI and chronic diseases, rising demand for minimally invasive procedures, increasing awareness and training programs are the major factors that drive the growth of the medical endoscope image processor market growth. However, high cost of equipment restricts the market growth. Moreover, technological innovation and integration into image processors for enhanced diagnostic accuracy and automated detection of abnormalities offers remunerative opportunities for the expansion of the global medical endoscope image processor market.
Report coverage & details
Report Coverage
Details
Forecast Period
2024–2033
Base Year
2023
Market Size in 2023
$1.5 billion
Market Size in 2033
$2.9 billion
CAGR
6.8%
No. of Pages in Report
231
Segments Covered
Product Type, Application, End User, and Region.
Drivers
Rise in incidences of chronic diseases
Rise in awareness and understanding of immune-related diseases
Increase in investment in research and development
The HD image processors segment to maintain its leadership status during the forecast period
By product type, HD image processors segment dominated the market share in 2023. This is attributed to its superior image quality, which enables accurate diagnostics and treatment planning. In addition, affordability of HD technology makes it accessible to a wide range of healthcare facilities, driving widespread adoption.
The gastroenterology segment to maintain its leadership status during the forecast period
By application, gastroenterology segment dominated the market share in 2023. This is attributed to rise in prevalence of gastrointestinal disorders worldwide which drives the demand for endoscopic procedures, necessitating advanced imaging solutions. In addition, the increasing emphasis on colorectal cancer screening programs and early detection initiatives further boosts the adoption of endoscope image processors in gastroenterology.
The hospitals and clinics segment to maintain its leadership status during the forecast period
By end user, hospitals & clinics segment dominated the market share in 2023. This is attributed to hospitals and clinics which serve as primary settings for diagnostic and therapeutic endoscopic procedures, driving significant demand for advanced imaging solutions. In addition, healthcare facilities prioritize the adoption of high-quality image processors to ensure accurate diagnosis and treatment planning, leading to widespread usage.
Regional Outlook
North America to maintain its dominance by 2033
North America dominated the market share in 2023 owing to advanced healthcare infrastructure and a high adoption rate of innovative medical technologies. In addition, robust investment in R&D facilitates continuous technological advancements in endoscopic imaging systems which further drives the market growth in this region. Moreover, favorable reimbursement policies and high healthcare spending contribute to increased adoption of premium endoscope image processors. Furthermore, the presence of key market players and strategic collaborations with healthcare providers further bolster market dominance.
Key Players
Olympus
FUJIFILM Corporation
Stryker
Medtronic
HOYA Group
Cook
CONMED Corporation
Ambu A/S
STERIS
SonoScape Medical Corp.
The report provides a detailed analysis of these key players in the global medical endoscope image processor market. These players have adopted different strategies such as product launch and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments in Medical Endoscope Image Processor Market
In April 2023, PENTAX Medical, a division of HOYA Group launched its two newest innovations: the PENTAX Medical INSPIRA premium video processor, and the i20c video endoscope series. The video processor acts as the bridge for legacy endoscopes, bringing them to next level image quality, whilst the i20c video endoscope series supports procedures with superior vision and ergonomics.
In May 2023, Olympus, a global technology leader in designing and delivering innovative solutions for medical and surgical procedures, announced the FDA clearance of the new EVIS X1 endoscopy system, along with two compatible gastrointestinal endoscopes: the GIF-1100 gastrointestinal videoscope indicated for use within the upper digestive tract including the esophagus, stomach, and duodenum; and the CF-HQ1100DL/I colonovideoscope indicated for use within the lower digestive tract including the anus, rectum, sigmoid colon, colon, and ileocecal valve.
In September 2022, Olympus Corporation announced the launch of VISERA ELITE III, its newest surgical visualization platform that addresses the needs of healthcare professionals (HCPs) for endoscopic procedures across multiple medical disciplines.
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