The medical cameras and microscopes market is exceedingly consolidated, wherein the top four companies – Carl Zeiss Meditec, Olympus Corporation, Nikon Corporation, and Leica Microsystems – accounted for a massive 90% in 2014. Among these, Carl Zeiss Meditec alone held a share of 40%. Transparency Market Research has found that an increasing number of acquisitions by top companies has resulted in this high level of consolidation, which has, in turn, lowered the opportunity for small and new players. Many players are making use of product launches as their business strategy so as to gain a competitive edge above other players. Another key strategy adopted by players in the medical cameras and microscopes market is to expand their businesses in developing nations.
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The global medical cameras and microscopes market is expected to be worth US$1.3 bn by 2023. On the basis of type, the microscopes segment not only led in the past but is estimated to expand at the highest CAGR within the coming years. Surgical microscope cameras are key revenue generators. Ophthalmology camera segment will expand at a fast pace
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.
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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.
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