The global medical videoscope market, valued at US$ 23.35 billion in 2023, is projected to reach US$ 49.86 billion by 2034, growing at a CAGR of 7.14%. This growth is driven by the rising demand for surgeries due to aging populations, accidents, and occupational injuries.
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Medical Videoscope Market: Key Investment Trends
In May 2024, South Korean medical smart endoscope company MedInTech Inc. secured 20 billion won ($14.6 million) in Series B financing.
In January 2023, IQ Endoscopes, a medical device company, raised £5.2 million in a funding round led by BGF, with participation from the Development Bank of Wales and other investors.
In April 2022, Japanese medtech firm AI Medical Service raised 8 billion yen ($70 million) in a Series C investment round, supported by Globis Capital Partners, World Innovation Lab, Incubate Fund, and Masayoshi Son’s SoftBank Vision Fund 2, to develop AI decision tools for endoscopists.
Regional Insights
Technological Advancements Drive Market in North America
North America dominated the medical videoscope market in 2023. The market is growing strongly in North America due to technological advancements, advanced healthcare infrastructure, trained professionals, the presence of market key players, a growing population of people with diseases, and government support. The market players in the region continuously make efforts to develop videoscopes with advanced features such as high-quality imaging, integration of AI, integration of machine learning, and other features. The two major countries that contributing to the growth of the medical videoscope market in North America are the U.S. and Canada. The growing cases of chronic conditions and surgeries in these countries demand minimally invasive surgeries.
Geriatric Population Drives the Market in Asia Pacific
Asia Pacific is expected to grow at the fastest rate during the forecast period. The medical videoscope market is growing rapidly in Asia Pacific due to the growing geriatric population. This group is prone to various age-related health issues that require surgical attention. The population is more prone to post-surgery infections, due to which they require minimally invasive surgeries. Minimally invasive surgeries use videoscopes to reduce invasion and provide a better view of the surgery area. Apart from this, the governments in the region are taking steps to improve healthcare services. Many key players, after analyzing the potential in countries like China, India, Japan, and South Korea, are investing and collaborating with local companies and launching their branches in these countries.
Recent Developments
In March 2024, at the renowned Heli Expo in Anaheim, California, USA, Borescopes, a pioneer in borescope technology, unveiled their latest innovation: the NEW USAVSJ-4-1500 portable videoscope.
In October 2023, USA Borescopes introduced a new compact borescope, designed with advanced features to allow users to access and view challenging inspection areas.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/medical-videoscope-market-sizing
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