The global medical videoscope market, valued at $23.35 billion in 2023, is expected to reach $49.86 billion by 2034, growing at a 7.14% CAGR. Rising surgical needs due to aging, workplace risks, and accidents are fueling this demand.
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In recent developments, MedInTech Inc., a South Korean smart endoscope company, announced a successful $14.6 million Series B funding round in May 2024. Earlier, in January 2023, IQ Endoscopes, a UK-based medical device company, secured £5.2 million, backed by investors including the Development Bank of Wales and BGF, a prominent investor in the UK and Ireland. Japanese medtech company AI Medical Service raised $70 million in April 2022, supported by Globis Capital Partners, World Innovation Lab, and SoftBank Vision Fund 2, to develop AI tools that assist endoscopists with decision-making.
Minimally invasive surgeries (MIS) have become a standard approach in many medical fields, yet they’re still gaining traction in periodontal care. A new videoscope designed for MIS in periodontal procedures addresses some limitations of traditional viewing methods, expanding the use of videoscopic technology in specialized surgeries.
A global shortage of trained endoscopists could impact market growth in the coming years, with the cost of endoscopic procedures adding further challenges. This need for skilled practitioners may limit market expansion despite the increasing demand for endoscopic procedures.
The medical videoscope market is led by a range of innovative companies, including:
In early 2024, Olympus and Canon Medical Systems partnered to advance endoscopic imaging technology. Karl Storz and FUJIFILM’s partnership aims to enhance OR efficiency and provide high-quality solutions to endoscopists.
New product launches include USA Borescopes’ introduction of a compact borescope in October 2023, designed for challenging inspection areas, and a new portable videoscope by Borescopes, showcased at the Heli Expo in Anaheim, California, in March 2024.
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