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Video Borescopes Market

Endoscopic equipment are medical devices used to perform minimally invasive medical procedures by visualizing the inside of body cavities or organs. They allow internal examinations without major surgical procedures and enable procedures such as gastrointestinal endoscopy, arthroscopy, laparoscopy, hysteroscopy, angioscopy, and bronchoscopy. Endoscopic equipment find wide applications across various medical specialties including gastroenterology, pulmonology, orthopedics, gynecology, urology, and ENT. The global endoscopic equipment market is estimated to be valued at US$ 35.2 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

One of the key drivers for the growth of the endoscopic equipment market is the rising adoption of minimally invasive surgeries over traditional open surgeries. Minimally invasive surgeries are associated with reduced post-surgical complications, lesser pain, shorter hospital stay, and quicker recovery time. This has boosted the adoption of endoscopic equipment in healthcare facilities globally. According to the Society of American Gastrointestinal and Endoscopic Surgeons, in the U.S., over 7 million gastrointestinal endoscopy procedures are performed annually as of 2018. Furthermore, technological advancements in endoscopy such as the development of robot-assisted endoscopic equipment and single-incision laparoscopic surgery are also contributing to market growth. However, the high cost of endoscopic equipment and procedures may hinder market growth.

 

SWOT Analysis

Strength: Video borescopes have high image quality which enables clear visualization of areas that are difficult to access directly. They offer cost effectiveness as they prevent the need for complete equipment disassembly. They provide versatility as different types of videoscopes are available for industrial and medical applications.

 

Weakness: Videoscopes require specialized skills for operation and maintenance. Improper handling can damage the equipment.

 

Opportunity: Rising demand from industries like automotive, aerospace and manufacturing is driving the videoscopes market. Growing medical sector worldwide also offers new opportunities.

 

Threats: Competition from alternative inspection methods. Economic slowdowns can impact capital expenditures of industries negatively.

 

Key Takeaways

The Global Video Borescopes Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is estimated to reach US$ 814.7 Million in 2024.

 

Regional analysis: North America dominates the global market currently owing to large industrial and manufacturing sectors in the region. The region is expected to continue its dominance in the coming years as well. Asia Pacific region is projected to witness fastest growth on account of rapid industrialization and infrastructure development activities. Countries like China, Japan and India will be major contributors to the growth of video borescopes market in Asia Pacific.

 

Key players: Key players operating in the video borescopes market are Olympus, GE, Karl Storz, SKF, MORITEX, Mitcorp, VIZAAR, Yateks, Gradient Lens, Lenox Instrument, AIT, Schindler, and OTEC. Olympus, GE and Karl Storz capture majority market share due to their well-established brands and wide distribution network globally.


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https://www.newsstatix.com/video-borescopes-market-size-share-growth-outlook-2023/

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