Surgical Visualization Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Surgical Visualization Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The surgical visualization systems market is expected to register a CAGR of nearly 9.3% during the forecast period.

COVID-19 has affected the world and has had a major impact on the healthcare system. The COVID-19 outbreak has resulted in many changes in surgery practices throughout the world, and so the surgical visualization system market was majorly impacted. For instance, an article titled, "Gastrointestinal Endoscopy in the Era of COVID-19" published in November 2020 reported thousands of endoscopies are performed annually, but during the COVID-19 pandemic period a significant decline in these procedures was observed across the globe. Also, this pandemic has had a disruptive effect on the surgical instruments, workflow, and safety of endoscopists, ancillary staff, and patients leading to postponing or even canceling endoscopies in medium- to low-risk cases. The COVID-19 pandemic has forced hospital centers to drastically reduce the surgical procedure volume for both elective and semi-urgent cases to reduce the transmission risk of SARS-CoV-2. Thus, although an overall reduction in elective, urgent, procedures was observed which impacted the growth of the studied market, however, after a few months, the market witnessed significant growth as these services got resumed.

The factors that are supposed to be propelling this market are the increasing prevalence of chronic diseases and technological advancements in the devices. The increasing prevalence of chronic diseases like cancer and chronic kidney disorder (CKD) requires constant diagnosis and frequent hospital visits which is propelling the demand for surgical visualization systems, thereby contributing to the growth of the studied market. For instance, GLOBOCAN 2020 data, reported that in the year 2020 about 19.29 million cases of cancer were recorded globally, and this number is supposed to increase to 30.22 million by 2040. Also, in July 2022, the Centre for Disease Control and Prevention (CDC), published a report titled "Chronic Kidney Disease in the United States 2021" which reported that in 2021, 1 in 7, that is about 15% of United States adults or 37 million people, are estimated to have chronic kidney disorder (CKD). The report also stated that chronic kidney disorder (CKD) is more common in women than men. Thus, the high incidence of chronic disorders is associated is related with the high demand for surgical procedures, thereby driving the growth of the studied market.

The technological development in various surgical instruments is also propelling the growth of the studied market. For instance, in November 2021, Medtronic plc launched its PillCam Small Bowel 3 system for remote endoscopy procedures. The PillCam SB3 at HOME program combines Medtronic's PillCam technology with Amazon logistics, a combination intended to ensure both timely and accurate results for patients from the comfort of their homes. Similarly, in April 2022, SonoScape Medical Corp. received the United States Food and Drug Administration (USFDA) approval for its video endoscopy system HD-550 for gastrointestinal diagnosis.

Thus, due to the aforesaid mentioned reasons, the market is expected to witness significant growth over the forecast period. However, the high cost of endoscopy procedures may slow down the growth of the studied market.

Key Market TrendsColonoscopy Segment is Expected to Witness a Significant Growth Over the Forecast Period.

A colonoscopy is a visual exam of the colon using a lighted, flexible fiberoptic or video endoscope. An endoscope is inserted through the anus and moved gently around the bends of the colon. Viewing the colon like this helps the doctor check for conditions like colon cancer, noncancerous tumors, inflammation, infection, and bleeding.

The major factors propelling segment growth are the increasing incidence of colon and rectum cancers, technological advancements in the devices, and increasing diagnostic awareness in the population. For instance, in 2020 International Agency for Research on Cancer (GLOBOCAN), reported that 1.15 million colon cases were recorded in the year 2020 and this number is supposed to increase to 1.92 million by 2040. Also, the same source reported that worldwide 732 thousand rectum cancer cases were recorded in 2020 and this number may increase to 1.16 million by 2040. Colonoscopy is one of the most sensitive tests currently available for colon and rectum cancer screening. Thus, a high incidence of colon and rectum cancer is driving the growth of this segment, thereby propelling the growth of the market.

The technological development and new product launch by the key market players are also contributing to the growth of the market. For instance, in April 2021, Medtronic plc launched the United States Food and Drug Administration (USFDA) approved GI Genius intelligent endoscopy module in the United States. The GI Genius module is the commercially available computer-aided detection (CADe) system using artificial intelligence (AI) to identify colorectal polyps. Similarly in August 2022, New Jersey-based Hackensack University Medical Center received funding from the Health Equity Assistance Program to support the installation of artificial intelligence (AI)-assisted colonoscopy technology, and training and technical assistance, to benefit underserved communities. Thus, such developments are driving the growth of this segment, thereby fueling the growth of the studied market.

Additionally, an article titled, “Increasing Awareness of Colorectal Cancer in Younger Populations” published in March 2022, reported the alarming rise in the incidence of early-onset colorectal cancer, and the importance of raising awareness and creating newer guidelines in response to the changing demographic of patients impacted by colorectal cancer. The increasing diagnostic awareness in the population especially among young populations is also contributing to the growth of this segment.

Thus, due to the above-mentioned reasons, the segment is expected to witness significant growth over the forecast period, thereby contributing to the growth of the market.

North America Region is Expected to Witness a Significant Growth Over the Forecast Period.

North America is expected to witness significant growth over the forecast period. The market growth is due to the factors such as the presence of key players, the high prevalence of chronic diseases in the region, and the established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to propel market growth. In this region, the United States holds the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market.

The high cases of colon cancer are driving the growth of the studied market in the region. For instance, the American Cancer Society 2022, estimated that in 2022, 1,51,030 colorectum cancer cases are reported in the United States. This, is the fourth most prevalent cancer in the country, with California recording the highest number of colorectum cancer cases. Also, an article titled, “Comparison of trends in early-onset colorectal cancer in North America and Europe” published in June 2022, reported that North America reported a higher incidence increase in rectal cancer than in colon cancer. Thus, high colon-rectal cancer is contributing to the studied market in the region.

Also, product launches, technological developments, mergers acquisitions, and partnerships among the key market players are significantly boosting the market. For instance, in February 2022, EvoEndo, Inc. received 510(k) clearance from the United States Food and Drug Administration (USFDA) to begin marketing and sale of the EvoEndo single-use endoscopy system. The clearance follows EvoEndo’s distribution agreement with Micro-Tech Endoscopy to begin the distribution of the EvoEndo System into hospitals in the United States. Similarly, in November 2021, Micro-Tech Endoscopy launched the LesionHunter Cold Snare, a novel cold snare with an ultra-thin Nitinol wire. This wire material provides durability in the shape and can be used in endoscopic procedures.

Thus, due to the aforesaid mentioned reasons the region is expected to witness significant growth over the forecast period.

Competitive Landscape

The Surgical Visualisation Systems Market is fragmented in nature due to the presence of fewer companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known as Carl Zeiss Meditec AG, Fujifilm Corporation, Cardinal Health, Karl Storz GmbH & Co. Kg, Laborie Inc, Conmed Corporation, Stryker Corporation, Happersberger otopront GmbH, Acutronic Medical Systems AG, AngioDynamics Inc., Olympus Corporation, and Richard Wolf GmbH.

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