Global Surgical Visualization Systems Market Size

Surgical Visualization Systems Market Analysis

During the time frame of the forecast, the surgical visualization systems market is expected to grow at a CAGR of nearly 9.3%.

COVID-19 affected the surgical visualization system market. For instance, an article published in the November 2020 issue of the National Library of Medicine 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. Thus, although an overall reduction in elective and urgent procedures was observed, which impacted the growth of the studied market, after a few months the market witnessed significant growth as these services were resumed. In addition, according to the study published in the February 2022 issue of the National Library of Medicine, while surgical services were temporarily shut down during the initial COVID-19 surge, the healthcare system continued to offer safe care for gastrointestinal surgery patients, especially those with oncologic reasons. There has been a comeback in surgical volume and patient mix since the phased reopening, which has finally lessened the initial detrimental impact of the pandemic on the provision of gastrointestinal surgical treatment. Such studies show the rise in surgical procedures, which may drive the market's growth post-pandemic.

The factors that are supposed to be propelling this market are the increasing prevalence of chronic diseases and technological advancements in devices. The increasing prevalence of chronic diseases like cancer and chronic kidney disease (CKD) requires constant diagnosis and frequent hospital visits, which is propelling the demand for surgical visualization systems and thereby contributing to the growth of the studied market. For instance, in July 2022, the Center for Disease Control and Prevention (CDC) published a report that reported that in 2021, 1 in 7, which is about 15% of United States adults or 37 million people, is estimated to have chronic kidney disease (CKD). The report also stated that chronic kidney disease (CKD) is more common in women than in men. Thus, the high incidence of chronic disorders is associated with a high demand for surgical procedures, thereby driving the growth of the studied market.

The technological development of 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. In April 2022, SonoScape Medical Corp. got approval from the US Food and Drug Administration (USFDA) for its video endoscopy system HD-550, which is used to diagnose problems in the gastrointestinal tract.

Thus, due to the aforesaid factors, such as increasing chronic diseases and product launches, 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.