The global medical camera market is projected to grow at a CAGR of 6.06% during the forecast period 2019-2024market covers in-depth analysis of the market on the basis of application, end-user, and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2019-2024. According to the report titled “Global Medical Camera Market - Forecasts From 2019 TO 2024”, the market is expected to surge at a CAGR of 6.06 percent during the projected period rising from US$1.532 billion in 2018 to reach a market size of US$2.181 billion by 2024. The report has segmented the medical camera market by application as Endoscopy procedures, Dental Procedures, Ophthalmology, and Others; by end-user as Hospitals, Clinics, Ambulatory Surgery Centers (ASC), and Diagnostic Centers and by geography as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The market is expected to grow at an impressive growth rate owing to the growing health expenditure, growing adoption of computerized archives driving digital imaging, and investment in R&D. Also, the prevalence of chronic diseases worldwide and a growing number of surgical procedures is further driving the market growth during the forecast period. Furthermore, technological advancements in medical imaging will provide an opportunity for the growth of the global medical camera market during the forecast period and beyond.
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Prevalence of chronic diseases is driving the growth of the global medical camera market.
Chronic diseases are also known as noncommunicable diseases (NCDs) and are considered as the leading cause of death worldwide. These include cardiovascular diseases, cancer, COPD, hypertension, and diabetes. The growing prevalence is mainly attributed to the adoption of unhealthy living conditions which include unhealthy dietary conditions, excessive tobacco use, and lack of physical activity apart from a growing geriatric population. This calls for an efficient and accurate diagnosis leading to efficient chronic disease management, emanating the market growth. Also, with a growing trend of preventive care coupled with the growing health awareness worldwide, people are more interested in preventing the occurrence of a disease leading to an increasing number of people going for diagnostic check-ups, further promoting the growth of the global medical camera market during the forecast period.
North America is expected to hold the largest market share.
The North America medical camera market is estimated to hold the largest market share owing to the early adoption of technology, highest health spending of the United States, high disposable income and out-of-pocket expenditure where people are willing to pay more apart from the reimbursements in order to receive better health facilities. The Stakeholders in the United States are moving from volume-based to value-based care by reforming policies, programs promoting operational efficiency, technology use, population health management, wellness, and addressing the social determinants of health. There is a shift in the healthcare market dynamics owing to the better patient outcome at lower costs, changing demographics like an aging population, and a growing number of people with chronic diseases. Also, the demand for advanced diagnostic imaging will provide an opportunity for market growth during the forecast period and beyond.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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