U.S. Endoscopy Video Processor Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe. The coronavirus (COVID-19) pandemic and lockdown in various countries across the globe has impacted the financial status of businesses in all sectors. Private healthcare sector is one of the sectors, which is majorly impacted by the COVID-19 pandemic.
COVID-19 disease has affected the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to lockdowns imposed in the U.S., key players are facing problems with regards to transportation of medical instruments from one place to another. Delivering care to patients with GI disease during this crisis is challenging due to competing risks of death or serious complications from SARS-CoV-2, and the likely higher risk of COVID-19 in immune compromised hosts.
U.S. Endoscopy Video Processor Market: Restraint
Architectural challenges in the light source of endoscope system is expected to hamper the U.S. endoscopy video processor market. When LEDs are integrated into the endoscope tip, the entire light flux is available for surgical site illumination. However, in order to prevent the tip from overheating, heat must be transferred to the endoscope's grip. Furthermore, currently actual light source is outside the endoscope in an external unit. The light is transported by means of total reflection through a fiber-optic cable to the endoscope end. This leads to difficulty in handling the medical device.
Key Players
Major players operating in the U.S. Endoscopy Video Processor market include Olympus Corporation, Fujifilm Holdings Corporation, Karl Storz SE & Co. KG, Stryker Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Sonoscape Medical Corp., XION GMBH, and PENTAX Medical.
Restraints & Challenges:
Rising patient preference for minimally invasive surgeries is expected to bring lucrative growth opportunity for the U.S. endoscopy video processor market.
For instance, according to a prospective questionnaire survey based on minimally invasive spine (MIS) versus open surgery was conducted in the U.S. from 2016 to 2017 on 326 patients. The most important variables mentioned by patients when deciding between open and MIS surgery were long-term outcomes, surgeon's advice, and complication risk. In terms of postoperative discomfort, complication risk, recovery time, cost, and anesthesia requirement, patients perceived MIS surgery to be better to open surgery. Most patients seem to prefer a minimally invasive approach to their treatment.
Through very small incisions, an endoscope is used to reach interior groups in these minimally invasive operations. Improved patient quality of life and acceptability, particularly among the elderly, as well as a preference for non-robotic minimally invasive surgery over open surgery, are driving adoption of non-robotic minimally invasive surgery among end users. As a result, the endoscopic video processors market would have a profitable growth opportunity over the forecast period.
U.S. Endoscopy Video Processor Market Report Snapshots
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