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The borescope market share is expected to increase by USD 14.5 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.47%.
This borescope market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers borescope market segmentation by application (healthcare and industries) and geography (North America, APAC, Europe, Middle East and Africa, South America, South America, US, China, Germany, Japan, and UK). The borescope market report also offers information on several market vendors, including Acoustical Surfaces Inc., Advanced Inspection Technologies Inc., Asian Contec Ltd., Baker Hughes Co., Fluke Corp., Gradient Lens Corp., JME Technologies Inc., Lenox Instrument Co., Medical Intubation Technology Corp., MORITEX Corp., Nexxis, Olympus Corp., PCE Holding GmbH, RF Co. Ltd., SPI Borescopes LLC, Teslong, Titan Tool Supply Inc., USA Borescopes LLC, viZaar industrial imaging AG, and Teledyne Technologies Inc. among others.
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The growing demand for video endoscopy systems is notably driving the borescope market growth, although factors such as the growing popularity of refurbished rigid endoscopes may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the borescope industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Borescope Market Driver
The growing demand for video endoscopy systems is one of the key drivers supporting the borescope market growth. Owing to the increase in demand for such video endoscopes, vendors are looking forward to designing and manufacturing advanced video endoscopes, which are used in different diagnostic and therapeutic applications. Both global and emerging players are trying to increase their foothold in the flexible videoscopes market by offering next-generation systems to end-users. IPLEX UltraLite by Olympus is a portable and flexible video scope. It is designed for simple operation and offers excellent recording functions. Owing to its compact size, robust body, and sleek design, it can be easily employed in space-restricted areas. Its advanced ergonomic design allows easy handling. Thus, vendors coming forward with such innovations will boost market growth during the forecast period.
Key Borescope Market Trend
Integration of camera systems with other automotive technologies is another factor supporting the borescope market growth. The automotive industry's efforts to attain the goal of zero road fatalities combined with sufficing consumer safety demands and government regulations are propelling the adoption of advanced safety and driver assistance systems. As a result, their manufacturers, in collaboration with automotive safety and automotive camera manufacturers, are integrating radar and cameras, which will combine video sensing, radar sensing, and data fusion in a single module. This technology integration will aid in offering optimum safety solutions for consumers and vehicles by enabling a group of active safety and driver assistance systems, which will include pedestrian detection and protection systems, adaptive cruise control, LDWS, lane assistance, and parking assistance. As more driver assistance and safety systems are becoming standard fitments for automobiles, image and radar sensor fusion will also aid in reducing cost. Such effective cost is driving the market growth.
Key Borescope Market Challenge
The growing popularity of refurbished rigid endoscopes is one of the factors hindering the borescope market growth. For end-users, it is difficult to make a decision about investing in new major medical devices. To combat that, a refurbished rigid endoscope is an attractive option for many end-users, who are eager to cut down the extreme costs, yet can obtain the necessary medical devices. Steady growth in the sales of the refurbished equipment indicates that a sizable number of customers prefer to buy them. However, it requires frequent maintenance, which may necessitate repair six times a year on average, and the overall expenditures may be higher than purchasing. As a result of the affordable availability of reconditioned rigid endoscopes, sales of newer rigid endoscopes have fallen, potentially restricting the global rigid endoscopes market growth.
This borescope market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global borescope market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the borescope market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the borescope market encompasses successful business strategies deployed by the key vendors. The borescope market is fragmented and the vendors are deploying growth strategies such as partnerships and new product launches to compete in the market.
Product Insights and News
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The borescope market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the borescope market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for borescope market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increased use of advanced equipment in inspection activities will facilitate the borescope market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
Due to plant shutdowns among end-user sectors around the world as a result of COVID-19, the growth of the borescope market has been hampered. However, the benefits of adopting a digital strategy will positively impact the sales of new vehicles, which will increase the demand for borescopes. Such implementations will propel the market growth during the forecast period.
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The borescope market share growth by the healthcare segment will be significant during the forecast period. The healthcare segment is expected to lead in the application segment of the borescope market, owing to the availability of various borescope devices and favorable reimbursement policies. Many hospitals are well equipped with advanced technology endoscopic facilities in developed countries. The growth of the global borescopes market is primarily driven by growing hospital investments in borescope facilities. Moreover, the rising demand for borescopes is due to the rising prevalence of chronic diseases such as gastrointestinal diseases, the growing demand for minimally invasive surgery, and technological advancements in borescopes. Such rising remand will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the borescope market size and actionable market insights on post COVID-19 impact on each segment.
Borescope Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.47% |
Market growth 2022-2026 |
$ 14.5 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.74 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, South America, South America, US, China, Germany, Japan, and UK |
Performing market contribution |
APAC at 43% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Acoustical Surfaces Inc., Advanced Inspection Technologies Inc., Asian Contec Ltd., Baker Hughes Co., Fluke Corp., Gradient Lens Corp., JME Technologies Inc., Lenox Instrument Co., Medical Intubation Technology Corp., MORITEX Corp., Nexxis, Olympus Corp., PCE Holding GmbH, RF Co. Ltd., SPI Borescopes LLC, Teslong, Titan Tool Supply Inc., USA Borescopes LLC, viZaar industrial imaging AG, and Teledyne Technologies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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