Video Laryngoscope Market: Key Companies & Market Share Insights

The global video laryngoscope market size was valued at USD 352.7 million in 2020 and is estimated to expand at a compound annual growth rate (CAGR) of 18.1% from 2021 to 2028.

The global Video Laryngoscope Market size is anticipated to reach USD 1.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.1% from 2021 to 2028. The growing number of respiratory disorders and increasing preference for video laryngoscopy over direct laryngoscopy are boosting the growth.

The rising incidence of COPD is expected to increase the adoption of advanced airway management devices such as video laryngoscopes and minimize the healthcare expenditure associated with the use of conventional methods. Moreover, the rise inpatient population has led the government to undertake various initiatives to raise awareness, which is also anticipated to drive the market. The battery-operated, self-contained, lightweight, and wireless devices are being introduced in the market, which allows healthcare providers to maintain medical records, track the health status of patients, and obtain data within a limited time.

Increased usage of these devices during the COVID -19 pandemic is further boosting its demand. In many countries such as Australia and New Zealand, it’s recommended to use video laryngoscopes in the first attempt of intubation to reduce the risk of contamination. The industry players also ramped up their production process in the first quarter of 2020 to cater to the growing demand, thereby, affecting the growth rate over the forecast year.

Related Press Release@ Video Laryngoscope Market Report

Video Laryngoscope Market Report Highlights

• The market is expected to witness a significant CAGR of 18.1% during the forecast period
• The rigid laryngoscopes segment was the largest revenue-generating segment of the product type in 2020. This contribution is mainly because of its advantages over direct laryngoscopes along with new product developments
• The reusable segment dominated the market and accounted for the largest revenue share of over 71.0% in 2020. The associated advantages such as one-time installment and product superiority are propelling segment growth
• The non-channeled segment held the largest revenue share in 2020 owing to its broader product range and increased preference
• The cart-based segment dominated the market in terms of revenue share in 2020 owing to its increased usage in hospitals and large product offerings by the industry players
• The in-hospitals segment held the largest revenue share in 2020. The growth can be attributed to the presence of experienced healthcare professionals and a large number of patient footfall under these facilities
• North America dominated the market in 2020. The advanced healthcare infrastructure and favorable reimbursement policies along with the increasing number of target population anticipated to bolster market growth