(PharmaNewsWire.Com, August 29, 2020 ) The research study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, key players, competitive landscape, key market dynamics, and key player strategies.
According MarketsandMarkets Research - The Global Bronchoscopy Market is projected to reach USD 2.6 billion by 2024 from an estimated USD 2.0 billion in 2019 at a CAGR of 5.9% during the forecast period.
Market Size Estimation;
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, application, working channel diameter, usability, patient age, end user, and region).
After arriving at the market size, the bronchoscopy market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments.
The bronchoscopes segment accounted for the largest share of the market.
Based on product, the bronchoscopy market is segmented into bronchoscopes, imaging systems, accessories, and other bronchoscopy equipment. The bronchoscopes segment accounted for the largest share of the bronchoscopy market in 2018. The large share of this segment can be attributed to the high cost of bronchoscopes compared to the imaging systems and accessories, increasing prevalence of lung cancer, and technological advancements.
The reusable bronchoscopes segment dominated the market.
On the basis of usability, the bronchoscopy market is segmented into reusable and disposable bronchoscopes. The reusable bronchoscopes segment accounted for the largest share of the bronchoscopy market in 2018. The large share of this segment can be attributed to the high image quality achieved through reusable bronchoscopes.
Hospitals accounted for the largest market share in 2018.
Based on end user, the bronchoscopy market is segmented into hospitals and ambulatory surgery centers/clinics. The hospitals segment accounted for the largest share of the bronchoscopy market in 2018. The large share of this segment can be attributed to the high patient preference for hospital treatment, availability of skilled healthcare professionals, and favorable reimbursement scenario.
North America dominated the bronchoscopy market in 2018. The large share of North America in the global bronchoscopy market is attributed to the increase in the incidence and prevalence of chronic respiratory diseases, favorable reimbursement scenario in the US, and rising incidence of lung cancer in Canada.
The Asia Pacific market, on the other hand, is projected to register the highest growth during the forecast period. Factors such as the increasing number of hospitals, developing healthcare infrastructure, increasing healthcare expenditure, rising geriatric population, and the presence of a large patient population are driving the growth of the bronchoscopy market in the Asia Pacific.
The major players in the global bronchoscopy market are Olympus Corporation (Japan), KARL STORZ (Germany), Fujifilm Holdings Corporation (Japan). Other prominent players in the market include Ambu A/S (Denmark), Boston Scientific (US), Ethicon (US), and Medtronic (Ireland).
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