(PharmaNewsWire.Com, December 02, 2021 ) MarketsandMarkets Research Report’s View on Revenue Impact?
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.
Factors Responsible for Growth and In-Depth Analysis?
The growth of bronchoscopes market is primarily driven by the growing hospital investments in bronchoscopy facilities, rising demand for bronchoscopy owing to the rising prevalence of respiratory diseases, the growing demand for minimally invasive surgery, and technological advancements in bronchoscopy. However, the dearth of trained physicians and pulmonologists is the major challenge for the growth.
The key players in the global bronchoscopy market are Olympus Corporation (Japan), KARL STORZ (Germany), and FUJIFILM Holdings Corporation (Japan). Other prominent players in the market include Ambu A/S (Denmark), Boston Scientific (US), Ethicon (US), Medtronic (Ireland), HOYA Corporation (Japan), Richard Wolf GmbH (Germany), Cook Medical (US), CONMED Corporation (US), Roper Technologies (US), Teleflex Incorporated (US), LYMOL Medical (US), LABORIE Medical Technologies (Canada), EFER Endoscopy (France), EMOS Technology GmbH (Germany), VBM Medizintechnik GmbH (Germany), Hunan Vathin Medical Instrument Co., Ltd. (China), and MACHIDA Endoscope Co. Ltd., (China).
Olympus Corporation (Japan) dominated the bronchoscopy market in 2018. The company offers a robust and broad portfolio of bronchoscopes, imaging systems, and accessories, which serves as an important factor for its large market share. Research and development is a major focus area for the company. Olympus R&D expenditure increased by 10.7% from 2017 to 2018. The company also focuses on organic and inorganic growth strategies in order to maintain its position in the market and expand its global presence. For instance, in 2019, the company received FDA-approval for its Spiration Valve System (SVS) for the treatment of severe emphysema. It also has a prominent presence in North America, where it registered 36.7% of its medical business segment sales in 2018.
Geographical Analysis in Detailed?
North America accounted for the largest share of the market in 2019
North America dominated the bronchoscopy market in 2018. The large share of North America in the global bronchoscopes 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 bronchoscopes segment accounted for the largest share of the market in 2018.
Based on product, 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 in 2018.
On the basis of usability, segmented into reusable and disposable bronchoscopes. The reusable bronchoscopes segment accounted for the largest share of the bronchoscopes 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, 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.
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