(PharmaNewsWire.Com, September 25, 2020 ) Houston, TX -- 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.
The growth of this 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 of this market.
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).
Data Triangulation;
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, 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.
North America accounted for the largest share of the bronchoscopy market, followed by Europe. Factors such as increase in the incidence and prevalence of chronic respiratory diseases, favorable reimbursement scenario in the US, and rising incidence of lung cancer in Canada are contributing to the large share of North America.
Who are the key players operating in the bronchoscopy market?
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), MACHIDA Endoscope Co. Ltd., (China).
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