(PharmaNewsWire.Com, April 14, 2021 ) The growth of Bronchoscopy 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.
According to the new market research report “Bronchoscopy Market by Product Bronchoscopes (Flexible, Rigid, EBUS), Imaging Systems (Monitor, Camera), Accessories, Working Channel Diameter (2.8, 2.2, 3.0), Usability (Reusable, Disposable), & End Users (Hospital, ACSs/Clinic) – Global Forecast to 2024” published by MarketsandMarkets™.
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.
North America dominated the bronchoscopes market in 2018. The large share of North America in the global 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 bronchoscopes market in the Asia Pacific.
Leading Key-Players:
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.
The global bronchoscopy market is segmented broadly into flexible bronchoscopes, rigid bronchoscopes, and EBUS bronchoscopes. In 2019, flexible bronchoscopes accounted for the largest share of the bronchoscopes market. This is primarily attributed to factors such as the benefits associated with flexible bronchoscopes like visualization of the tracheobronchial tree, providing access for obtaining tissue samples, such as washings, brushings, and bronchoalveolar lavage (BAL) fluid for cytologic and microbiologic analyses.
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