The 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″, 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 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.
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Market Segmentation in Detailed:
The bronchoscopes segment dominated the bronchoscopy 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 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.
In 2018, the adult patients segment accounted for the largest share of the bronchoscopes market.
Based on patient age, segmented into adult patients and pediatric/neonate patients. The adult patients segment is estimated to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising geriatric population and the high prevalence of chronic diseases in adult patients.
Hospitals accounted for the largest share of the bronchoscopes market in 2019
Based on end user, segmented into hospitals and ambulatory surgery centers (ASCs)/clinics. Hospitals commanded the largest share of the bronchoscopy market in 2019. The large share of this end-user segment can be attributed to the high patient preference for hospital-based treatment & procedures, availability of skilled healthcare professionals, technologically advanced facilities, and favorable reimbursement scenario.
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Geographical View in-detailed:
North America dominated the bronchoscopy 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.
Global Key Leaders:
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).