20 February 2020
Visiongain has launched a new pharma report Bronchoscopes Market Report 2020-2030: Prospects by Use (Reusable, Disposable), Type (Rigid, Flexible, Accessories (Video, Fiberoptic, Hybrid)), Application (Bronchial Diagnosis, Bronchial Treatment), End User (Hospitals, Clinics & Ambulatory Surgical Centers (ASC), Others), and Geography.
The global bronchoscopes market is projected to grow at a lucrative CAGR of ~8% and anticipated to surpass USD 38 billion by 2030.
Bronchoscopes are medical devices that are mounted from the airway of the mouth or nose and sometimes tracheostomically to observe distal branches of the bronchi. Bronchoscopes are most commonly used in the diagnosis of tumors, infection, inflammation, foreign bodies, and lung bleeding, and are also used in airway surgery.
Growing prevalence of respiratory tract diseases such as lung cancer and COPD, growing preference for minimally invasive procedures and increasing number of bronchoscopy procedures are some of the key factors that are expected to drive market growth over the forecast period. Additional factors driving the market growth are increasing geriatric population and rising healthcare spending. The high cost of devices and the risk of infection, however, may restrict the market growth.
Also, over 45,000 new cases of lung cancer are diagnosed each year, according to Cancer Research UK. However, according to the World Cancer Research Fund International, in developing countries about lung cancer accounted for 58% of cases, which can be due to the alarming prevalence of a host of respiratory diseases. Therefore, the demand for bronchoscopes is anticipated to boost over the forecast period.
The disposable devices are anticipated to witness the highest CAGR over the forecast period owing to its affordability, especially those that have recently been launched on the market. Also, factors such as no cross-contamination, instant availability, and no cost of reprocessing are fueling market growth.
The global bronchoscopes market is dominated by the North American region followed by the European region. The dominance of the North American bronchoscopes market is attributed to rising cases of lung cancer and the presence of major & established players. The United States is the largest market globally due to the wide adoption of these devices coupled with the federal government's favorable reimbursement policies.
Due to significant growth opportunities in Japan, China, and India, the Asia Pacific market is expected to witness remarkable growth over the forecast period. The market is driven by factors such as growing patient pool, high unmet clinical needs, growing health insurance, rising technological advances, increased healthcare expenditure, and an increasing number of global companies seeking to meet high unmet medical needs in these countries.
Some of the major players operating in this industry are Ambu A/S, Boston Scientific Corporation, Cochlear LIMITED, Cogentix Medical, Cook Medical, EFER Endoscopy, Entellus Medical,INC, Fujifilm Holdings Corporation, GN Store NORD A/S, Hoya Corporation (Pentax Medical), Johnson & Johnson, Karl Storz GmbH, Lymol Medical, MED-EL, Medtronic PLC, Olympus Corporation, Richard Wolf GmbH, Scholly Fiberoptic GMBH, Teleflex Incorporated, among other prominent players.
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