- Increase in prevalence of respiratory diseases and growth in demand for minimally invasive surgery, drive the growth of the global bronchoscopy market.
PORTLAND, Ore., Aug. 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Bronchoscopy Market by Product (Endoscope, Visualization & Documentation Systems, Accessories, and Other Products), Usability (Disposable Equipment and Reusable Equipment), Application (Bronchial Diagnosis and Bronchial Treatment), and End User (Hospitals and Ambulatory Surgical Centers & Clinics): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global bronchoscopy industry garnered $2.55 billion in 2020, and is projected to generate $4.88 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
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Prime determinants of growth
Increase in prevalence of respiratory diseases, growth in demand for minimally invasive surgery, and technological advancement in bronchoscopy propel the growth of the global bronchoscopy market. However, lack of trained physicians and pulmonologists restricts the market growth. On the other hand, growing prospects in emerging markets present new opportunities in the coming years.
Covid-19 Scenario
- Bronchoscopy and related procedures have explicitly been affected during the outbreak of COVID-19 pandemic.
- The non-emergency treatments were either put on hold or suspended temporarilyduring the initial phase of covid-19. Also, the facilities were majorly focused on the treatment of covid patients, due to which the clinics and health centers were instructed to be closed.
- Nevertheless, the situations are coming under control as most regions are witnessing slight decrease in new cases. In addition, the initiation of vaccination drives across several regions has further assisted the market to get revived.
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The endoscope segment to lead in terms of revenue throughout the forecast period
By product, the endoscope segment held the highest market share in 2020, contributing to nearly three-fifths of the total share of the global bronchoscopy market, and is estimated to continue to lead in terms of revenue throughout the forecast period. In addition, this segment is also anticipated to witness the fastest CAGR of 6.9% from 2021 to 2030. This is due to high cost of bronchoscopes compared to the imaging systems and accessories, rise in prevalence of lung cancer, and technological advancements.
The bronchial treatment segment to maintain its leadership status by 2030
By application, the bronchial treatment segment accounted for the largest market share, holding nearly three-fourths of the global bronchoscopy market in 2020, and is expected to maintain its leadership status by 2030. Furthermore, the segment is also projected to manifest the largest CAGR of 6.5% during the forecast period. This is attributed to surge in prevalence of target diseases, which will drive the demand for bronchoscopy equipment in therapeutic procedures. Also, growth in prevalence of respiratory diseases contributes to the growth of the bronchoscopy market.
North America to maintain its dominant share during the forecast period
By region, North America contributed to the highest share of the global bronchoscopy market, accounting for more than one-third of the total share in 2020, and will maintain its dominant share during the forecast period. This is attributed to rise in the incidence and prevalence of chronic respiratory diseases, favorable reimbursement scenario in the US, and rising incidence of lung cancer in Canada. However, Asia-Pacific is estimated to register the fastest CAGR of 7.3% from 2021 to 2030. This is due to factors such as the surge in number of hospitals, developing healthcare infrastructure, rise in healthcare expenditure, increase in geriatric population, and the presence of a large patient population.
Leading market players
- Olympus Corporation
- Karl Storz
- Fujifilm Holdings Corporation
- Ambu A/S
- Boston Scientific Corporation
- Medtronic
- Johnson & Johnson
- Hoyo Corporation
- Richard Wolf GmbH
- Cook Medical
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