Bronchoscopy Market Growth 2022-2028: Demand Will Increase for The Treatment of Lung Disorders
The global bronchoscopy market size is expected to reach USD 3,174.0 Million in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Rapid revenue growth of the bronchoscopy market can be attributed to rising use of bronchoscopes to examine airways in the human body. A bronchoscope comprises mostly of a hollow metal tube with an attached fiber optic or a video camera to examine the trachea, wind pipe, and lungs. Conditions such as chronic obstructive pulmonary diseases, blockages, tumors, and bronchopulmonary hemorrhage can be examined and diagnosed with these devices.
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Factors such as a rise in cases of respiratory diseases, increasing investments in product innovation, and improved reimbursement scenarios in various developed and developing countries are significantly contributing to market revenue growth. Further, growing preference for minimally invasive procedures among patients is fueling demand for bronchoscopy. However, the risk of cross-contamination might hinder bronchoscopy market’s expansion to some extent.
Some Key Highlights from the Report
- By component type, the endoscope segment revenue is expected to grow at a faster rate over the forecast period. Advantages offered by endoscopes compared to visualization systems and accessories, rising occurrence of respiratory diseases, and technological advancements are contributing to revenue growth of this segment.
- By patient type, the adult patient segment accounted for largest revenue share in 2020 and is expected to grow at the fastest CAGR over the forecast period. Rising population, increase in pollution or use of harmful gases, and chronic illnesses, such as respiratory diseases, lung cancer, and air pathway blockages, are contributing to revenue growth of this segment.
- The hospital segment accounted for largest revenue share of the bronchoscopy market in 2020. High revenue share of this segment can be attributed to increased patient preference for hospital-based treatments due to the availability of technologically advanced equipment, presence of skilled doctors, better healthcare infrastructure, and reimbursement policies.
- The bronchoscopy market in North America accounted for largest revenue share in 2020. A rise in the occurrence of chronic respiratory disorders, improved reimbursement scenario, and growing incidence of lung cancer in Canada are some important factors contributing to North America’s large revenue share in the global bronchoscopy market.
- The market in Asia Pacific is expected to grow at the fastest revenue CAGR over the forecast period due to factors such as increasing number of hospitals, rising disposable income, technological advancements, and existence of a large patient population in the region.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Olympus Corporation (Japan), KARL STORZ (Germany), Fujifilm Holdings Corporation (Japan), Ambu A/S (Denmark), Boston Scientific (US), Medtronic (Ireland), COOK Group Corporation (US), Johnson & Johnson Pvt. Ltd. (US), Hoya Corporation (Japan), and Richard & Wolf GMBH (Germany).
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Bronchoscopy Market Segmentation:
Component Type Outlook (Revenue, USD Million; 2018–2028)
- Visualization System
- Other product
Usability Outlook (Revenue, USD Million; 2018–2028)
- Disposable Equipment
- Reusable Equipment
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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