Growing demand for minimally invasive procedures and increasing incidence of respiratory disorders are some key factors driving market revenue growth of the bronchoscopy market
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The global bronchoscopy market size is expected to reach USD 3,174.0 Billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Market revenue growth can be attributed to the increasing incidence of lung cancer. Lung cancer, including small cell & non-small cell lung cancer, is the second most leading cause of cancer in both males and females. Lung cancer primarily occurs in geriatric people, with a majority of lung cancer patients lying in the age group of 65 years or above. A very small percentage of the population is diagnosed with this cancer at age younger than 45 years.
Lung cancer accounts for about 25% of all cancer deaths. Every year, more people die due to lung cancer as compared to breast, colon, and prostate cancers combined. Thus, a rise in lung cancer cases will fuel demand for bronchoscopy for diagnosis and treatment application.
However, market growth is likely to be restricted over the forecast period due to lack of skilled and capable specialists, higher device costs, and risk of device infection associated with the handling of reusable bronchoscopes.
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Some Key Highlights from the Report:
- By component type, the accessories segment revenue is expected to grow at a faster rate over the forecast period. Rapid revenue growth of this segment is due to the high cost of bronchoscope accessories, rising demand for minimally invasive procedures, and favorable reimbursement policies.
- By usability, the disposable equipment segment is expected to be the fastest-growing segment in terms of revenue share over the forecast period. One of the biggest benefits of these equipment, especially those that are new to the market, is their affordability. Other factors contributing to market growth include absence of cross contamination, immediate availability, and absence of reprocessing costs.
- The US, among other countries, held largest market revenue share in the bronchoscopy market in 2020. These devices are widely adopted in the country, mainly due to favorable reimbursement policies by state and federal governments.
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- The Asia Pacific market revenue share is expected to grow at a rapid CAGR throughout the forecast period due to the presence of numerous potential prospects in Japan, China, and India. The market is being driven by factors such as mandated healthcare insurance, technological advancements, and an expanding number of multinational enterprises trying to meet these countries' high unmet medical requirements.
- Some major companies operating in the market include 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).
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/bronchoscopy-market
For this report, Reports and Data has segmented the bronchoscopy market by component type, usability, and region:
- Component Type Outlook (Revenue, USD Million; 2018–2028)
- Visualization System
- Other product
- Usability Outlook (Revenue, USD Million; 2018–2028)
- Disposable Equipment
- Reusable Equipment
- Patient Type Outlook (Revenue, USD Million; 2018–2028)
- Adult Patient
- Pediatric Patients/Neonates
- End-Use Material Outlook (Revenue, USD Million; 2018–2028)
- Ambulatory surgical centers and clinics
- Diagnostic centers
- Application Outlook (Revenue, USD Million; 2018–2028)
- Bronchial Diagnosis
- Bronchial Treatments
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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