Market Research Future (MRFR) has published a cooked research report on the “Global Bronchoscopy Market” that contains information from 2022 to 2030.
The global bronchoscopy market is expected to have a market value of USD 4.1 billion at a CAGR of 7.6% by 2030. The global bronchoscopy market is driven by several factors, an increase in the number of respiratory diseases, and the growing prevalence of respiratory diseases. According to the American Cancer Society around 238,340 new cases of lung cancer was estimated in 2023. Furthermore, in 2019, around 544.9 million patients suffered from respiratory disease across the globe as well as the global prevalence of respiratory disease was around 7.1%. Thus, rising number of lung cancer, increasing research and development activity are driving the growth of the market. However, the high cost of devices, regulatory barriers, pandemic conditions are hampering the growth of this bronchoscopy market.
MRFR recognizes the following companies as the key players in the Global Bronchoscopy Market — Olympus Corporation (Japan), Teleflex Incorporated (US), Karl Storz (Germany), Fujifilm Holdings Corporation (Japan), Ambu A/S (Denmark), Boston Scientific Corporation (US), Medtronic (Ireland), Johnson & Johnson (US), Hoyo Corporation (Japan), Richard Wolf GmbH (Germany), and Cook Medical (US).
The global bronchoscopy market is segmented into product, usability, application, end user and region. The product segment is further segmented into endoscope, visualization & documentation systems, accessories, and other. The usability segment is further segmented into disposable equipment and reusable equipment, Additionally, the application is segmented into bronchial diagnosis and bronchial treatment. Furthermore, the end user segment is further segmented into hospitals & clinics, ambulatory surgical centers, and others.
The global bronchoscopy market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World.
North America region held over 39.89% of the largest market share in 2021. The presence of key players, high prevalence rate of lung cancer,and increasing cases of COPD disease in US, availability of advance treatment is further boosting the growth of bronchoscopy market in North America. For instance: In 2020 around 29,800 Canadians was diagnosed with lung cancer as well as 21,200 was die disease. Lung cancer survival in Canada is among the biggest in the world and five-year lung cancer survival is estimated to be only 19.1%.
Moreover, the American Cancer Society in 2023 approximate 238,340 new cases of lung cancer as well as 127,070 deaths from lung cancer reported in US. Thus, increasing prevalence of lung cancer, rising new cases of asthma, and the presence of major key players is further boosting the growth of bronchoscopy market in North America.
Europe is anticipated to witness significant growth over the forecast period owing to increasing investment in healthcare expenditure, technological advancements, increasing advancement in bronchoscopy, a rising regulatory approval for bronchoscope portfolio. For instance: In May 2021, Boston Scientific Corporation received CE mark for its product EXALT Model B Single-Use Bronchoscope. This is a single use device designed for beside procedures in the intensive care unit, bronchoscopy suite, and operating unit. Thus, rising product approval, technological developments, rising healthcare expenditure are further boosting the growth of bronchoscopy market in Europe region.
Asia-Pacific is expected to grow at the fastest CAGR of 8.6% during the forecast period. Rising research and development activity, easy availability of labour cost, increasing strategic alliance such as merger, acquisition, agreement, and collaboration are rising scope of bronchoscopy market in Asia-Pacific region. For instance: In 2019, Creo Medical Group plc (UK) announced distribution agreement with Meditek in India. As per the distribution agreement Meditek provide clinical training and market seeding across the India market for Creo CROMA advance energy platform as well as suite of products, including the Speedboat device, ahead of their official launch. Thus, rising strategic decision by key players, highly investment major key players for research and development activity are drive the growth of bronchoscopy market in Asia-Pacific region.
The rest of the world is comprised of the Middle East, Africa, and Latin America. This segment is projected to hold the least share in the global bronchoscopy market. In this region, the Middle East is anticipated to dominate due to the rising awareness about the lung cancer, increasing medical facilities, growing government support to healthcare facility are drive the growth of bronchoscopy market in rest of the world.
Key Findings of the Study