The study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, key players, competitive landscape, key market dynamics, and key player strategies. The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, application, working channel diameter, usability, patient age, end user, and region).
According MarketsandMarkets Research – The Global Bronchoscopy Market is projected to reach USD 2.6 billion by 2024 from an estimated USD 2.0 billion in 2019 at a CAGR of 5.9% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Rising Prevalence of Respiratory Diseases
- Growing Demand for Minimally Invasive Surgery
- Growing Hospital Investments in Bronchoscopy Facilities
- Technological Advancements
- Growing Healthcare Markets in Emerging Economies
The Objectives of the Study:
- To define, describe, segment, and forecast the global bronchoscopy market by product, application, working channel diameter, patient age, usability, end user, and region
- To provide detailed information about the factors influencing market growth (such as drivers, opportunities, and challenges)
- To analyze micro-markets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
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Market Segmentation in Depth:
The bronchoscopes segment accounted for the largest share of the market.
Based on product, segmented into bronchoscopes, imaging systems, accessories, and other bronchoscopy equipment. The bronchoscopes segment accounted for the largest share of the Bronchoscopes Market. The large share of this segment can be attributed to the high cost of bronchoscopes compared to the imaging systems and accessories, increasing prevalence of lung cancer, and technological advancements.
Hospitals accounted for the largest market share.
Based on end user, segmented into hospitals and ambulatory surgery centers/clinics. The hospitals segment accounted for the largest share of the bronchoscopy market in 2018. The large share of this segment can be attributed to the high patient preference for hospital treatment, availability of skilled healthcare professionals, and favorable reimbursement scenario.
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North America dominated market. The large share of North America in the global bronchoscopy market is attributed to the increase in the incidence and prevalence of chronic respiratory diseases, favorable reimbursement scenario in the US, and rising incidence of lung cancer in Canada.
The Asia Pacific market, on the other hand, is projected to register the highest growth during the forecast period. Factors such as the increasing number of hospitals, developing healthcare infrastructure, increasing healthcare expenditure, rising geriatric population, and the presence of a large patient population are driving the growth of the Bronchoscopes Market in the Asia Pacific.
Leading Key Players in the Worldwide Industry:
The key players in the global bronchoscopy market are Olympus Corporation (Japan), KARL STORZ (Germany), and FUJIFILM Holdings Corporation (Japan). Other prominent players in the market include Ambu A/S (Denmark), Boston Scientific (US), Ethicon (US), Medtronic (Ireland), HOYA Corporation (Japan), Richard Wolf GmbH (Germany), Cook Medical (US), CONMED Corporation (US).