Bronchoscopy Market : Growing at a CAGR of 5.9% : Rising Prevalence of Respiratory Diseases
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.
Northbrook, IL -- (SBWire) -- 10/16/2020 --According to the new market research report "Bronchoscopy Market by Product Bronchoscopes (Flexible, Rigid, EBUS), Imaging Systems (Monitor, Camera), Accessories, Working Channel Diameter (2.8, 2.2, 3.0), Usability (Reusable, Disposable), & End Users (Hospital, ACSs/Clinic) – Global Forecast to 2024? published by MarketsandMarkets™.
Major Market Growth Drivers:
- 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
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The bronchoscopes segment accounted for the largest share of the market.
Based on product, the bronchoscopy market is segmented into bronchoscopes, imaging systems, accessories, and other bronchoscopy equipment. The bronchoscopes segment accounted for the largest share of the market in 2018. 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.
The reusable bronchoscopes segment dominated the market.
On the basis of usability, segmented into reusable and disposable bronchoscopes. The reusable bronchoscopes segment accounted for the largest share of the market in 2018. The large share of this segment can be attributed to the high image quality achieved through reusable bronchoscopes.
Critical questions answered in the report:
- How will the current technological trends affect the bronchoscopy market in the long term?
- What are the reasons contributing to the growth of the bronchoscopes segment in the market?
- Which regions are likely to grow at the highest CAGR?
- What are the challenges hindering the adoption of bronchoscopy equipment?
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North America dominated the bronchoscopy market in 2018. The large share of North America in the global 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 market in the Asia Pacific.
The major players in the global Bronchoscopes Market are Olympus Corporation (Japan), KARL STORZ (Germany), Fujifilm Holdings Corporation (Japan). Other prominent players in the market include Ambu A/S (Denmark), Boston Scientific (US), Ethicon (US), and Medtronic (Ireland).
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Mr. Amish Keshwani
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