Bronchoscopes Market: Increased number of lung cancer cases across the globe is foreseen to boost the market demand
Bronchoscope manufacturers remain focused on development initiatives to improve product functionality and accuracy for higher adoption amid healthcare facilities.
The bronchoscopes market is projected to expand by 1.5 to surpass a valuation of 441 Mn by the end of the forecast period in 2028.The covid-19 virus primary affects the human respiratory system. Consequently, the potential application of bronchoscopes in diagnostic and treatment procedures can potentially aid market growth throughout the crisis period. In addition, bronchoscopy applications in other chronic ailments will continue to contribute to revenue streams in the long term.
“Flexible bronchoscopes are increasingly taking over from their rigid counterparts, owing to superior functionality and applications in laser resection, biopsies, cauterization, and suctioning. Consequently, these devices are projected to witness greater demand despite higher costs,” states the FMI analyst.
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Bronchoscopes Market- Critical Takeaways
- Fiberoptic flexible bronchoscopes are gaining strong demand owing to superior infection and tumor identification functionality.
- Reusable bronchoscopes are witnessing high adoption rates, driven primarily by cost objectives of healthcare facilities.
- North America is a key market for bronchoscopes owing to the prevalence of major market players and growing cases of lung tumors.
Bronchoscopes Market- Drivers
- Improvements in terms of reimbursement policies for bronchoscopy procedures is a major factor boosting the adoption of bronchoscopes.
- Growing incidences of respiratory ailments and frequent tech innovation in bronchoscope devices contribute to market growth.
Bronchoscopes Market- Restraints
- Bronchoscopes remain limited in functionality, with difficulties in conducting bronchoscopies in areas such as upper lung lobes.
- Shortage of adequately trained and experienced healthcare professionals holds back market growth.
Coronavirus Impact on Bronchoscopes Market
The coronavirus primarily impacts respiratory systems of patients, which in turn has created niche applications of bronchoscopes for diagnostics and treatments in non-urgent cases. On the other hand, the use of reusable bronchoscopes in potential Covid-19 cases has been found to increase the risk of transmission between patients and healthcare professionals, which limit usage. Further, applications in other chronic disorders will sustain demand and sales through the crisis period.
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Novatech SA, Olympus Corp., Rochling Group, Fujifilm Holdings Corp., Shanghai AoHua Photoelectricity Endoscope Co. Ltd., Teleflex Inc., Hoya Corp., KARL STORZ GmbH & Co. KG, and Richard Wolf GmbH are some of the leading bronchoscopes market players.
Manufacturers in the bronchoscopes market are increasingly investing in strategic industry collaborations towards research and development initiatives for product improvements.
For instance, Mauna Kea Technologies has collaborated with Johnson & Johnson for clinical trials on robotic navigational bronchoscopy devices. Similarly, Auris Health has announced its collaboration with Ethicon towards robot assisted bronchoscopy ablations. Also, Hitachi is working with Hoya Corp., towards the development of products such as ultrasound bronchoscope systems among others.
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About the Study
The study offers readers a comprehensive assessment of the bronchoscopes market. Global, regional and national-level analysis of the latest trends influencing the bronchoscopes market is covered in this FMI report. The study provides insights according to product type (non-video and video bronchoscopes), modality (rigid, flexible fiber, and mobile bronchoscopes), and end user (hospitals and outpatient centers) in five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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