Bronchoscope Market exhibiting CAGR of 8.2% between 2023 to 2032, owing to rising prevalence of COPD or lung Cancer | insightSLICE
According to estimates, the market for Bronchoscopes would be worth US$ 18.9 billion in 2020 and growing at a CAGR of 8.2% between 2023 to 2032.
The type of equipment used for bronchoscopy, the procedure that enables doctors to test possible flight paths, is bronchoscopes. Bronchoscopes are shaped like cords and are inserted into the mouth or nose, down the throat, and into the lungs.
Adjustable bronchoscope use is rapidly expanding in sedation and routine medical care procedures. This has become standard practice for people in need of primary medical care when it comes to diagnosis and treatment.
Because of the growth of respiratory disorders, bronchoscope demand has increased, leading to the further development of repayment programs. The applications of bronchoscopy in the investigation of various respiratory tracts and lung infections have been expanded thanks to technological advancements.
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Global Bronchoscope Market Key Segments:
Based on Type
- Rigid bronchoscopes
- Flexible bronchoscopes
- Video fiberoptic
- Hybrid
- Others
Based on Usage Type
- Reusable
- Disposable
- Others
Based on Application Type
- Bronchial diagnosis
- Bronchial treatment
- Others
Based on End User Type
- Hospitals
- Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of APAC
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
- South America
- Brazil
- Rest of South America
The key players of the Global Bronchoscope Market are:
FujiFilm Corporation, Boston Scientific Corporation, Vimex, Laborie, Inc., Lymol Medical, Efer Endoscopy, Scholly Fiberoptic GmbH, Pentax Medical, Uptake Medical B.V., Cook, Schindler Endoskope technologie GmbH, Teleflex Incorporated, Olympus Corporation, Ambu A/S, Endoservice GmbH, Khangzou Endotop Medi-Tech Co., Ltd., Richard Wolf GmbH, SOPRO SA, Karl Storz SE & Co., OTU Medical, Novatech SA and others.
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Major drivers for the global bronchoscope market’s growth
The primary element determining the market development is the increasing prevalence of various respiratory disorders. According to the World Health Organization (WHO), COPD continuously claims more than 3.3 million lives each year. By the end of 2018, the American Cancer Society reported that there had been more than 235,070 new cases of lung tumors and cancer in the country.
In addition, some 47,800 new lung tumors and cancer cases are examined annually, according to Cancer Research UK. Additionally, according to the World Cancer Research Fund International, 58.7% of lung tumors and cancer cases were reported in developing nations, which can be attributed to the alarming prevalence of a wide range of respiratory disorders. Therefore, it is predicted that the need for bronchoscopes would significantly increase between 2021 and 2031.
Increasing clinic needs in endoscopic labs, rising endoscopy demand due to the increasing prevalence of target infections, and inventive advancements in endoscopy are the main factors driving the market for expendable endoscopes to continue growing.
A rise in the number of infections linked to bronchoscopes and the widespread availability of devices over the past few years are two factors that suggest that the bronchoscopy application will likely outpace the market.
Due to the increase in respiratory diseases around the world following the coronavirus pandemic starting in 2020, it is also anticipated that the bronchoscopy application would experience notable development. Disposable bronchoscopes will help shape the market’s development from 2021 to 2031 thanks to the effective therapy for respiratory conditions.
In comparison to the population aged 17 to 30, the population aged 60 and over is growing rapidly over the world, according to data from the United Nations Department of Economic and Social Affairs, Population Division. More than 11% of people are 60 or older, a number that is expected to increase to more than 23% by 2031.
The number of people over 65 is expected to more than double by 2031, or represent 3.2 billion people, according to the World Population Prospects 2017. As people over 60 have a higher risk of contracting lung diseases, the rapid increase in the geriatric population is driving an increase in the preference for bronchoscopes.
According to the WHO, 23.7 per 140,600 people who are 60 years of age or older had a persistent respiratory illness. This was the seventh most common cause of mortality among people in their sixties, and it has been rising.
The market is anticipated to be constrained during the estimation period by a lack of talented and skilled professionals, higher equipment costs, and the risk of infection associated with the handling of reusable bronchoscopes.
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Regional performance of Bronchoscope Market
The market for bronchoscopes is now led by the North American region, where lung cancer occurrences are increasing quickly and there are numerous well-established industry competitors.
The largest bronchoscope market in the world is in the United States. Because of the region’s wide-ranging growth prospects in China, Japan, and India as well as the region’s mandatory health coverage, increasing new technologies, and rising healthcare spending, Asia-Pacific is predicted to expand at a substantial growth rate during the forecast period of 2021 to 2028.
Due to the extensive development opportunities in Japan, China, and India, the Asia Pacific market is anticipated to have fantastic growth throughout the forecast period.
The market is expected to grow between 2021 and 2031 as a result of factors such as mandatory medical care protection, advancing technological advancements, increased use of medical services, and an increase in the number of international organizations aiming to address the high unmet clinical requirements in these countries.
The leading market segments of Global Bronchoscope Market
In terms of income, the reusable category accounted for the largest share of the entire business in 2020. The main advantages these devices have are their versatility and affordability. As a result, more than 500 bronchoscopy systems are used annually. This ensures that the market will grow at a profitable rate during the predicted period.
During the period 2021–2031, the clinic sector is anticipated to hold the largest income share of the overall market.
Flexible bronchoscopes fit into the lumen and have excellent video quality. It uses flexible optical links to enable continuous video recording and a 180-degree view.
The fiberoptic sub-segment offers many benefits, including good recordings that enable easy identification of tumors and disorders in deeper levels of the bronchioles.
According to the American Lung Association, flexible bronchoscopy recovery times are fundamentally shorter than those following rigid bronchoscopy because they are less invasive. As a result, they will dominate the market over the coming years because they are advantageous to both medical professionals and patients.
The common adaptable bronchoscope brands that are widely used globally are EndoSheath Bronchoscopy by Cogentix Clinical, the bronchoscope series by Fujifilm, and Teleflex Fused.
Other significant variables driving up demand for the item include the increased prevalence of chronic diseases like the Coronavirus outbreak and the rising desire for low-cost endoscopic equipment. Similarly, to this, the growing demand for disposable endoscopes is shifting medical professionals’ preferences toward using them due to their lower maintenance requirements and greater reprocessing expenses.
However, because of the environmental risk posed by the medical waste these devices produce, the need may be curtailed sooner rather than later.
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