Bronchoscopy Market Size Will Reach 990 Million USD By 2028 With A CAGR of 8.7% | Valuates Reports
BANGALORE, India, Dec. 16, 2022 /PRNewswire/ -- The global Bronchoscopy Market is segmented by Type - Disposable Bronchoscopy, Reusable Bronchoscopy, by Application - Hospital & Clinic, Diagnostic Center, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Medical Devices & Equipment Category.
Due to the COVID-19 pandemic, the global bronchoscopy market size is estimated to be worth 553 million USD in 2021 and is forecast to a readjusted size of 990 million USD by 2028 with a CAGR of 8.7% (2022-2028) during the review period.
The Major Factor Driving The Growth Of The Bronchoscopy Market Are
The bronchoscopy market will continue to expand as a result of factors such as the rise in respiratory disease incidence, product breakthroughs that improve reimbursement policies, and technological advancements.
The need for minimally invasive procedures may rise as a result, fueling the expansion of the bronchoscope market.
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TRENDS INFLUENCING THE BRONCHOSCOPY MARKET
Around the world, there are more people with respiratory conditions such as lung cancer, asthma, COPD, and emphysema. The most common respiratory conditions worldwide are asthma and chronic obstructive pulmonary disease (COPD). By 2030, COPD is anticipated to rank as the third greatest health issue in the globe, according to the WHO. Long-term asthma, extended exposure to tobacco smoke, indoor and outdoor air pollution, and occupational gases and dust are some of the major causes of COPD. Due in great part to the prevalence of harmful environmental, occupational, and behavioral inhalation exposures, chronic respiratory disorders are among the most prevalent non-communicable diseases worldwide. These factors are expected to drive the growth of the bronchoscopy market.
One of the main causes of the rising prevalence of respiratory disorders is the growing geriatric population around the world. Lung disorders afflict one in seven older people, according to the CDC. The geriatric population has grown significantly over time due to an increase in life expectancy. When treating patients with central airway blockage and early central airway cancer, as well as for diagnosis and staging, bronchoscopy is still crucial. As a result, it is anticipated that the demand for bronchoscopes would increase as these chronic respiratory disorders become more prevalent. This in turn will fuel the growth of the bronchoscopy market.
Another factor driving the growth of the bronchoscopy market is the rise in popularity of minimally invasive medical treatments, particularly in industrialized nations. The demand for minimally invasive procedures is expected to increase over the next few years, which will have a positive effect on the industry landscape. Benefits associated with minimally invasive procedures include quick recovery, fewer surgical complications, effective post-surgical pain management, and shorter hospital stays.
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BRONCHOSCOPY MARKET SHARE ANALYSIS
By usability during the anticipated period, disposable equipment is predicted to have the highest CAGR in the bronchoscopy market. The risk of infection associated with the use of reusable equipment has drawn attention to disposable equipment and is the main factor fueling market growth in this segment, especially given the rising demand for minimally invasive techniques in light of the threat of multidrug antibiotic resistance. The segment's highest CAGR can be attributed to this risk of infection.
The significant market share of North America can be attributed to the rising incidence and prevalence of chronic respiratory diseases, the favorable reimbursement environment in the US, the rising incidence of lung cancer in Canada, the quick rise in healthcare spending, the ease of access to cutting-edge technologies, and the dominance of market players in the region.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Olympus
- Hoya
- Fujifilm
- Richard Wolf
- SonoScape
- Aohua
- Ambu
- Boston Scientific
- Karl Storz
- Verathon
- The Surgical Company
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