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global bronchoscopy market size is expected to reach USD 3,174.0 Million in 2028 and register a revenue CAGR of 5.5% during the forecast period
NEW YORK CITY, NY, UNITED STATES, June 17, 2022 /EINPresswire.com/ -- The global bronchoscopy market size is expected to reach USD 3,174.0 Million in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Rapid revenue growth of the bronchoscopy market can be attributed to rising use of bronchoscopes to examine airways in the human body. A bronchoscope comprises mostly of a hollow metal tube with an attached fiber optic or a video camera to examine the trachea, wind pipe, and lungs. Conditions such as chronic obstructive pulmonary diseases, blockages, tumors, and bronchopulmonary hemorrhage can be examined and diagnosed with these devices.
Factors such as a rise in cases of respiratory diseases, increasing investments in product innovation, and improved reimbursement scenarios in various developed and developing countries are significantly contributing to market revenue growth. Further, growing preference for minimally invasive procedures among patients is fueling demand for bronchoscopy. However, the risk of cross-contamination might hinder bronchoscopy market’s expansion to some extent.
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Some Key Highlights from the Report:
By component type, the endoscope segment revenue is expected to grow at a faster rate over the forecast period. Advantages offered by endoscopes compared to visualization systems and accessories, rising occurrence of respiratory diseases, and technological advancements are contributing to revenue growth of this segment.
By patient type, the adult patient segment accounted for largest revenue share in 2020 and is expected to grow at the fastest CAGR over the forecast period. Rising population, increase in pollution or use of harmful gases, and chronic illnesses, such as respiratory diseases, lung cancer, and air pathway blockages, are contributing to revenue growth of this segment.
The hospital segment accounted for largest revenue share of the bronchoscopy market in 2020. High revenue share of this segment can be attributed to increased patient preference for hospital-based treatments due to the availability of technologically advanced equipment, presence of skilled doctors, better healthcare infrastructure, and reimbursement policies.
The bronchoscopy market in North America accounted for largest revenue share in 2020. A rise in the occurrence of chronic respiratory disorders, improved reimbursement scenario, and growing incidence of lung cancer in Canada are some important factors contributing to North America’s large revenue share in the global bronchoscopy market.
The market in Asia Pacific is expected to grow at the fastest revenue CAGR over the forecast period due to factors such as increasing number of hospitals, rising disposable income, technological advancements, and existence of a large patient population in the region.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Bronchoscopy market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Olympus Corporation (Japan), KARL STORZ (Germany), Fujifilm Holdings Corporation (Japan), Ambu A/S (Denmark), Boston Scientific (US), Medtronic (Ireland), COOK Group Corporation (US), Johnson & Johnson Pvt. Ltd. (US), Hoya Corporation (Japan), and Richard & Wolf GMBH (Germany).
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Component Type Outlook (Revenue, USD Million; 2018–2028)
Endoscope Visualization System Accessories Other product
Usability Outlook (Revenue, USD Million; 2018–2028)
North America U.S. Canada Mexico Europe Germany U.K. Italy France BENELUX Rest of Europe Asia Pacific China India Japan South Korea Rest of APAC Latin America Brazil Rest of LATAM Middle East & Africa Saudi Arabia A.E. South Africa Rest of MEA
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