Home > Pressrelease > Bronchoscopy Market size to exceed $4.3bn by 2028
Bronchoscopy Market size to exceed $4.3bn by 2028
- Published Date: April 19, 2022
Bronchoscopy Market size is set to surpass USD 4.3 billion by 2028, according to a new research report by Global Market Insights Inc.
Growing tobacco consumption and smoking will drive the business landscape. According to the Centers for Disease Control and Prevention, around 40 million adults in the U.S. smoke cigarettes, and nearly 4.7 million middle and high school students use at least one tobacco product. As a result, rising tobacco consumption and adult smoking rates led to several respiratory diseases. Therefore, increasing prevalence of respiratory diseases is expected to boost the demand for bronchoscopy.
Technological advancement in bronchoscopy such as electromagnetic navigation bronchoscopy and penetration of the auto fluorescence imaging and narrow band imaging in bronchoscopes is likely to impel the market revenue. Electromagnetic navigation bronchoscopy is intended to offer 3-dimentional roadmap to the lungs and real time information regarding position of the steerable probe during bronchoscopy procedure.
Additionally, navigation bronchoscopy is projected to secure significant reimbursement, thereby augmenting the demand for bronchoscopy market. Moreover, several industry players are involved in development of technologically advanced bronchoscopy devices for diagnostic and treatment procedures of lung diseases. Thus, aforementioned factors are estimated to foster the market share.
Increasing airway associated complications will accelerate the industry statistics
Rigid bronchoscopes segment is poised to exhibit 7.6% CAGR during 2022 to 2028. Rigid bronchoscopes are widely used in diagnosis and treatment of lung disorders. Thus, increasing prevalence of lung diseases will propel market progression. Also, rigid bronchoscopy is a procedure that allows larger airway instruments and cameras to pass through the patient's airway in order to diagnose and treat airway disease. Further, these help in removal of airway tumor, stop bleeding, and remove forging objects as well as keep collapsing airways open. Thus, several benefits offered by rigid bronchoscopy will fuel the business outlook.
Browse key Industry insights spread across 150 pages with 161 market data tables & 13 figures & charts from the report, “Bronchoscopy Market Analysis By Product Type (Rigid Bronchoscopes, Flexible Bronchoscopes), Product Usage (Single Use/ Disposable, Reusable), Age Group (Adult, Pediatric) Industry Analysis Report, Regional Outlook, Growth Potential, Price trends, Competitive Market Share & Forecast, 2022-2028” in detail along with the table of contents:
Increasing patient population suffering from COVID-19 globally will stimulate the market forecasts
Reusable segment is set to register 7.4% CAGR between 2022 and 2028. Reusable bronchoscopes are used in multiple patients after reprocessing. Growing COVID-19 cases has led to increased demand for reusable bronchoscopes to manage patients’ health. Additionally, reusable bronchoscopes have been widely used in therapeutic and diagnostic bronchoscopes procedures. Thus, aforementioned factors will impel the business expansion.
Availability of different sized bronchoscopes will drive market trends
Bronchoscopy Market from pediatric segment is anticipated to witness 7.6% CAGR during the forecast period. Bronchoscopy in pediatric patients help to diagnose vocal cords, airway, trachea, bronchioles, and bronchi. These bronchoscopes help pediatric pulmonologist to view the anatomy through the video monitor. Furthermore, availability of different sized bronchoscopes for children will further augment the business development. Flexible bronchoscope is recommended in cases of difficult-to-control wheezing bronchitis, in small children. Thus, growing necessity for appropriate patient care and management will foster the market expansion.
Increasing prevalence of COPD in Europe will fuel the market progression
Europe bronchoscopy market captured 25.9% revenue share in 2021. Growing adoption of minimally invasive procedures and technological developments in bronchoscopy will influence the regional industry growth. Further, the demand for bronchoscopy is gradually increasing with rising geriatric population. The elderly population is more susceptible to respiratory disorders such COPD, asthma, and pulmonary hypertension, which will boost the regional industry scenario.
Strategic developments by market players will enable them to generate high business revenue
Some of the prominent business leaders operating in the bronchoscopy market include Hoya Corporation, Conmed Corporation, Teleflex Incorporated, Boston Scientific, Medtronic, Ambu A/S, Auris Health (Johnson & Johnson), Verathon, Cook Medical, Richard Wolf GmbH, Broncus Medical Inc, and Fujifilm Holdings Corporation. These market players are involved in various strategic developments such as mergers & acquisitions to gain the competitive advantage in Bronchoscopy business.