The rapid incorporation of advanced technology and multi-functioning devices in medical practices has simplified the complex diagnosis and treatment procedures of various diseases. Bronchoscope is one such device that is extensively used for carrying out endoscopic procedures on an individual’s respiratory tract. According to the report that has been published by Market Research Future (MRFR), the global bronchoscopes market is anticipated to expand at a robust CAGR of 7.4% during the forecast period of 2016-2023 and is estimated to reach USD 2,244.4 Mn by the end of 2023.
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Market Drivers and Restraints:
Increasing prevalence of respiratory diseases and lung cancer are inducing high demand for technologically advanced diagnostic devices in the global market. Improvement in the healthcare infrastructure and increasing research and development expenditure for introduction of efficient and minimal invasive diagnostic and treatment techniques are driving the global bronchoscopes market.
Wide spread application of bronchoscopes for visual diagnostic purposes such as to view abnormalities in the respiratory tract, to obtain tissue specimens from lungs by biopsy and to evaluate lung bleeding, possible lung cancer, chronic cough and others are fueling the growth of the global bronchoscopes market.
Advancement in medical technology has led to the development of flexible bronchoscopes that are being used for therapeutic purposes such as removal of secretions, blood or foreign objects obstructing the air flow in respiratory tract, which is resulting in the expansion of the global bronchoscopes market. On the flipside, risk of infection, damage to vocal cord and pneumothorax caused during bronchoscopy are likely to create hindrance in the growth of the global bronchoscope market during the forecast period.
The global bronchoscope market has been segmented on the basis of type, application and end-users. Based on type, the bronchoscope market is segmented into rigid bronchoscope and flexible bronchoscope. Recent developments in bronchoscope technology have led to the significant growth of flexible bronchoscope segment in the global bronchoscope market.
Based on application, the bronchoscope market is segmented into diagnosis and surgical procedures. The diagnosis segment includes examination and obtain tissue specimen for biopsy. The surgical procedure segment include removal of foreign object in the airway, laser resection of tumors, lung abscess, stent insertion, percutaneous tracheostomy and tracheal intubation.
Based on end users, the bronchoscope market is segmented into hospitals and clinics, diagnostic centers, and others.
Geographically, the global bronchoscope market is segmented into Americas, Europe, Asia Pacific and the Middle East and Africa. The global bronchoscope market is dominated by the Americas owing to the increasing prevalence of respiratory disorders, accelerating demand for advanced medical devices and high healthcare expenditure. Well-developed healthcare sector and high government support for research and development is leading to the significant growth of bronchoscope market in the Europe region. Rapid adoption of advanced technology and increasing awareness regarding the availability of advanced medical devices are driving the bronchoscope market in the Asia Pacific region. The bronchoscope market in the Middle East and Africa region is expanding at a slow pace owing to the low technological penetrations and poor primary healthcare services in the underdeveloped areas of this region.
Rising demand for advanced medical devices has created multiple opportunities for the manufacturers to develop innovative technologies and introduce upgraded products in the global bronchoscope market. The strategic mergers and acquisitions are aiding the market players for expansion of their businesses in the global bronchoscopes market. These initiatives are strengthening the competition among prominent players in the global bronchoscope market.
The prominent players in the global bronchoscope market are Ambu Inc. (US), Boston Scientific Corporation (US), Cogentix Medical (US), Olympus Corporation (Japan), Fujifilm Holdings Corporation (Japan), Pentax Medicals (Japan), LocaMed (UK), Vimex Sp. (Poland), KARL STORZ GmbH & Co. KG (Germany), Schindler Endoskopie Technologie Gmbh (Germany), Schölly Fiberoptic Gmbh (Germany), Hangzhou EndoTop Medi-Tech Co., Ltd.(China) and Guangzhou MeCan Medical Limited (China).
On 15th May 2018, Auris Health, a robotic medical company, has announced that it has signed a co-operative development and commercialization agreement with NeuWave™ Medical, Inc., for integration of NeuWave™ Flexible Microwave Ablation Technology with Auris’s Monarch™ platform. This collaboration with a subsidiary of Ethicon, Inc., and part of the Johnson & Johnson Medical Devices Companies was done to enable robotically assisted bronchoscopic ablation of lesions in the lung
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