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Bronchoscope Market Overview
Bronchoscopy is a medical procedure carried out by inserting a thin tube through the nasal passage to diagnose breathing problems and lung disorders, such as tumors and infections. Among all lung diseases, lung cancer is the major cause of death in people worldwide. According to the World Health Organization (WHO), cancer was the second-leading cause of death globally in 2018, claiming the lives of approximately 9.6 million people, with lung cancer caused by tobacco use responsible for approximately 22% deaths. However, new, advanced bronchoscopy techniques can help detect lung diseases earlier and more accurately to facilitate in-time treatment.
On the basis of product, the global bronchoscope market is bifurcated into flexible and rigid bronchoscopes. Of the two, flexible bronchoscopes are preferred, as they have low post-procedural health risk. Moreover, they are also expected to dominate the market during the forecast period (2020–2030).
The bronchoscope market is categorized into narrow-band imaging (NBI), autofluorescence bronchoscopy (AFB), endobronchial ultrasound (EBUS), and electromagnetic navigation bronchoscopy (ENB) when segmented on the basis of technique. During the forecast period, the market is projected to witness the fastest growth in the EBUS category, as the technology makes the process easier with respect to disease diagnosis and identification of the cancer stage.
Based on component, the bronchoscope market is classified into optical fiber, camera, light source, image processor, high-definition liquid crystal display (LCD) monitor, and insertion tube. Among these components, image processor held the largest market share during the historical period (2014–2019), mainly due to its considerable demand and expensive nature.
Bronchoscopes are mainly used for diagnostic and therapeutic applications. Of the two, diagnostics is the larger application area of these devices, as they are widely used for diagnosing airway-related diseases. Moreover, the market in this category is being propelled by the increasing awareness among people regarding lung diseases and the importance of their early detection.
Hospitals, clinics, and diagnostic centers are the major end users of bronchoscopy devices. Among these, hospitals contributed the highest revenue to the bronchoscope market during the historical period, mainly due to the high patient preference for hospitals for disease diagnosis and a large number of operations being performed in these settings.
Globally, North America led the bronchoscope market during the historical period, on account of the high prevalence of chronic respiratory diseases, surge in lung cancer cases, presence of major market players, rise in geriatric population, and improved healthcare infrastructure in the region.
During the forecast period, the market is expected to witness the fastest growth in APAC, primarily driven by the increasing healthcare expenditure, rising awareness about early disease diagnosis, and growing prevalence of chronic respiratory diseases in the region. Moreover, ongoing technological advancements and improving healthcare infrastructure in China and India are supporting the growth of the bronchoscope market in APAC.
Bronchoscope Market Dynamics
Advancements in technology and increasing prevalence of lung cancer are the major factors driving the growth of the market across the world. Besides, surging geriatric population and rising healthcare expenditure are supporting the market growth.
However, post-procedural issues, such as spasms in the airway, breathing difficulties, low blood oxygen, and cardiac complications, affect the adoption of the technology. According to a study published in the CHEST journal, rigid bronchoscopy can cause uncontrolled coagulopathy, high ventilation or oxygenation demand, and tracheal obstruction in patients. This limits the technology adoption to some extent, thereby affecting the growth of the bronchoscope market.
Bronchoscope Market Competitive Landscape
Major players in the bronchoscope market are actively seeking acquisitions and product approvals to expand their footprint. For instance, in May 2019, FUJIFILM Holdings Corporation announced its plans to acquire medwork GmbH to enter the endoscopic instrument business. medwork GmbH is a Germany-based developer, manufacturer, and marketer of instruments for therapeutic and diagnostic endoscopy.
Some of the other key players in the market are Olympus Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Genuine Medica Pvt. Ltd., Machida Endoscope Co. Ltd., and Ambu A/S.
Major countries taken into consideration for the market size analysis are the U.S., Canada, France, Germany, the U.K., Italy, Spain, Russia, the Netherlands, Japan, China, India, Australia, Brazil, Mexico, Argentina, Saudi Arabia, the U.A.E., and South Africa.