Electromagnetic Navigation Bronchoscopy Market: Key Players
Key players and manufacturers in electromagnetic navigation bronchoscopy market are taking immense efforts in develo ping advanced minimally invasive technology for the purpose of catering to early diagnosis as well as treatment of the lung cancer. Pulmonary physicians are likely to drive the demand for electromagnetic navigation bronchoscopy owing to increasing demand from patients for treatments at curable stages. Disposables type working channels component is likely to gain significant traction in electromagnetic navigation bronchoscopy market owing to easy process of passing the diagnostic instruments like biopsy foreceps, aspirating needles and brushes. Rapidly increasing number of pathologies will further drive the demand for disposables type working channels component, thereby positively impacting the growth of electromagnetic navigation bronchoscopy market.
Emergence of robots replacing the surgeons in battling against lung diseases will further significantly boost the growth of electromagnetic navigation bronchoscopy market. Regulatory bodies in the healthcare sector are taking immense efforts in developing workshop sessions, which in turn increases the awareness regarding the usage of electromagnetic navigation bronchoscopy. Emerging thoracic surgeons and interventional pulmonologists are expected to highly benefit with advanced electromagnetic navigation bronchoscopy and its extended abilities. Manufacturers are taking immense efforts in identifying patients at early stage, which in turn would help in reducing mortality rates due to lung cancers.
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Electromagnetic navigation bronchoscopy uses electromagnetic technology to localize and guide endoscopic tools through the bronchial pathways of the lungs. Electromagnetic navigation bronchoscopy consists of a disposable working channel, a disposable guide catheter, software, and hardware components such as computers, monitors, and the electromagnetic board. The location sensor is attached at the distal tip of the guide catheter.
Electromagnetic Navigation Bronchoscopy Market: Drivers and Restraints
The attractive advantages of electromagnetic navigation bronchoscopy, especially its greater accuracy, precision, and its ability to map a three-dimensional (3D) bronchial map, is the critical driver of its market adoption.
The growing incidence of bronchial diseases such as lung cancer is the second-most significant driver of the electromagnetic navigation bronchoscopy market. Lung cancer is the most common form of cancer in the United States, accounting for approximately 14% of all cancer cases. Traditional, bronchoscopy fails to reach these distant lesions, which can be closer to vital organs such as the heart, resulting in greater potential for complications. Thus, the greater diagnostic yield of electromagnetic navigation bronchoscopy is driving a large market growth for the global electromagnetic navigation bronchoscopy market.
The greater accuracy and precision offered by electromagnetic navigation bronchoscopy converts into a high success rate of 69 to 80% as compared to approximately 50 to 65% for traditional bronchoscopy. The demand for minimum invasive procedures is the prime clinical driver of the market, owing to lesser hospital stay resulting from lower surgical footprint. Electromagnetic navigation bronchoscopy technology has several potential application expanses, such as placement of markers, guidance for trans-bronchial biopsy, and localization of lesions pre-surgery, which makes it a strategic market with high equity.
The higher cost of electromagnetic navigation bronchoscopy devices coupled with the scarcity of trained manpower are restraints on the global electromagnetic navigation bronchoscopy market. Electromagnetic navigation bronchoscopy entitles a greater cost of approximately US$ 3,000 per biopsy as compared to CT-guided biopsy. Electromagnetic navigation bronchoscopy also demands significant skills and experience, and has a steep learning curve, limiting it to specialized centers.
Other restraints which may hamper the market for electromagnetic navigation bronchoscopy include pain, nosocomial infection, difficulty breathing, fever, or swelling, or bleeding from the site.
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Electromagnetic Navigation Bronchoscopy Market: Overview
The global market for electromagnetic navigation bronchoscopy is consolidated with a few large players dominating the scene. Market trends include technological and product development strategies such as advancements in resolution, 3D mapping, and others, which are generating high market demand. Some of the established brands of electromagnetic navigation bronchoscopy are Veran Medical Technologies, Body Vision Medical, Medtronic plc, Body Vision Medical LTD., and others. Veran, with its SPiN Thoracic Navigation System, and Medtronic, with its superDimension ENB system, account for a major share of the market.
There is a high premium being charged by competitors, owing to its consolidated structure. However, the competition exists only on distribution and functionality aspects, with price being unaffected. Thus, competitors are taking care not to harm revenue potential of the global electromagnetic navigation bronchoscopy market.
Electromagnetic Navigation Bronchoscopy Market: Regional Wise Outlook
The global electromagnetic navigation bronchoscopy market is classified into regions, viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East and Africa. North America is expected to account for the largest share of the global electromagnetic navigation bronchoscopy market, owing to the concentration of key market players, large purchasing power, consolidation of large healthcare players, and large healthcare expenditure amounting to 16% of GDP in 2016. The excellent reimbursement for lung biopsy in the U.S. is a strong driver of the market, which ranges from USD 1,052.63 for biopsy, pleura, and percutaneous needles to USD 3,073.86 for thoracoscopy with pleura. The approval of Medicare & Medicaid Services (CMS) for screening for lung cancer is expected to drive large market adoption.
The Asia Pacific excluding Japan market is expected to grow at a significant CAGR, owing to the expansion of the healthcare sector and growing prosperity of the economy. China and India are expected to have a lion’s share of the market. Europe, led by Germany, France, and the U.K., is expected to account for the second-largest market share. The large medical device industry of Germany is expected to benefit the European market. The Middle East and Africa market is expected to be skewed in favor of the Gulf economies of Saudi Arabia, Kuwait, and Qatar.
Electromagnetic Navigation Bronchoscopy Market: Key Players
Technological advancements and market position are the most attractive strategies which can yield a premium. Players are focusing on distribution efficiency by partnering with large hospitals and payers, which can yield dividend, owing to faster adoption and lower marketing costs. Thus, captive distribution channels are playing a large part for established players. The barriers for entry are high, owing to the capital and resource intensity of the market.
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