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Bronchoscope Market 2024-2033: Competitor Assessment, New Trends, Share Analysis And Global Key Players
Bronchoscope Market Growth
According to The Business Research Company's, The bronchoscope market size has grown rapidly in recent years. It will grow from $2.74 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increasing awareness and acceptance, medical training and education, clinical applications and endobronchial interventions, demand for minimally invasive techniques, aging population dynamics.
The bronchoscope market size is expected to see rapid growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to rising respiratory disorders, growing aging population, demand for minimally invasive procedures, advancements in robotics, focus on early diagnosis. Major trends in the forecast period include miniaturization and portability, focus on patient safety and comfort, augmented reality (ar) and navigation systems, telemedicine and remote guidance, disposable bronchoscopes.
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Market Drivers and Trends:
The rise in the prevalence of respiratory tract disorders is expected to propel the growth of the bronchoscope market going forward. Respiratory tract disorders are medical conditions that affect the respiratory system. It includes asthma, chronic obstructive pulmonary disease, pneumonia, bronchitis, cystic fibrosis, pulmonary fibrosis, and lung cancer. Bronchoscopy is a diagnostic and therapeutic tool that can be used to evaluate and treat a variety of respiratory tract disorders; thus the rise in the prevalence of respiratory tract disorders leads to an increase in the bronchoscope market. For instance, in 2021, according to the report published by the National Center for Health Statistics, a US-based government agency that provides statistical information to guide actions and policies to improve the public health of the American people, the cause of deaths per 100,000 population in the US was 42.9 due to chronic lower respiratory diseases (including asthma) deaths as compared to 36.4 in 2020 which translates to 17.8% increase. Thus, the rise in the prevalence of respiratory tract disorders is expected to boost the bronchoscope market.
Major companies operating in the bronchoscope market are developing new products such as single use bronchoscopes to gain a competitive edge in the market. Single-use bronchoscopes are medical devices designed for a one-time, disposable application in bronchoscopy procedures. For instance, in April 2021, Olympus Corporation, a Japan-based optics and reprography products company, launched the H-SteriScope Single-Use Bronchoscopes in the U.S. This new line consists of five premium endoscopes designed for advanced diagnostic and therapeutic procedures. The H-SteriScope bronchoscopes offer flexibility and choice to physicians conducting procedures such as tissue biopsy and foreign body retrieval. These single-use bronchoscopes are part of Olympus's commitment to complement its product portfolio with disposable endoscopes to address specific procedure requirements, urgent procedure preparation, and improved workflow. The new line includes models with varying outer diameters and working channels, along with features comparable to traditional bronchoscopes, such as rotary function and tip angulation. The H-SteriScopes aim to enhance workflow, productivity, and patient care by offering convenient, portable, and premium disposable bronchoscopes.
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Major Key Players of the Market:
Ambu A/S; Boston Scientific Corporation; Cogentix Medical Inc.; Cook Medical LLC; Fujifilm Holdings Corporation; Hoya Corporation; Karl Storz Endoscopy SE & Co. KG; Olympus Corporation; PENTAX Medical; Richard Wolf GmbH; Teleflex Incorporated; EFER Endoscopy Srl; Lymol Medical Corporation; Schindler Endoskopie Technology GmbH; Schölly Fiberoptic GmbH; Uptake Medical B.V.; Broncus Medical Inc.; Novatech SA; Shanghai AoHua Photoelectricity Endoscope Co. Ltd.; Rochling Group; Stryker Corporation; Smith & Nephew Inc.; NeoScope Inc.; Bryan Corporation; CONMED Corporation; Laborie Medical Technologies Corp.; Envision Endoscopy Inc.; SonoScape Medical Corp.; Verathon Inc.; Medtronic plc
Bronchoscope Market 2024 Key Insights:
• The bronchoscope market size will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Surge In Respiratory Tract Disorders To Drive Market Growth
• Product Innovations Transforming The Bronchoscope Market
• North America was the largest region in the bronchoscope market in 2023
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