The disposable bronchoscopes market is expected to increase at a compound annual growth rate (CAGR) of 16.9%, from US$ 545.8 million in sales in 2021 to US$ 2.9 billion by the end of 2032, according to a recent report by Future Market Insights. Over the next ten years, the global market will present an absolute dollar opportunity of over US$ 2.3 billion, with the hospital segment predicted to lead the industry with a CAGR of 18.2%.
The disposable bronchoscopes market surged rapidly with the onset of global pandemic which abstained health professionals from utilizing reusable bronchoscopes. With the increased government expenditure on developing the healthcare infrastructure and technological advancements by the market participants, there has been a surge in the adoption rate of bronchoscopes in hospitals. As a result, professionals moved away from open surgeries and toward minimally invasive methods.
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The disposable bronchoscopes market is expected to grow due to the increased lung cancer rates, an ageing population, demand for local biopsies and technological advancements in the field of bronchoscopy. Also, the surge in patients with chronic respiratory illnesses is driving the demand for the product. During the forecast period 2022-2032, South Korea and China are expected to deliver the most lucrative results by growing at a CAGR of 22.5% and 19.5% respectively. North America tops among the region category with the highest market share while growing at CAGR of 17.7%.
Key Takeaways:
- Global disposable bronchoscopes market is expected to reach a market size of US$ 2.9 Billion by 2032.
- The Global market is expected to offer an absolute dollar opportunity of US$ 2.3 Billion in coming 10 years by growing at a CAGR of 9%.
- The U.S. market share is expected to remain unchanged during the forecasted period with the dominant market share of over 35%.
- Hospital segment is expected to remain the dominant segment with the CAGR of 2% during the period of projection.
- South Korea and China are expected to provide a greatest opportunity by growing fastest at a CAGR of 5% and 19.5% respectively.
The COVID-19 epidemic and its aftermath have hastened the adoption and utilization of disposable bronchoscopes as healthcare providers became aware of the risk of reusable equipment and the contamination risk that comes with it, comments a Future Market Insights analyst.
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Competitive Landscape
The market for commercial Brachytherapy products including disposable bronchoscopes is dominated by several regional and global corporations. To sell their solutions across multiple markets, they compete on product innovation, quality, reputation, and market coverage. The rising adoption of disposable bronchoscopes has consequently created a competitive environment among the companies in the industry.
In addition, the large corporations are betting on mergers and acquisitions as a way to expand the market and intensify competition. These companies have formed several partnerships to provide full satisfaction to their clients. The leading firms are working on building cost-effective disposable bronchoscopes that fulfil the expectations of consumers. In this way they are trying to maintain their dominant position.
Key Players :
- AMBU A/S
- Boston Scientific Corporation
- Fujifilm Holdings Corporation
- Karl Storz GmbH & Co. KG
- NeoScope Inc.
- Olympus Corporation
- PENTAX Medical
- Richard Wolf GmbH
- Stryker Corporation
- Smith & Nephew, Inc.
The major developments in the market are:
- In Feb 2022, Boston Scientific acquired Baylis Medical Business Inc. to integrate the Baylis platforms with its existing structural heart capabilities and strengthen its position in one of the fastest-growing cardiology industries.
- In June 2021, KARL STORZ partnered with the Norwegian University of Life Science to provide them with veterinary medicine-related equipment. These machines could be used not only for training and research but also for diagnoses and treatment.
- In Dec 2020, Olympus Corporation acquired Veran Medical Technologies, Inc. which transferred VMT’s global sales network, marketing, manufacturing, research and development, and other services under the aegis of Olympus Corporation.
Key Segments:
By End-Use:
- Hospitals
- Clinics
- Diagnostics Centers
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Others
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Others
- APAC
- India
- China
- Japan
- South Korea
- Australia
- Others
- MEA
- South Africa
- Saudi Arabia
- UAE
- Israel
- Others
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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