Bronchoscopes Market

Bronchoscopes Market Snapshot

According to Future Market Insights (FMI), the global Bronchoscopes Market is expected to register sales worth USD 480.3 Million by the end of 2021 and will expand 1.3X over the forecast period. The market is anticipated to expand at a CAGR of 4.4% during the forecast period of 2022-2028 and will register sales of USD 647.7 Million in the year 2028.

The global bronchoscopes market is expected to account for nearly 4% of the global endoscopes market by the end of 2021, which is expected to be valued at USD 13.0 Billion in the same year. The growing incidence of idiopathic pulmonary fibrosis, pulmonary fibrosis, interstitial pneumonitis, occupational sarcoidosis and pulmonary hemorrhage are driving the demand for bronchoscopes market and may present with many beneficial opportunities for the manufacturers, globally.

Conventional (multiple use) flexible bronchoscopes have time and monetary costs associated with cleaning, and carries the risk of cross infection. A single-use flexible video bronchoscope eliminates any risk of cross-contamination. Early assessment of the cost effectiveness of single-use bronchoscopes indicates potential hospital savings and patient benefits from infections avoided. Increased use of single use flexible bronchoscopes is driving a large market owing to attractive advantages.

It is observed that bronchoscopes has undergone a tremendous shift from the conventional invasive procedures to minimally invasive and advanced devices. Advancements and development of improved bronchoscopes such as White-light bronchoscopy, Auto fluorescence (blue-light) bronchoscopy, navigational bronchoscopy and others are expected to be the key factors driving the growth of the global market. Presently, advancements in technology have led to the development of the bronchoscopes, with an expansion of potential applications. Technological advancements in bronchoscopes will propel the growth of this market over the forecast period.

According to the Office of Disease Prevention and Health Promotion (ODPHP), around 14.8 million people in the U.S. suffered from chronic obstructive pulmonary disease (COPD) in the year 2020. Bronchoscopy is necessary for constant evaluation of the disease progression. Rising cases of bronchoscopy is another factor which will positively impact the growth of bronchoscopes market over the forecast period.

The sales of video bronchoscopes is expected to reach USD 414.8 Million, by value, by the end of 2021, which would contribute to around 86.4% share of the total revenue of bronchoscopes market. Bronchoscopy is an important diagnostic procedure for all the pulmonary diseases, the rising incidence of these diseases will drive the demand for this market over the forecast period.

Bronchoscopes Market Outlook:

How The Market Progressed Till June 2022?

The bronchoscopes market is under influence of healthcare expenditure and innovation factors subject to macro and industry factors. Key developments in the market include acquisition and product launches by key players to establish their presence.

According to Future Market Insights analysis, the bronchoscopes market is expected to witness a drop in growth rate by 07 Basis Point Share (BPS) in H1- 2022 (O) as compared to H1-2021.

Main reason behind this drop can be attributed to growing stringency of regulations for the bronchoscope manufacturers, together with growing concern among end users regarding risks of cross-contamination and post bronchoscopy infection. H1-2022 outlook period in comparison to H1-2022 projected period showed a negative growth in terms of Basis Point Share by 10 BPS.

However, improved access to healthcare services and rise in demand for quality healthcare make the emerging markets highly lucrative for the medical device companies.

In particular, China is witnessing an increase in bronchoscopy procedure adoption since China offers lucrative reimbursement opportunities which attract more patients to avail the benefits associated with this procedure. In western countries as well, the rising geriatric population are also prone to increasing rate of the respiratory blockage related issues. Such factors can positively fuel the growth of bronchoscopes market.

2012-2021 Bronchoscopes Demand Outlook Compared to 2022-2028 Forecast

According to Future Market Insights (FMI), the demand for bronchoscopes expanded at a CAGR of 4.1% during the period of 2013-2021. Rising demand for bronchoscopes can be attributed to the rising incidence of pulmonary diseases, increased life expectancy, and technological advancements in the field of bronchoscopy.

The advent of advanced bronchoscopy procedures such as Electromagnetic navigation bronchoscopy (ENB) is intended to enhance standard bronchoscopy by providing a three -dimensional roadmap of the lungs and real -time information about the position of the steerable probe during bronchoscopy. The electromagnetic navigation bronchoscopy is expected to secure higher reimbursement which will drive the demand for this market over the forecast period.

The improvement of healthcare infrastructure led to improved accessibility to healthcare, which in turn led to increased life expectancy and higher median age of the population. For instance, according to the World Health Organization (WHO) statistics, in 2020, the geriatric population was expected to outnumber children below 5 years of age. The proportion of population above 60 years of age would nearly be 22% by 2050. The most common conditions that geriatric population suffers from consist of COPD, diabetes, dementia and many others. Thus, the increasing geriatric population will positively impact the growth of this industry over the forecast period.

The key players of this industry are adopting strategies of acquisitions and product launches to expand their market existence and strengthen their foothold around the world.

• In December 2020, Olympus Corporation announced the acquisition of Veran Medical technologies, Inc., which is a leading advanced medical devices provider and specialises in interventional pulmonology. This acquisition helped the company to expand its pulmonary portfolio.
• In May 2020, Fujifilm Holdings Corporation announced various global milestones and initiatives to expand their endoscopy and endoscopic health portfolio which included addition of artificial intelligence, high-tech image capture and advanced data processing.

The market is consolidated with players such as Olympus Corporation, Fujifilm Holdings Corporation, Teleflex Incorporated, Karl Storz GmbH & Co KG, Richard Wolf GmbH, Hoya Corporation (Pentax medical), Ambu A/S, Shanghai AoHua Photoelectricity Endoscope Co. Ltd., and Rochling Group.

Future Market Insights expects the global endoscopes market to expand at a CAGR of 4.4% over the forecast period owing to the efforts taken by the key players of this industry to expand themselves in the global market.

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What is the Impact of COVID-19 on this Industry?

The COVID-19 pandemic has wreaked havoc on health-care workflows all around the world. Various industries, including several sub-domains of health care, have been forced to temporarily close their doors because to the disease. However, there has been a moderate impact and an increase in demand for a variety of medical services, including bronchoscopy, for better visualisation and documentation systems, and endoscopes.

Bronchoscopy is an aerosol-producing method with a variety of diagnostic and therapeutic applications. However, in the period of the COVID-19 pandemic, airway operations posed various risks of COVID-19 exposure and transmission among health care personnel. To stratify the indications for bronchoscopy and optimise pre-procedural, procedural, and post-procedural preparation, many societies of respiratory medicine collaborated and found appropriate solutions for the same. Thus, the bronchoscopes market experienced a moderate impact of COVID-19 pandemic and is expected to witness stable recovery over the forecast period.

Sabyasachi Ghosh

Principal Consultant

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What are the Key Opportunities for Manufacturers of Bronchoscopes Industry?

Most of the major medical device players are focusing on the emerging markets due to huge growth potential and to increase their distribution channel. Change in disease patterns triggered by lifestyle changes, rising affluence, improved access to healthcare services and rise in demand for quality healthcare make the emerging markets highly lucrative for the medical device companies.

Increasing elderly population represents additional opportunities for bronchoscopes manufacturers. In addition, reimbursement schemes in most developed countries is expected to fuel the demand for bronchoscopes in China over the forecast period.

Most of the major medical device players are focusing on cost reduction which has resulted in pricing pressure especially in the lower end devices. The market represents a bimodal nature with high end devices charging the premium. It also represents better use of technology and resources of the company. Distribution efficiency represents another neglected area. Vendors need to develop specialized chains with the end user such as hospitals. Large healthcare providers and hospitals represent a large opportunity. The consolidation of healthcare especially in the U.S. provides a compelling opportunity to address the issues at the earliest.

What are the Restraining Factors for this Bronchoscopes Market?

Risks of cross-contamination and post bronchoscopy infection from bronchoscopy procedures is under research and is dampening the procedure adoption rates. The risks of bronchoscopy such as bleeding, trouble breathing and a low blood oxygen level during the test are also hampering the market. The rates of a patient having a post bronchoscopy infection is rising due to the emergence of methicillin resistant staphylococcus aureus and other resistant bacteria. The post bronchoscopy infection rates at ambulatory surgical centres (ASCs) are many times higher than hospitals and clinics, which is hampering the bronchoscopes market.

Emergence of non-invasive diagnostic methods such as liquid biopsy, Magnetic Resonance Spectroscopy and others is negating the market growth. Growing stringency of regulations such as Post Marketing Approval is hampering the market. Bringing a device to market takes an average of 3 to 7 years. Class III devices require pre-market approval (PMA), the most rigorous process required for devices by the FDA. Such devices will require clinical evidence to support the application owing to significantly greater risks to patients. Thus the growing stringency of regulations is hampering the growth of this industry.

Country-wise Insights

Will the U.S. Remain a Key Market for Bronchoscopes?

U.S. is expected to hold 91.8% market share of North America region, by value in the year 2021 and is anticipated to expand at a CAGR of 4.2% over the forecast period 2022-2028 owing to aspects such as an increase in the number of hospitals, development of healthcare infrastructure, an increase in healthcare spending, the growth of the aging population, presence of a large patient population.

Additionally, favourable reimbursement scenarios in the U.S. are positively affecting the demand of bronchoscopes and is expected to follow similar trend over the forecast period.

Why Germany is Considered a more Lucrative Bronchoscopes Market within Europe?

In Europe, Germany is expected to account for 19.1% share, by value of the total European bronchoscopes market, by the end of 2021. Increased adoption of minimally invasive surgeries, and technological advancements in the field of bronchoscopy are some of the key factors that will propel the demand of bronchoscopes in Germany.

What are the Factors supporting bronchoscopes sales in India?

India is anticipated to hold 19.5% share, by value of the total Asia Pacific bronchoscopes market, by value in 2021 and will expand at a CAGR of 6.4% over the forecast period. High prevalence of chronic pulmonary diseases, and increasing healthcare expenditure by the government, and increased adoption of bronchoscopy are some of the key factors driving the demand for bronchoscopes in India.

Bronchoscopes Market - Category-wise Insights

What is the Bronchoscopes Barket Value?

The global bronchoscopes market is expected to register sales worth USD 480.3 Million by the end of 2021 and is projected to reach USD 647.7 Mn by the end of 2028 with a cumulative CAGR of 4.4%.

Why is the Demand for Video Bronchoscopes the Highest, by Product?

Video bronchoscopes is expected to 86.4% market share, by value by the end of 2021, and will expand at a CAGR of 4.2% over the forecast period. Since video bronchoscopes are widely used for the diagnosis of infectious diseases, inflammatory conditions or tumours of the lung, they contribute to the largest market share of this market.

Which Modality Holds the Maximum Share in the Bronchoscopes Market?

Flexible fiber bronchoscopes have high-definition recordings, allowing for easy detection of cancers and infections in the bronchioles' deeper levels. Flexible bronchoscopes are convenient for both doctors and patients as it takes substantially less time to recover from than rigid bronchoscopy and are expected to register sales worth USD 450.4 Million by the end of 2021, which would account for more than 93% share, by value of the total bronchoscopes market and is expected to expand at a CAGR of 4.4% between 2022 and 2028.

Which end-user Contributes to Highest Market Share in the Bronchoscopes Market?

Hospitals are expected to hold the highest share of 64.5%, by value in 2021, and will expand to reach USD 421.3 Million by the end of 2028. The segment is set to expand at a CAGR of 4.4% over the forecast period, owing to the high preference for hospital-based treatment & procedures, availability of skilled healthcare professionals, technologically advanced facilities, and favorable reimbursement scenario.

Bronchoscopes Market - Competitive Landscape

Key manufacturers of the bronchoscopes market are focusing on gaining approvals from various regulatory authorities, expanding their business in new regions, and collaborating with other leading players in order to strengthen their product portfolio and market presence all over the world.

• In September 2021, Ambu A/S announced the European regulatory clearance, the CE mark for their combined product Ambu® aScope™ 4 Broncho Sampler Set, which is a combination of single-use bronchoscope and specimen sampling system, which was designed to conduct bronchial wash (BL) and Bronchoalveolar Lavage (BAL) procedures together with high efficiency, safety an improved workflow.
• In April 2021, Richard wolf GmbH announced the opening of their subsidiary in Madrid Spain, known as Richard Wold Endoscopia Ibérica S.L., in alignment of their efforts to be a globally active company.
• In May 2021, Hoya Corporation announced the technical collaboration with Hitachi, as a part of their five year contract, to expand their endoscopic portfolios and supply of diagnostic ultrasound systems and sensors.

The increasing demand for bronchoscopy procedures, higher prevalence rates of chronic pulmonary disorders will offer many opportunities for the key players.

Global Bronchoscopes Market - Scope of the Report

Bronchoscopes Market, By Category

Product:

• Non-Video Bronchoscopes
• Video Bronchoscopes

Modality:

• Rigid Bronchoscopes
• Flexible Fiber Bronchoscopes
• Mobile Bronchoscopes

End User:

• Hospitals
• Outpatient Centers

Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)