As per Future Market Insights (FMI), the global Bronchoscopes Market is poised to achieve sales of approximately U.S. $480.3 million by the conclusion of 2021, and is set to undergo a significant 1.3-fold expansion during the projected period. Projections indicate a steady growth trajectory, with an expected Compound Annual Growth Rate (CAGR) of 4.4% from 2022 to 2028, ultimately reaching U.S. $647.7 million in sales by 2028.
The global Bronchoscopes market is estimated to account for around 4% of the global endoscopes market by the end of 2021, which is expected to be valued at US$ 13.0 Billion in the same year. The increasing prevalence of idiopathic pulmonary fibrosis, pulmonary fibrosis, interstitial pneumonitis, occupational sarcoidosis, and pulmonary haemorrhage is boosting global demand for Bronchoscopes and may open up new opportunities for manufacturers.
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Cleaning typical (multiple use) flexible Bronchoscopes is time consuming and expensive, and there is a risk of cross infection. By adopting a single-use flexible video bronchoscope, cross-contamination is eliminated. An early assessment of the economic effectiveness of single-use Bronchoscopes suggests potential hospital savings and patient benefits from infection prevention. The rising use of single-use flexible Bronchoscopes is developing a sizable industry due to their enticing benefits.
“Apart from the factors mentioned, technological advancements in the Bronchoscopes landscape—witnessing a transformation shift from conventional invasive procedures to minimally invasive and advanced devices—is a critical factor determining the global demand for Bronchoscopes, further amplifying its potential applications.
Among the significant improvements and developments boosting global demand for Bronchoscopes are white-light bronchoscopy, navigational bronchoscopy, and autofluorescence (blue-light) bronchoscopy. Thin Bronchoscopes with minimally invasive characteristics are increasingly gaining popularity. Manufacturers of Bronchoscopes have improved on original Bronchoscopes in terms of application and product variety,” notes a company senior analyst.
Top Four Manufacturers Contribute the Largest Global Revenue
Given the rapid pace of technological change, major broncoscope manufacturers are investing heavily in research and development projects to further improve product efficiency. The global broncoscopes market is extremely competitive, with relatively high entry barriers, differentiated and well-established products, and notable high profit margins.
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Tier-1 manufacturers of Bronchoscopes, including Olympus Corporation, FUJIFILM Holdings Corporation, Teleflex Incorporated, and HOYA Corporation, collectively hold a market share of approximately 62.5 percent—with Olympus Corporation contributing the largest revenue slice.
Tier-2 players
KARL STORZ GmbH & Co KG, Ambu A/S, and Richard Wolf GmbH and tier-3 players including Rochling Group and Shanghai AoHua Photoelectricity Endoscope Co., Ltd, collectively contribute approximately 37.5 percent revenue share to the global Bronchoscopes market. Key forward market strategies include:
- With continued improvements in the global healthcare setting, key players seek acquisition opportunities as a key growth strategy. Olympus Corporation, Fujifilm Holdings Corporation, Teleflex Incorporated, and HOYA Corporation are likely to focus on mergers, acquisitions, and collaborations strategies, in the coming years. HOYA Corporation, for instance, acquired C2 Therapeutics, to expand its interventional endoscopy offerings in the U.S. and also provide aftersales and repair services.
- Besides strategic tie-ups, new product launches will continue to be the key differentiation strategy, helping manufacturers to further solidify their market position. For instance, Olympus Corporation launched Truresolution objectives for multiphoton laser scanning microscopes. Teleflex Incorporated launched LMA® Gastro Airway, facilitating airway control during endoscopic procedures.
- Leading manufacturers of Bronchoscopes are also focusing on geographical expansions, specifically in emerging nations, by acquiring local players in the endoscopy market.
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Critical Market Restrainers Identified
- Risks of cross-contamination and post bronchoscopy infection in the form of bleeding, troubled breathing, and low blood oxygen level. FMI study indicates high infection rate at ambulatory surgical centers (ASCs), compared to clinics and hospitals.
- Growing demand for non-invasive procedures including liquid biopsy and Magnetic Resonance Spectroscopy.
- Stringency in regulations demanding a pre-market approval (PMA).
Bronchoscopes Market, By Category Product:
- Non-Video Bronchoscopes
- Video Bronchoscopes
Modality:
- Rigid Bronchoscopes
- Flexible Fiber Bronchoscopes
- Mobile Bronchoscopes
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