Substantial Growth Predicted for Disposable Bronchoscopes Market
The worldwide disposable bronchoscopes market is primed for explosive growth over the next decade.
A Future Market Insights analysis estimates the sector’s value at $545.8 million in 2021 and predict it will reach $2.9 billion by the end of 2032, growing 16.9% annually. In the next 10 years, the global market will offer an absolute dollar opportunity of roughly $ 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.
Growth drivers for the disposable bronchoscopes market include increased lung cancer rates, an aging world population, demand for local biopsies, and technological advancements in the field of bronchoscopy. Also, a surge in patients with chronic respiratory illnesses is driving demand for the product. Over the next decade, South Korea and China are expected to deliver the most lucrative results by growing 22.5% and 19.5% annually, respectively. North America tops the region category with the highest market share while growing 17.7% annually.
The U.S. market share is expected to remain unchanged during the forecasted period with the dominant market share of more than 35%. The hospital segment is expected to remain dominant, expanding 18.2% annually.
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.
Among the major market developments:
• In February, 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 December 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.
Article source: MPO