25 Feb 2020
Posted in Medical Devices
Bronchoscopes market in APAC to grow at CAGR of 4.9% between 2019 and 2028, says GlobalData
The bronchoscopes market in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 4.9% between 2019 and 2028, according to GlobalData, a leading data and analytics company.
APAC is one of the fastest growing regions in the global bronchoscopes market. The region accounted for 37% of the global share in terms of revenue in 2019.
The company’s report,’Bronchoscopes – General Surgery Market Analysis and Forecast Model‘ reveals that South Korea is expected to grow at the highest CAGR between 2019 and 2028, followed by China, India and New Zealand, respectively.
Abhinav Purwar, Medical Devices Analyst at GlobalData, comments: “Initiatives such as the government-driven price management and reimbursement controls are likely to help the local manufacturers increase their share in the bronchoscopes market.”
Olympus Corp has established itself as the market leader in the APAC region, owing to its focus on innovation and development of technologically advanced products. This is expected to help in meeting the increased demands for patient comfort. Market players like PENTAX Medical Co, Fujifilm Holdings Corp and KARL STORZ SE & Co KG are investing in effective strategies to retain their market shares in the Bronchoscopes market in the region.
In the APAC region, flexible video bronchoscopes are the major revenue contributors within video bronchoscopes segment, growing at a CAGR of 5% between 2019 and 2028, followed by mobile bronchoscopes.
Abhinav concludes: “Increased incidence of lung cancer and respiratory diseases such as chronic obstructive pulmonary disease (COPD) will be the major market drivers. The introduction of endo-bronchial ultrasound (EBUS) technique and thriving investments in bronchoscopy facilities will revolutionize the field of diagnostic bronchoscopy, by providing enhanced views of the bronchial wall, helping the physicians make more accurate clinical decisions while increasing patient safety and driving the market forward. The launch of single-use bronchoscopes in the APAC countries will further drive the growth of the bronchoscopes market in the future.”