LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global pulmonary endoscopy devices market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Pulmonary Endoscopy Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Barath Palada, a lead analyst at Technavio for medical devices research, “The advances in technology for pulmonary endoscopes has transformed the diagnosis and evaluation of abnormal thoracic findings, which include masses, pleural diseases, lung nodules, and mediastinal lymphadenopathy.”
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The market research analysis categorizes the global pulmonary endoscopy devices market into three major product segments. They are:
- Pulmonary endoscopy instruments and accessories
- Pulmonary endoscopy services
The bronchoscope, also known as a pulmonary endoscope is a medical device inserted into the patient's body either through nose or mouth into the lungs. The endoscope camera or the light source at the tip of the endoscope lets the physician or medical professional view the target site. Most endoscopic procedures are performed in the physician's office or an outpatient setting. The benefits of endoscopy include low cost, speedy recovery, reduction in the need for open surgery procedures, and less time needed for diagnosis.
Pulmonary endoscopy instruments and accessories
The endoscopic instruments consist of devices used during the procedure, including cameras, video monitors, light sources, video recorders, video processors, electrosurgical generators, and insufflators. The average lifespan of endoscopic equipment is from six to seven years. Thus, the replacement of old equipment with new advanced devices is the major contributor to revenue generation in this segment. Also, innovations in endoscopy visualization systems, such as the development of high-definition and ultra-high definition video systems have enhanced the visualization of the patient's anatomy.
“Thus, endoscopic instruments and accessories is a high-volume segment that involves constant replacement, making it a steady revenue stream for the manufacturers,” says Barath.
Pulmonary endoscopy services
In order to ensure sustained proficiency, optimal performance, and reduced morbidity, endoscopy systems require annual servicing for better performance. The revenue in this segment is usually created through annual maintenance contracts, part replacements, and ad-hoc repairs. As the market for pulmonary endoscopy devices reaches maturity, there will be an increase in demand for high-quality services. Services need to be provided by reputed vendors in the market that have brand value along with safety and efficacy. The growing demand for training is also expected to drive the segment growth, owing to the limited availability of skilled surgeons.
The top vendors highlighted by Technicon’s healthcare and life sciences market research analysts in this report are:
- Boston Scientific
- Karl Storz
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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