Electromagnetic Navigation Bronchoscopy (ENB) Market Report Overview
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The global electromagnetic navigation bronchoscopy market size was USD 177.8 million in 2021 & the market is expected to reach USD 551 million in 2031, exhibiting a CAGR of 11.2% during the forecast period.
The Electromagnetic Navigation Bronchoscopy (ENB) market refers to the segment of the healthcare industry that is focused on the development, production, and distribution of medical devices and equipment used in electromagnetic navigation bronchoscopy procedures. Electromagnetic navigation bronchoscopy is a minimally invasive diagnostic procedure that uses electromagnetic technology to guide bronchoscopes through the airways of the lungs. This procedure is typically used to diagnose lung cancer, lung infections, and other lung-related diseases.
The electromagnetic navigation bronchoscopy market has experienced significant growth in recent years, as there has been an increasing demand for minimally invasive diagnostic procedures that can accurately diagnose lung diseases. Factors driving the growth of the market include the growing incidence of lung cancer and respiratory diseases, technological advancements in electromagnetic navigation bronchoscopy devices, and the increasing adoption of electromagnetic navigation bronchoscopy procedures by healthcare providers.
COVID-19 Impact: Reduction in Healthcare Budgets to Limit the Market Demands
The pandemic has disrupted the supply chain and manufacturing processes of medical devices, including electromagnetic navigation bronchoscopy systems. This has led to delays in product launches and a shortage of devices in some regions, which has affected the growth of the ENB market.
Secondly, the pandemic has resulted in a decrease in the number of elective procedures, including bronchoscopy procedures, as hospitals and healthcare facilities focused on managing COVID-19 patients. This has led to a decline in demand for ENB systems and related consumables, such as biopsy forceps and brushes.
LATEST TRENDS
"Growing Preference for Minimally Invasive Procedures to Augment the Market Growth"
According to the World Health Organization (WHO), lung cancer is the leading cause of cancer deaths worldwide. The increasing incidence of lung cancer is driving the demand for early detection and diagnosis, which is fueling the growth of the electromagnetic navigation bronchoscopy market. The electromagnetic navigation bronchoscopy market is witnessing significant technological advancements, such as the development of advanced electromagnetic navigation bronchoscopy systems, which offer high accuracy, real-time imaging, and ease of use. This is boosting the adoption of ENB procedures among physicians and patients. Electromagnetic navigation bronchoscopy procedures are minimally invasive, and they offer several advantages over traditional bronchoscopy procedures, such as reduced pain, shorter hospital stays, and faster recovery times. As a result, there is a growing preference for electromagnetic navigation bronchoscopy procedures among patients, which is driving the growth of the market.
Electromagnetic Navigation Bronchoscopy (ENB) Market Segmentation
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- By Type Analysis
By type, market is segmented into laboratory tests, genetic tests, imaging, endoscopy and biopsy. The laboratory tests type segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into colorectal cancer, cervical cancer, breast cancer, lung cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, liver cancer, pancreatic cancer and ovarian cancer. The colorectal cancer segment will lead the global share through 2031.
DRIVING FACTORS
"Rising Demand for Minimally Invasive Procedures to Push the Market"
The increasing incidence of lung cancer worldwide is one of the major drivers of the electromagnetic navigation bronchoscopy market. According to the World Health Organization (WHO), lung cancer is the leading cause of cancer deaths worldwide, accounting for 1.8 million deaths in 2020. Electromagnetic navigation bronchoscopy is an effective tool for early diagnosis and treatment of lung cancer, which has fueled its demand in recent years. The development of advanced technologies such as virtual bronchoscopy and 3D mapping has improved the accuracy and efficiency of electromagnetic navigation bronchoscopy procedures. This has led to an increase in the adoption of electromagnetic navigation bronchoscopy procedures by healthcare providers. The increasing demand for minimally invasive procedures among patients has driven the adoption of ENB procedures. ENB offers a less invasive alternative to traditional bronchoscopy procedures, which can be painful and uncomfortable.
"Increasing Healthcare Expenditure to Boost the Market Growth"
The aging population is prone to lung diseases such as lung cancer, which has increased the demand for electromagnetic navigation bronchoscopy procedures. According to the United Nations, the number of people aged 65 years and above is expected to increase. The rising healthcare expenditure and increasing healthcare infrastructure in developing countries have driven the growth of the electromagnetic navigation bronchoscopy market. Governments and private organizations are investing heavily in healthcare infrastructure to improve the quality of healthcare services, which has increased the adoption of electromagnetic navigation bronchoscopy procedures.
RESTRAINING FACTORS
"Limited Reimbursement and Limited Access to Slow the Market Growth "
The cost of an ENB procedure can be high, which may limit its adoption by patients and healthcare facilities. Some healthcare systems may not cover the cost of an electromagnetic navigation bronchoscopy procedure, which could limit its adoption. The electromagnetic navigation bronchoscopy procedure requires highly skilled professionals to perform it, and there may be a shortage of such professionals, which could limit its adoption. There are alternative procedures, such as traditional bronchoscopy, that are less expensive and may be preferred by patients and healthcare facilities. The electromagnetic navigation bronchoscopy procedure may not be available in all healthcare facilities, limiting patient access to the procedure. As with any medical procedure, there is a risk of complications associated with electromagnetic navigation bronchoscopy, which could limit its adoption.
Electromagnetic Navigation Bronchoscopy (ENB) Market Regional Insights
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"North American Market to Grow Exponentially with the Forecasted Period"
North America is expected to dominate the electromagnetic navigation bronchoscopy market due to the high prevalence of lung cancer and the presence of key market players in the region. The increasing adoption of electromagnetic navigation bronchoscopy for early detection and diagnosis of lung cancer and the availability of advanced healthcare infrastructure and reimbursement policies are some of the factors driving the growth of the ENB market in North America.
The Asia-Pacific region is expected to witness significant growth in the electromagnetic navigation bronchoscopy market due to the increasing incidence of lung cancer and the rising demand for minimally invasive diagnostic procedures. The growing healthcare infrastructure and the availability of advanced technologies are expected to drive the growth of the ENB market in the region.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Medtronic (Ireland)
- Olympus (Japan)
- LungCare (India)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 177.8 Million in 2021 |
Market Size Value By |
US$ 551 Million by 2031 |
Growth Rate |
CAGR of 11.2% from 2021 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the electromagnetic navigation bronchoscopy market expected to touch by 2031?
The global electromagnetic navigation bronchoscopy market size is expected to reach USD 551 million in 2031.
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What CAGR is the electromagnetic navigation bronchoscopy market expected to exhibit by 2031?
The electromagnetic navigation bronchoscopy market is expected to exhibit a CAGR of 11.2% by 2031.
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What are the key players in the electromagnetic navigation bronchoscopy market?
Medtronic, Olympus and LungCare are some of the leading players in the electromagnetic navigation bronchoscopy market.
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What are the key factors driving the electromagnetic navigation bronchoscopy market?
Rising demand for minimally invasive procedures and increasing healthcare expenditure are some of the driving factors of the electromagnetic navigation bronchoscopy market.
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What is the leading region in the electromagnetic navigation bronchoscopy market?
North America is the leading region in the market for electromagnetic navigation bronchoscopy.