Interventional Pulmonology Market Size Projected to Generate a Revenue of $6,903.70 Million by 2031Download Sample Reports Overview
The Global Interventional Pulmonology Market Size is predicted to be valued at $6,903.70 million by 2031, surging from $3,714.30 million in 2021, at a CAGR of 6.7%.
Impact Analysis of COVID-19 on the Interventional Pulmonology Market
The COVID-19 pandemic has had a significant impact on the interventional pulmonology market. The pandemic has led to an increase in demand for respiratory care products, such as ventilators and oxygen concentrators, as well as personal protective equipment (PPE) for healthcare workers. This has resulted in a shortage of these essential products, leading to higher prices and increased competition among suppliers. In addition, the pandemic has resulted in a significant decrease in patient visits to healthcare facilities, leading to a decrease in revenue for pulmonology clinics and hospitals. Moreover, COVID-19 impact on interventional pulmonology market created a challenging environment for the interventional pulmonology, with an increase in demand for essential products, a decrease in patient visits, and a decrease in revenue. However, it has also led to innovation and adaptation in the industry, including the adoption of telemedicine and the development of new technologies for respiratory care.
Global Interventional Pulmonology Market Analysis
The popularity of interventional pulmonology is due to the development of new diagnostic and therapeutic tools which offer better patient outcomes and improved patient experience. Furthermore, the rise of telemedicine and telehealth has made it easier for patients to access pulmonologists remotely, leading to an increase in demand for these services. Telemedicine has also made it possible for pulmonologists to remotely monitor patients and adjust treatments as needed. The use of minimally invasive surgical techniques, such as bronchoscopy and thoracoscopy, has also increased in recent years. These techniques reduce the risk of postoperative complications and allow for faster patient recovery. These are the major factors anticipated to boost the interventional pulmonology market growth during the forecast timeframe.
However, the high cost of pulmonology treatment can be prohibitively unaffordable for many patients, especially in countries where healthcare is not covered by insurance. Moreover, the high cost of pulmonology treatments can also discourage patients from seeking professional help, which can result in the worsening of their health conditions and even lead to death. This can limit the accessibility and affordability of advanced treatments for respiratory conditions, leading to a decrease in demand for pulmonology services, which is anticipated to hinder the interventional pulmonology market demand in the upcoming years.
The advent of new technologies in pulmonology is also providing growth opportunities for the market. For example, the use of minimally invasive diagnostic procedures, such as bronchoscopy, has increased the accuracy of pulmonary disease diagnoses, making treatment more effective and reducing the risk of complications. In addition, the development of new drugs and treatments for respiratory diseases is expanding the market, offering new opportunities for pulmonologists. The growing awareness about respiratory diseases and the increasing prevalence of these conditions are providing significant growth opportunities for the interventional pulmonology market players. With the advent of new technologies and treatments, the demand for pulmonology services is expected to continue to grow, providing a promising future for the industry.
Global Interventional Pulmonology Market, Segmentation
The interventional pulmonology market is segmented on the basis of product, indication, end user, and region.
The product segment is further classified into bronchoscopes, electromagnetic navigation bronchoscopy system, pleuroscopes, respiratory endotherapy devices, airway stents, pleural catheters, endobronchial valves, and bronchial thermoplasty systems. Among these, the bronchoscopes sub-segment accounted for the highest interventional pulmonology market share in 2021. A bronchoscope is a thin, tube-like instrument with a viewing light and lens. It may also include a tool for removing tissue to be examined under a microscope for disease signs. Bronchoscopy may be used to detect cancer or to perform certain treatments. In addition, the primary driving factor for the bronchoscopes market is the rise in prevalence of respiratory tract disorders such as COPD (Chronic Obstructive Pulmonary Disease) or lung cancer. It is an endoscopic device used by doctors to diagnose abnormalities in the lymph nodes in the chest, lungs, and airway, as well as to treat issues such as an airway blockage or growth.
The indication segment is further classified into asthma, COPD, lung cancer, tracheal and bronchial stenosis, and others. Among these, the asthma sub-segment accounted for a highest market share in 2021. Asthma affects people of all age groups, but it majorly affects children. It is a disease characterized by recurrent bouts of shortness of breath and wheezing, the severity and frequency of which vary from person to person. The asthma sub-segment is expected to grow owing to an aging population and the rising asthma prevalence. The leading players in the global asthma medication market are expected to benefit from lucrative growth opportunities created by ongoing R&D efforts and technological advancements.
The end user segment is further classified into hospitals, ambulatory surgical centers, diagnostic centers, specialty clinics, and others. Among these, the hospitals sub-segment accounted for the highest interventional pulmonology market share in 2021. The hospitals segment share is influenced by factors such as the high patient preference for hospital-based treatments and procedures, the availability of experienced healthcare professionals, technologically cutting-edge facilities, and good reimbursement policies. A better healthcare infrastructure and more money spent on healthcare by appropriate government agencies will also help with the adoption and use of modern medical technologies in hospitals. Therefore, it is anticipated that there will be a rise in the interventional pulmonology market growth in the upcoming years.
The interventional pulmonology market size in North America is expected to hold a significant market share by 2031, owing to the increase in number of bronchoscopy procedures and higher prevalence rates of respiratory diseases such as COPD, pneumonia, and lung cancer. According to the NCBI report from June 2021, approximately 500 thousand bronchoscopies are performed in the U.S. each year. Furthermore, the American Cancer Society reported that approximately 236,740 new cases of lung cancer were diagnosed in the U.S. in 2022. Similarly, the Canadian Cancer Society reported that approximately 30,000 new cases of lung cancer were diagnosed in Canada in 2022. This reflects the high prevalence of lung cancer in the region, which drives the growth of the market, as there is a high demand for bronchoscopes in North America. Therefore, the regional interventional pulmonology market analysis is expected to expand in the upcoming years.
Key Players in the Global Interventional Pulmonology Market
Some of the leading interventional pulmonology market players are
- Huger Medical Instrument Co. Ltd
- Medtronic Plc
- Boston Scientific Corporation
- Olympus Corporation
- FUJIFILM Corporation
- Smith’s Group Plc
- Cook Medical
- Clarus Medical LLC
In May 2020, Fujifilm holdings corporation announced a number of accomplishments and initiatives related to the expansion of their endoscopy and endoscopic health portfolio, including the introduction of artificial intelligence, high-definition images, and sophisticated data processing.