Global Interventional Pulmonology Market

Global Interventional Pulmonology Market Size

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Global Interventional Pulmonology Market size was USD 3.58 billion in 2021 and projected to grow from USD 4.1 billion in 2023 to USD 7.2 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period.

Interventional pulmonology is a new field that emerged recently. Interventional pulmonology uses non-surgical, minimally invasive method to identify and treat thoracic cancer, lung cancer, tracheal cancer, and other respiratory system problems. It employs advanced devices to detect and treat a wide range of lung disorders. Few symptoms related to interventional pulmonary medicine are coughing, shortness of breath, and chest pain.

Market Highlights

Global Interventional Pulmonology Market is expected to project a CAGR of 6.5% during the forecast period, 2022-2032

Global Interventional Pulmonology Market is expected to reach USD 7.2 billion, growing at a CAGR of 6.5% during forecast period owing to the increasing occurrence of lung cancer is boosting the growth of interventional pulmonology market. Several awareness campaigns about asthma, COPD, and other pulmonary diseases by the governments and healthcare providers are driving the growth of interventional pulmonology market. The electromagnetic navigation bronchoscopy may save high compensation, which might boost the growth of the interventional pulmonology market. Partnership with hospitals and retailers is a marketing strategy adopted by significant players in the interventional pulmonology market.

Global Interventional Pulmonology Market Segmentation:

Respiratory Endotherapy Devices segment is expected to grow with high CAGR during the forecast period

Global Interventional Pulmonology Market is classified based on the Product Type into Bronchoscopes, Electromagnetic Navigation Bronchoscopy Systems, Pleuroscopes, Respiratory Endotherapy Devices, Airway Stents, Pleural Catheters, Endobronchial Valves, and Bronchial Thermoplasty Systems. Respiratory endotherapy devices segment is expected to dominate the interventional pulmonology market in the forecast period. Respiratory endotherapy equipment are used to perform Bronchoscopic and endoscopic diagnostics and surgery.

Asthma segment is expected to grow with high CAGR during the forecast period

Global Interventional Pulmonology Market is classified based on the Indication into Asthma, Chronic Obstructive Pulmonary Disease, Lung Cancer, Tracheal & Bronchial Stenosis, and Others. Asthma segment is expected to dominate the interventional pulmonology market in the forecast period. Children are more prone to asthma and it also affects people of any age.

Market Dynamics:   

Growth Drivers

Advancements in Technology is Expected to Boost the Growth of the Market

The demand for pulmonology treatments is increasing which has led to the increment in investment in R&D of new drugs and devices. Increasing geriatric population and the rise in incidence of respiratory diseases is expected to drive the growth of the market. The opportunities for key players in the international pulmonology market is increasing which is aiding to improve the detection and treatment of respiratory diseases, thereby diving the demand for international pulmonology market growth.

Increasing Prevalence of Respiratory Diseases is Expected to Boost the Growth of the Market

The increasing incidence of respiratory diseases like chronic obstructive pulmonary disease (COPD), lung cancer, and asthma, are driving the demand for interventional pulmonology procedures and is aiding in the growth of the market. The growing awareness about interventional pulmonology procedures is also expected to boost the growth of the Global Interventional Pulmonology Market.

Restraint

High Interventional Cost of Pulmonology Procedures May Restrain the Growth of the Market

The cost of interventional pulmonology procedures is high which may limit the growth of the market. The limited reimbursement policies in few countries related to global interventional pulmonology market may restrain the patient access to these procedures, thereby restraining growth of the market.

Recent Developments:

• In August 2020, Olympus Corporation’s BF-Q180 bronchoscope was recalled as it did not have a 510(k) clearance, and the device is associated with a higher rate of patient infections.
• In April 2021, Olympus Corporation, declared addition to its U.S. bronchoscopy portfolio of the 510(k)-cleared H-SteriScope Single-Use Bronchoscopes, to use in advanced diagnostic and therapeutic procedures.

Global Interventional Pulmonology Market

Key Players Covered:

• Boston Scientific Corporation
• Dickinson and Company
• HUGER Medical Instrument Co., Ltd.
• Smiths Group plc.
• Cook Medical
• Olympus Corporation
• FUJIFILM Corporation
• Richard Wolf Corporation
• Karl Storz
• Taewoong Medical Co., Ltd
• Vygon
• PENTAX Medical
• Clarus Medical LLC
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Global Interventional Pulmonology Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 and is expected to dominate the market in the forecast period owing to the presence of large population suffering from chronic diseases like lung cancer, COPD, and airway related disorders. The well-established healthcare infrastructure and adoption of advanced technology related to interventional pulmonology are expected to boost up the growth of the market.

Impact of Covid-19 on Global Interventional Pulmonology Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 has affected several industries globally and there was lack of labour and raw materials. Deficit raw materials had affected the supply chain of global interventional pulmonology market. Only patients affected with serious conditions could be hospitalized. And there was no specific drug and treatment except for symptomatic and supportive treatments. Covid-19 had negative impact on the growth of Global Interventional Pulmonology Market.

Global Interventional Pulmonology Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Global Interventional Pulmonology Market Scope and Segments:

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