Interventional Pulmonology Market to Reach $6.9 Billion, Globally, by 2031 at 6.7% CAGR: Allied Market Research

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Apr 06, 2023, 06:17 ET

Increase in the prevalence of lung disease has led to a growing demand for pulmonology treatments, which is driving the growth of the global interventional pulmonology market.

PORTLAND, Ore, April 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Interventional Pulmonology Market by Product (Bronchoscopes, Electromagnetic Navigation Bronchoscopy System, Pleuroscopes, Respiratory Endotherapy Devices, Airway Stents, Pleural Catheters, Endobronchial Valves, Bronchial Thermoplasty Systems), by Indication (Asthma, COPD, Lung Cancer, Tracheal and Bronchial Stenosis, Others), by End-user (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Specialty Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global interventional pulmonology market generated $3.7 billion in 2021, and is anticipated to generate $6.9 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

An increase in the prevalence of lung disease has led to a growing demand for pulmonology treatments, which is driving the growth of the global interventional pulmonology market. On the other hand, insurance companies and governments around the world are increasingly putting in place regulations that encourage the use of generic medications, further boosting the market competition. This is due to the fact that generic medications are regarded as cost-effective alternatives that can significantly lower healthcare expenses for governments and insurance providers. Generic medications are widely available at much lower prices as a result, creating a highly competitive market where it is challenging for brand-name medications to maintain their market share. These factors hindered the growth of the interventional pulmonology market growth.

Furthermore, spirometers, peak flow meters, and pulse oximeters are examples of advanced pulmonology devices which have made it convenient to diagnose and monitor respiratory diseases, which is estimated to generate new opportunities for the growth of the global interventional pulmonology industry in the future.

Covid-19 scenario-

The market for interventional pulmonology had experienced both opportunities and challenges as a result of COVID-19. The pandemic had made respiratory care more important than ever, which had increased demand for related goods and services. Also, the pandemic disrupted the global supply chains and reduced market investments.
Almost all industries were affected by the outbreak of COVID-19, and companies that produced interventional pulmonology had to stop operating because of import-export restrictions, lockdowns implemented in various countries, and a significant labor shortage.
However, the global market for interventional pulmonology has recovered slowly and steadily in the post-pandemic.

The hospitals segment to maintain its leadership status throughout the forecast period-

Based on end-user, the hospitals segment held the highest market share in 2021, accounting for nearly half of the global interventional pulmonology market, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also cite the fastest CAGR of 7.4% from 2022 to 2031. The growth is attributed to numerous factors, such as the growth of the healthcare infrastructure, the expansion of hospitals, the aging of the population, and the presence of a large amount of patient population. The market for interventional pulmonology is expanding rapidly because of technological advances and a rise in the availability of specialized services in hospitals. As respiratory disorders have become more prevalent worldwide, there is a greater need for interventional pulmonary services.

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The bronchoscopes segment to rule the roost-

Based on product, the bronchoscopes segment held the largest share in 2021, garnering nearly one-fourth of the global interventional pulmonology market revenue, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 8.3% from 2022 to 2031. Bronchoscope advancement and development, including white-light, autofluorescence (blue-light), navigational, and other varieties are one of the primary drivers in bronchoscope dominance as a product segment. Thus, the bronchoscope has recently been developed as a result of technological advancements, and its potential uses have expanded the market growth.

The asthma segment to maintain its dominance during the forecast period-

Based on indication, the asthma segment held the largest share in 2021, contributing to nearly two-fifths of the global interventional pulmonology market revenue, and is projected to maintain its dominance by 2031. All ages are affected by asthma, but children are most frequently affected. It is a condition marked by recurrent bouts of wheezing and shortness of breath, the frequency and severity of which varies from person to person. The market for the asthma sub-segment is growing because of factors like rising asthma prevalence and an aging population. Key players in the global market for asthma medications are driving lucrative growth opportunities brought on by ongoing R&D projects and technological advancements.

However, the lung cancer segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031. This is due to the diagnosis, staging, and treatment of pulmonary nodules caused by lung cancer making up a large portion of an IP's duties. The workload of IPs is likely to increase in the future as lung cancer screening programs are becoming more widespread throughout the world.

North America garnered the major share in 2021-

Based on region, North America contributed to the highest market share in terms of revenue in 2021, holding around two-fifths of the global interventional pulmonology market, and is likely to dominate the market throughout the forecast period. Increased healthcare spending, scientific advances in the detection and treatment of pulmonary disorders, and a move toward minimally invasive surgery in developed nations like the United States are contributing to the market's growth. Moreover, frequent lung disorders brought on by smoking and an increase in air pollution are significant market growth drivers. However, the Asia-Pacific region is expected to showcase the fastest CAGR of 7.6% from 2022 to 2031. India and China are likely to be lucrative market for interventional pulmonology during the forecast period.

Leading Market Players-

Olympus Corporation
clarus medical llc
Becton
Vygon
cook medical
Fujifilm corporation
Medtronic Plc
Huger Medical Instrument Co. Ltd
Smith's Group Plc
Boston Scientific Corporation

The report provides a detailed analysis of these key players of the global interventional pulmonology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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