The global pulmonology devices market is on an upward trajectory, fueled by the burgeoning demand driven by the aging population worldwide. According to recent projections, the market size is anticipated to reach US$ 1.4 billion by the end of 2023, with expectations to soar to US$ 3.8 billion by 2033, representing a Compound Annual Growth Rate (CAGR) of 10.3% over the forecast period.
The escalating prevalence of respiratory ailments, coupled with an expanding elderly demographic, is creating novel opportunities for the pulmonology devices industry. As per the World Health Organization (WHO), the worldwide tally of respiratory disease cases has surged to 113,820,168, with an estimated 2,527,891 fatalities as of March 1, 2021. This grim reality underscores the pressing need for innovative solutions and advanced technologies in the pulmonology sector.
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Every year, the incidence of respiratory disorders such as lung cancer, asthma, chronic obstructive pulmonary disorder (COPD), and cystic fibrosis rises, fueling the market growth. As per the World Cancer Research Fund, lung cancer was one of the leading causes of death in 2018, with 2 million new cases reported that year.
Key Takeaways Pulmonology Devices Industry:
- In 2023, the global market is expected to be worth US$ 1.4 billion.
- Over the next few decades, the Indian market is anticipated to grow at a CAGR of 10.9%.
- In 2022, North America had a revenue share of more than 32%.
- Over the next few decades, the market in the United Kingdom is expected to grow at an 8.7% CAGR.
- In 2022, the segment lung cancer held a market share of 30.82%.
”As a result of the increasing prevalence of pulmonary disease, there is a greater need for cutting-edge methods for precise diagnosis and treatment. Some of the most prevalent drivers of respiratory conditions are inhaling nicotine, air pollution, and industrial and chemical pollutants, which reduce air quality and raise the geriatric population.” says FMI analyst.
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Competitive Landscape Pulmonology Devices Industry:
Some of the market’s strongest competitors are making investments in studies and research (R&D) in order to facilitate the provision of an extensive selection of leather manufactured in a variety of colors and substances for a variety of applications. Companies hope to keep up with the changing environment by doing so. For instance,
- Noah Medical, a California-based medical robotics startup, declared on Wednesday that it has raised $150 million in additional financing for April 2023. Softbank Vision the fund and Prosperity7 Ventures co-led the funding initiative. The shareholders in the round included Hillhouse Capital, Sequoia Capital China, and UpHonest Capital.
- FUJIFILM India revealed a collaboration with the Department of Pulmonary Medicine, Thoracic Oncology Disease Management Group, Tata Memorial Centre (TMC), Mumbai, in April 2023. The collaboration intends to build an educational center at TMC.
Leading Companies Operating In The Market Are:
- Boston Scientific Corporation
- CONMED Corporation
- Olympus Corporation
- Cook Medical Incorporated
- Medi-Globe GmbH
- Ambu A/S
- Verathon, Inc
- United Medical Surgical Services Ltd
- Hunan Vathin
- Micro-Tech (Nanjing) Co., Ltd
- Merit Medical Systems
Pulmonology Devices Industry by Category:
Product:
- Pulmonary Biopsy Devices
- Single- Use Biopsy Forceps
- Cytology Brushes
- Microbiology Brushes
- Endobronchial Ultrasound (EBUS) Needles
- Endobronchial Ultrasound Fine Biopsy Needles
- Endobronchial Ultrasound Transbronchial Aspiration Needles
- Airway Stents
- Silicon Stents
- Nitinol Stents
- Stainless Steel Stents
- Airway Extraction Baskets
- Single-Use Bronchoscopes
Indication:
- Lung Cancer
- COPD
- Foreign Body Extraction
- Tracheal and Bronchial Stenosis
- Others
End User:
- Hospitals
- Pulmonology Clinics
- Ambulatory Surgical Centers
Region:
- North America
- Latin America
- Europe
- Asia Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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