Over the forecast period, the worldwide Pulmonology Devices Market demand is expected to develop at a steady rate. The pulmonology device market will expand significantly in the future years. Because of the increased frequency of respiratory ailments such as asthma, lung cancer, chronic obstructive pulmonary disease (COPD), and cystic fibrosis, the pulmonology devices market is expected to develop at a robust CAGR of nearly 10.7% during the forecast period.
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Increased air pollution, an increase in the number of industrial and chemical pollutants that degrade air quality, and an increase in the elderly population have all contributed to an increase in incidence of various respiratory ailments. The rising prevalence of these diseases has increased need for new and creative ways for accurate diagnosis and treatment, which will fuel the expansion of the pulmonology devices market in the approaching years.
Furthermore, favourable reimbursement for outpatient operations is a feature that will boost the prospects of the pulmonology devices market. The target market will profit even more from the increased usage of technologically improved pulmonology devices. Again, increased public awareness of respiratory illnesses has boosted device adoption rates.
Though the target market offers promising prospects in the coming years, the market is not without its obstacles. Concerns over the safety of pulmonary devices, combined with their high cost, would most certainly stymie market growth during this period of observation.
“Growing cases of respiratory diseases coupled with the introduction of technologically advanced devices is expected to drive the global growth of pulmonology devices market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- The high cost of equipment will stymie the demand for pulmonology devices.
- Brazil is predicted to emerge as a promising market with numerous attractive opportunities in the pulmonology devices industry.
- The presence of a well-established healthcare market drives the growth of the Japanese pulmonology devices market.
- Single-use bronchoscopes are likely to dominate the worldwide pulmonology devices market.
- Hospitals will continue to lead market growth in terms of end-user.
- The high prevalence of COPD, by indication, is a major contributor to the pulmonology devices industry.
Competitive Landscape
Boston Scientific Corporation, CONMED Corporation, Olympus Corporation, Cook Medical Incorporated, and Ambu A/S Major Manufacturers, Verathon, Inc., United Medical Surgical Services Ltd., Hunan Vathin, Micro-Tech (Nanjing) Co., Ltd, Merit Medical Systems, and others are some of the major players in the pulmonology devices market profiled in the full version of the report.
Key companies in this market are concentrating on developing a wide range of advanced products. These businesses are also adopting tactics like acquisitions and mergers to improve their global market presence.
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More Insights into Pulmonology Devices Market Report
In its latest report, FMI offers an unbiased analysis of the global pulmonology devices market, providing historical data from 2015 to 2019 and forecast statistics for 2020 to 2030.
Pulmonology devices Market 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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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