The global pulmonology devices market is witnessing unprecedented growth, driven by a confluence of factors including an aging global populace and a surge in respiratory illnesses. According to recent market projections, the market size is projected to reach US$ 1.4 billion by the conclusion of 2023 and is anticipated to skyrocket to an impressive US$ 3.8 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.3% over the next decade.
This remarkable upward trajectory underscores the critical demand for innovative solutions and advanced technologies within the pulmonology device sector. With an ever-growing elderly population and a concerning escalation in respiratory diseases, the need for cutting-edge medical devices and treatments has never been more pressing.
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The World Health Organization (WHO) reports staggering figures, as of March 1, 2021, documenting 113,820,168 cases of respiratory diseases worldwide, resulting in an estimated 2,527,891 fatalities. These statistics serve as a stark reminder of the urgency to address the challenges posed by respiratory illnesses and the vital role of the pulmonology device industry in combating them.
This growth in the pulmonology devices market presents exciting opportunities for manufacturers and developers of respiratory equipment. By focusing on creating new and improved devices that address the specific needs of an aging population and the rising burden of respiratory diseases, companies can play a vital role in improving patient outcomes and the overall health of the global community.
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
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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