The global pulmonology devices market is poised for unprecedented expansion, with key factors such as an aging population and the rising prevalence of respiratory illnesses driving this growth. According to recent market projections, the pulmonology devices sector is expected to reach USD 1.4 billion by the end of 2023 and is forecasted to surge to USD 3.8 billion by 2033, reflecting a strong Compound Annual Growth Rate (CAGR) of 10.3% over the next decade.
This rapid growth highlights the increasing demand for advanced technologies and innovative solutions to address the rising burden of respiratory diseases, particularly among the aging global population. As chronic respiratory conditions and acute illnesses continue to escalate, the need for state-of-the-art pulmonology devices is becoming more urgent than ever. These devices are essential for the accurate diagnosis, effective management, and treatment of a wide range of respiratory ailments, ultimately improving patient outcomes and enhancing quality of life.
Industry leaders are keenly aware of this growing demand and are focusing on the development of next-generation pulmonology devices to meet the challenges posed by rising healthcare needs. Technological innovations, coupled with significant investment in research and development, are expected to fuel continued growth in the market. Collaboration between medical device manufacturers, healthcare providers, and policymakers will be critical in fostering the innovation needed to provide efficient and effective solutions for respiratory care.
The future of the global pulmonology devices market looks bright, with a strong commitment to advancing respiratory care technologies to meet the evolving needs of patients around the world. As the market evolves, the commitment to improving patient health and well-being will continue to drive growth, ensuring a healthier tomorrow for millions of individuals worldwide.
Key Takeaways Pulmonology Devices Industry:
- In 2023, the global market is expected to be worth USD 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 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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