Interventional Pulmonology Market

The global interventional pulmonology market size was valued at $3.7 billion in 2021, and is projected to reach $6.9 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031. Pulmonologists are constantly seeking new and innovative ways to diagnose and treat respiratory diseases. Increase in public awareness about respiratory diseases has led to a rise in early diagnosis and treatment, resulting in better patient outcomes.  

The pandemic of COVID-19 has had a significant impact on the interventional pulmonary market. With the outbreak of the pandemic, the demand for respiratory devices and equipment such as ventilators, oxygen concentrators, and face masks has increased. The pandemic, on the other hand, has disrupted the supply chains of several pulmonology-related items, causing shortages and price increases. Furthermore, many hospitals and healthcare facilities delayed or cancelled non-emergency treatments like pulmonary function testing and sleep studies, resulting in lower income for pulmonologists and related businesses.

Interventional pulmonology is a medical specialty that specializes in the diagnosis and treatment of lung disorders using minimally invasive techniques. Interventional pulmonology is used to perform procedures like bronchoscopy, and thoracoscopy. These procedures are typically performed through small incisions, which reduces the risk of complications and speeds up the recovery process.

Governments of various countries across the globe are taking initiatives to improve healthcare facilities and provide better treatments for respiratory diseases. For example, the National Institutes of Health (NIH) in the U.S. invested in pulmonology research to improve the diagnosis and treatment of respiratory diseases. Such initiatives have increased the availability of pulmonology treatments and services, boosting the interventional pulmonology market growth.

Governments and insurance companies around the world are increasingly implementing policies that promote the use of generic drugs, further increasing competition in the market. This is because generic drugs are considered cost-effective alternatives that can significantly reduce healthcare costs for governments and insurance companies. This has resulted in a highly competitive market, where generic drugs are widely available at much lower prices, making it difficult for brand-name drugs to maintain their market share. This factor is expected to hinder the interventional pulmonology market opportunity  in the upcoming years.

The growing demand for pulmonology treatments has led to an increase in investment in the R&D of new drugs and devices. This is helping to improve the diagnosis and treatment of respiratory diseases, providing a major opportunity for growth in the international pulmonology market. With the aging population, the incidence of respiratory diseases such as COPD and lung cancer is on the rise. This is driving the demand for pulmonology treatments, providing a major opportunity for key players operating in the international pulmonology market.

The interventional pulmonology market is segmented on the basis of product, indication, end user, and region. By product, the market is classified into bronchoscopes, electromagnetic navigation bronchoscopy system, pleuroscopes, respiratory endotherapy devices, airway stents, pleural catheters, endobronchial valves, and bronchial thermoplasty systems. By indication, the market is divided into asthma, COPD, lung cancer, tracheal and bronchial stenosis, and others.  By end user, the market is classified into hospitals, ambulatory surgical centers, diagnostic centers, specialty clinics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Huger Medical Instrument Co. Ltd, Medtronic Plc, Boston Scientific Corporation, Olympus Corporation, FUJIFILM Corporation, Becton, Smith’s Group Plc, Cook Medical, Vygon, and Clarus Medical LLC.

By end user, the hospitals sub-segment accounted for the highest interventional pulmonology market Size  in 2021, due to factors including an expansion in hospitals, the development of healthcare infrastructure, an increase in healthcare spending, the rise in the aging population, and the presence of a huge patient population. The interventional pulmonology market is expanding rapidly owing to technological advancements and increase in the availability of specialized services in hospitals. Rise in the prevalence of respiratory diseases around the world has led to an increase in demand for interventional pulmonary services.

By product, the bronchoscopes sub-segment accounted for a highest interventional pulmonology market share in 2021 and is anticipated to show the fastest growth by 2031. The use of advanced nonreactive materials, such as silicon coating. Antimicrobial coatings are being added to bronchoscopes to prevent the formation of microbial films. Bronchoscopes are manufactured using an extra-thin manufacturing process that incorporates higher-resolution cameras as part of the manufacturer's product development strategy. These technological advancements in devices will result in better outcomes of interventional pulmonary procedures, thereby boosting the market.

By indication, the asthma sub-segment accounted for the highest interventional pulmonology market Share in 2021. Asthma affects people of all ages, though it primarily affects children. It is a disease characterized by recurrent bouts of shortness of breath and wheezing that vary in severity and frequency from person to person.  The asthma sub-segment market is expanding due to factors such as rising asthma prevalence and an aging population. Leading players in the global asthma medication market may benefit from lucrative growth opportunities brought about by ongoing R&D efforts and technological advancements.

By region, North America dominated the global market in 2021 and is projected to remain the fastest-growing region during the interventional pulmonology market forecast period. The market is developing owing to the rise in healthcare spending, technological advances in the detection and treatment of pulmonary problems, and a move towards minimally invasive surgery in industrialized countries like the U.S. Also, the prevalence of lung conditions brought on by frequent smoking and rise in air pollution act as major market growth drivers. The American Lung Association reported that 9.0 million persons aged 18 and over had chronic bronchitis in 2018.

Impact of COVID-19 on the Global Interventional Pulmonology Industry

• The impact of COVID-19 on the interventional pulmonology market has been significant. The pandemic has led to an increase in demand for respiratory products such as oxygen concentrators, ventilators, and personal protective equipment (PPE).
• The sudden surge in demand for respiratory products has resulted in a shortage of supplies and higher prices. In addition, there has been an increase in the R&D of new interventional pulmonology products to treat COVID-19 patients, leading to an increase in competition in the market.
• The economic slowdown has affected the growth of the interventional pulmonology industry across the world as the majority of government funding was diverted toward the healthcare sector owing to the rapid spread of COVID-19, impacting the market to the great extent

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the interventional pulmonology market analysis from 2021 to 2031 to identify the prevailing interventional pulmonology market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the interventional pulmonology market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global interventional pulmonology market trends, key players, market segments, application areas, and market growth strategies.

 Interventional Pulmonology Market Report Highlights