Interventional Pulmonology Market Expected to Reach $6.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Interventional Pulmonology Market," The interventional pulmonology market size was valued at $3.7 billion in 2021, and is estimated to reach $6.9 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.

Interventional pulmonology is a medical subspecialty that diagnoses and treats lung diseases using minimally invasive techniques. Bronchoscopy, thoracoscopy, and other procedures that allow the doctor to see inside the lungs are examples of these techniques. These techniques can also be used by interventional pulmonologists to remove tumors or lesions from the lungs, treat airway obstruction, and improve pulmonary function. 

The use of minimally invasive surgical methods, such as bronchoscopy and thoracoscopy, has grown in recent years. These procedures lower the risk of surgical complications and allow for faster patient recovery. The development of new medications and therapies for respiratory disorders has had a substantial influence on the interventional pulmonology market share. For example, the use of biological treatments, such as monoclonal antibodies, has become increasingly prevalent in the treatment of diseases such as asthma and chronic obstructive pulmonary disease (COPD). Technology advances are also predicted to have a significant impact on the growth of the interventional pulmonology market share during the forecast period, resulting in improved patient outcomes and an increase in demand for interventional pulmonology services.  

However, some of the disadvantages of interventional pulmonology include its certain unfavorable properties such as the high cost of interventional pulmonology treatment. Limited access to the latest technologies and advancements in pulmonology is expected to hamper the market growth. Several patients may not have access to state-of-the-art diagnostic tools, such as CT scans or pulmonary function tests, which can delay or prevent accurate diagnoses and effective treatments. In many rural or remote areas, there is a shortage of trained healthcare professionals, which can make it difficult for patients to access specialized medical care.

Furthermore, an increase in funding for the R&D of new drugs, a rise in pollution due to rapid industrialization, and an increase in the number of smokers are some of the reasons anticipated to lead to a rise in the prevalence of lung cancer. Lung cancer (both small cell and non-small cell) is the second most common cancer in both men and women, according to the American Cancer Society 2022. Lung cancer is the leading cause of cancer death in both men and women, accounting for nearly 25% of all cancer deaths.

Furthermore, while the disease remains the leading cause of cancer deaths among both men and women, the survival rate has increased by 14.5% nationally over the last five years, according to the American Lung Association's 2021 report. Therefore, all of these factors have contributed to the interventional pulmonology market size expansion. Additionally, this presents a significant opportunity for companies in the interventional pulmonology market. As these treatments become more widely adopted, there is an increase in demand for high-quality, innovative products that can help patients manage their conditions and improve their quality of life. These factors are anticipated to boost the market growth in the upcoming years.

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 interventional pulmonology market analysis 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.

The report offers a comprehensive analysis of the global interventional pulmonology market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Interventional Pulmonology Industry

• The impact of COVID-19 on the interventional pulmonology market has been a combination of challenges and opportunities. The pandemic has highlighted the importance of respiratory care, resulting in an increase in demand for related products and services. Though the pandemic also caused disruptions in supply and led to decreased investment in the market.
• COVID-19 impacted almost all industries and the interventional pulmonology producing companies had to cease their operations owing to import-export restrictions, lockdowns imposed across several countries, and a shortage of labor
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global interventional pulmonology industry

Key Findings of the Study

• Based on product, the bronchoscopes sub-segment emerged as the global leader in 2021 and the endobronchial valves sub-segment is anticipated to be the fastest growing during the interventional pulmonology market forecast period
• Based on indication, the asthma sub-segment emerged as the global leader in 2021 and the lung cancer sub-segment is anticipated to be the fastest growing during the forecast period
• Based on end user, the hospitals sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years
• Based on region, the North America market registered the highest market share in 2021 and is projected to maintain its position during the forecast period