Interventional Pulmonology Market to Reach a Revenue of US$ 1.9 Billion by 2033 End | According to Persistence Market Research

New York, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:

In 2022, the interventional pulmonology market generated a global revenue of US$ 1.2 billion, and it is projected to experience a steady growth with a Compound Annual Growth Rate (CAGR) of 4.2%.

By the conclusion of 2033, the market is anticipated to reach a valuation of US$ 1.9 billion. According to Persistence Market Research, the hospitals segment is poised to dominate the market, holding an estimated market value of US$ 546.6 million by 2023.

Notably, interventional pulmonology market sales contribute approximately 6.2% to the overall revenue of the global respiratory devices market, which was valued at approximately US$ 19.5 billion by the close of 2022.

Sales Analysis:

Over the past nine years, from 2013 to 2022, the interventional pulmonology market globally demonstrated a noteworthy Compound Annual Growth Rate (CAGR) of 2.4%.

Chronic obstructive pulmonary disease (COPD) is an umbrella term encompassing persistent lung conditions like chronic bronchitis and asthma. According to the World Health Organization (WHO), COPD accounted for 3.23 million deaths in 2019, ranking as the third leading cause of global mortality.

Alarmingly, nearly 90% of COPD-related deaths in individuals under 70 occurred in low- and middle-income countries. The rising prevalence of COPD is expected to drive an augmented demand for interventional pulmonary procedures, consequently fostering market growth.

Smoking, particularly cigarette consumption, is a significant contributor to a majority of COPD cases, with statistics from the American Lung Association revealing that COPD rates are seven times higher among current smokers and five times higher among former smokers compared to non-smokers.

As the elderly population increases, so does the prevalence of respiratory disorders and related conditions. The extended average life expectancy has led to a higher proportion of individuals aged 65 and above.

Given these factors, the global interventional pulmonology market is poised for significant growth, with an anticipated CAGR of 4.2%. By the year 2033, the market is projected to reach a substantial global size of US$ 1.9 billion.

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Market Scope: 

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Some Prominent Drivers of Interventional Pulmonology Market:

Increasing Incidence of Chronic Respiratory Diseases: The rising prevalence of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer, is a significant driver. As these conditions become more prevalent globally, the demand for interventional pulmonology procedures for diagnosis and treatment is expected to rise.

Aging Population: The demographic shift towards an aging population is contributing to an increase in respiratory disorders. As individuals age, they are more prone to respiratory conditions, and this growing elderly population is likely to fuel the demand for interventional pulmonology procedures.

Rising Awareness and Early Diagnosis: Growing awareness about respiratory diseases and the importance of early diagnosis is encouraging individuals to seek medical attention sooner. This increased awareness is driving the demand for interventional pulmonology procedures for accurate diagnosis and timely intervention.

Technological Advancements in Pulmonary Interventions: Advances in medical technology, including imaging techniques and minimally invasive procedures, are enhancing the capabilities of interventional pulmonology. Innovations such as bronchoscopes, navigational bronchoscopy, and other diagnostic tools contribute to the market's growth by improving the precision and effectiveness of procedures.

Tobacco-related Health Concerns: The continued prevalence of smoking and tobacco use remains a significant risk factor for respiratory diseases, including COPD and lung cancer. As smoking-related health concerns persist, the demand for interventional pulmonology procedures to address these issues is expected to remain high.

Opportunities:

Advancements in Technology: Continued advancements in technology, such as robotics, artificial intelligence, and virtual reality, present opportunities to enhance the precision and effectiveness of interventional pulmonology procedures. These technologies can improve diagnostic accuracy and contribute to more personalized treatment plans.

Expansion of Telemedicine: The growing acceptance and utilization of telemedicine provide opportunities for remote consultations, monitoring, and follow-ups in interventional pulmonology. Telemedicine can enhance access to specialized care, especially in regions with limited healthcare infrastructure.

Personalized Medicine and Targeted Therapies: The increasing understanding of genetic and molecular factors in respiratory diseases opens avenues for personalized medicine and targeted therapies. Interventional pulmonology can benefit from developments in precision medicine, allowing tailored treatments based on individual patient characteristics.

Global Healthcare Collaborations: Collaborations and partnerships between healthcare organizations, research institutions, and industry players can lead to the development of innovative interventional pulmonology solutions. Global cooperation may accelerate research, improve access to resources, and facilitate the sharing of best practices.

Focus on Early Detection and Prevention: A growing emphasis on early detection and preventive healthcare measures creates opportunities for interventional pulmonology to play a crucial role in identifying and addressing respiratory conditions at early stages. Screening programs and awareness campaigns can contribute to increased adoption of interventional pulmonology procedures.

Restraints/ Challenge:

High Procedure Costs: The cost associated with interventional pulmonology procedures, including equipment, facilities, and skilled professionals, can be high. This may limit accessibility for certain patient populations and healthcare facilities, particularly in resource-constrained regions.

Limited Awareness and Education: Lack of awareness among both healthcare professionals and the general public about the benefits and availability of interventional pulmonology procedures can impede market growth. Educational efforts are needed to increase understanding and promote the adoption of these advanced techniques.

Reimbursement Issues: Inconsistent or inadequate reimbursement policies for interventional pulmonology procedures may pose challenges for healthcare providers and impact their willingness to offer these services. Establishing clear and fair reimbursement structures is essential for market sustainability.

Technical and Procedural Complexity: Interventional pulmonology procedures often involve technical complexity, requiring specialized skills and expertise. The learning curve for healthcare professionals may be steep, and ongoing training and education are necessary to ensure proficiency in performing these procedures.

Regulatory Hurdles: Regulatory processes and approvals for new interventional pulmonology technologies and procedures can be time-consuming and complex. Adhering to regulatory requirements poses challenges for market players, potentially delaying the introduction of innovative solutions.

Top 6 Trends in the Interventional Pulmonology Market:

1. Minimally Invasive Procedures and Advanced Imaging: Shift towards less invasive techniques like navigational bronchoscopy for precise interventions and improved patient outcomes.
   
   
2. Early Detection and Screening Programs: Increasing emphasis on early diagnosis through procedures like endobronchial ultrasound-guided biopsy (EBUS) and the promotion of screening programs for better treatment outcomes.
   
   
3. Integration of Robotics and AI: Use of robotics for enhanced maneuverability in bronchoscopy and AI applications for image interpretation, aiding in accurate diagnostics and personalized treatment plans.
   
   
4. Expansion of Telemedicine Services: Telemedicine is playing a significant role in expanding access to interventional pulmonology services, allowing remote consultations and virtual follow-ups.
   
   
5. Personalized Medicine and Targeted Therapies: Advancements in genomics and molecular profiling enabling personalized treatment approaches, particularly in conditions like lung cancer, for better outcomes.
   
   
6. Collaborative Care Models: Increasing adoption of collaborative care models involving multidisciplinary teams to ensure comprehensive and well-coordinated patient care in interventional pulmonology.
   
   

Country-wise Insights:

Why is the U.S. Market Booming?

The prevalence of asthma is on the rise, particularly in the United States, which held a dominant market share of approximately 90.7% in the North America interventional pulmonology market in 2022.

As reported by the Asthma and Allergy Foundation of America, the U.S. has around 25 million individuals affected by asthma, equating to about 1 in every 13 people. Among them, over 20 million are adults, with a higher prevalence in females. Asthma impacts more than 6.1% of adult males and 9.8% of adult females. Furthermore, it stands as the most common chronic disease among children, with approximately 5.1 million asthmatic individuals under the age of 18.

Given this escalating prevalence, there is a growing demand for interventional pulmonology procedures to address the healthcare needs of individuals with asthma, indicating a potential increase in the utilization of such interventions.

Will Germany Be a Lucrative Market for Interventional Pulmonology Manufacturers?

The prevalence of Chronic Obstructive Pulmonary Disease (COPD) is a notable concern, particularly in Germany, which commands an 18.3% market share in the European interventional pulmonology market.

Estimates suggest that between ten to twelve percent of German adults aged over forty are afflicted with COPD. In 2010, Germany had 6.8 million COPD patients, and projections indicate an expected increase to 7.9 million patients by the year 2030.

Notably, factors such as smoking and workplace exposure to air pollution from chemicals and dust contribute significantly to respiratory illnesses, with COPD being one of the most prevalent disorders in Germany. This underscores the importance of addressing the rising cases of COPD, driving the demand for interventional pulmonology interventions in the region.

Category-wise Insights

Which Product is Driving Growth of the Global Market?

The prevention of infections through skin protection and skin barriers is driving a significant demand within the interventional pulmonology market.

In 2022, the bronchoscopes segment claimed a substantial market share, accounting for around 33.8% of the total interventional pulmonology market.

The landscape of bronchoscopy has undergone a notable transformation, transitioning from conventional invasive techniques to advanced and minimally invasive equipment. The dominance of bronchoscopes as a product segment is attributed to the continuous improvement and development of various types, including white-light, auto fluorescence (blue-light), and navigational bronchoscopes. Technological advancements have played a pivotal role in the recent evolution of bronchoscopes, expanding their potential applications within the field of interventional pulmonology.

Which Indication Segment Has Dominated the Interventional Pulmonology Market Globally?

Asthma continues to dominate the global market, contributing a significant 24.4% revenue share in 2022. As the most prevalent chronic disease among children, asthma remains a major no communicable disease affecting both children and adults.

The World Health Organization (WHO) reported that in 2019, approximately 455,000 people lost their lives to asthma, with over 262 million people estimated to be affected by this condition. Due to its widespread impact, asthma holds the top position in the indication sector.

Which End User Offers the Global Market a Profitable Outlook?

The increasing awareness of available interventional pulmonology options is evident, with the home care setting claiming the larger share, accounting for about 44.2% and reaching a market value of approximately US$ 530.8 billion in 2022.

Post-operative care, particularly after ostomy procedures, is often more feasible and cost-effective in a home care setting, as extended hospital stays can be financially burdensome for many patients. Given that ostomy care is a lifelong necessity, a considerable number of patients opt for home nursing care. Consequently, the dominance of the home care setting in the market is attributed to these factors.

Key Companies’ Profile:

• Medtronic Plc: Global medical technology company specializing in cardiovascular, diabetes, spinal, and respiratory technologies.
• Boston Scientific Corporation: Multinational medical tech firm with a focus on interventional medical specialties such as cardiology and endoscopy.
• Olympus Corporation: Japanese manufacturer known for optical and medical equipment, including endoscopes for minimally invasive procedures.
• FUJIFILM Corporation: Japanese conglomerate with a medical division producing imaging and diagnostic equipment, including endoscopy systems.
• Becton, Dickinson and Company: Global medical tech company offering a wide range of healthcare products, including those for interventional pulmonology.
• Smith’s Group Plc: Technology Company with a medical division, Smiths Medical, producing devices for critical care, surgery, and interventional procedures.
• Cook Medical: Family-owned medical device company specializing in minimally invasive devices for various medical specialties.
• Vygon: Global medical device company providing single-use products for interventional pulmonology and critical care.
• Clarus Medical LLC: medical Device Company focusing on innovative ENT products, including endoscopic devices for interventional procedures.
• Huger Medical Instrument Co. Ltd: Chinese company manufacturing a range of medical instruments, including devices for interventional procedures.
• Taewoong Medical Co. Ltd.: South Korean firm specializing in gastroenterology and interventional pulmonology devices, including stents and catheters.
  
  

Key Segments Covered in Interventional Pulmonology Market:

Product:

Bronchoscopes

Fiberoptic (flexible) Bronchoscope

Rigid bronchoscope

Endobronchial Ultrasound Bronchoscope (EBUS)

Convex EBUS

Radial EBUS

Respiratory Endotherapy Devices

Aspiration Needles

Indication:

Lung Cancer

Asthma

COPD

Foreign Body Extraction

Tracheal and Bronchial Stenosis

End User:

Hospitals

Pulmonology Clinics

Ambulatory Surgical Centers

Diagnostic Centers

Region:

North America

Latin America

Europe

South Asia

East Asia

Oceania

Middle East & Africa

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