New York, USA, May 22, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global interventional pulmonology market. According to the report, the global market is projected to surpass $6,903.70 million and grow at a CAGR of 6.7% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the interventional pulmonology market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Interventional Pulmonology Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global interventional pulmonology market. The pandemic had disrupted the supply chains for numerous pulmonology-related products, which produced a shortage of interventional pulmonology products and an increase in price. However, the need for respiratory equipment and gadgets, such as oxygen concentrators, face masks, and ventilators, increased dramatically. This increased the manufacturing and sales of these items, as well as the overall value of the pulmonology market. These factors had a significant impact on the market growth amidst the pandemic.
Factors Impacting the Interventional Pulmonology Market Growth
The key factor boosting the growth of the global interventional pulmonology market is a significant rise in the need for interventional pulmonology due to the global rise in the incidence of respiratory diseases such as COPD, bronchitis, and asthma. Furthermore, rising cigarette consumption, an ageing population, and air pollution are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the lack of awareness of the significance of preventative measures such as routine checkups and vaccinations, is anticipated to deter the market’s growth.
The report segments the global interventional pulmonology market into product, indication, end user, and region.
Bronchoscopes Sub-Segment to Grab a Foremost Share of the Market
The bronchoscopes sub-segment of the product segment is expected to observe leading growth in the forecast period. This growth is mainly owed to a rise in respiratory disease cases, new products that improve reimbursement from insurance practices, and advances in technology.
Asthma Sub-Segment to Witness Rapid Growth
The asthma sub-segment of the indication segment is predicted to grow enormously in the forecast period. This growth is mainly due to an ageing population and increased prevalence of asthma.
Hospitals Sub-Segment to Observer Rapid Growth
The hospitals sub-segment of the end user segment is foreseen to grow enormously in the forecast period. This growth is mainly owed to increased patient demand for hospital-based treatments and operations, the availability of qualified healthcare personnel, technologically advanced facilities, and attractive reimbursement conditions.
North America Region to Perceive Maximum Growth
The report analyzes the global interventional pulmonology market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to a growth in the occurrence of chronic respiratory illnesses, increased focus on reducing the number of undetected cases of untreated asthma, and accessibility to early treatment in this region.
Key Players of the Global Interventional Pulmonology Market
The report states some of the foremost players operating in the global market including
- Medtronic Plc
- Huger Medical Instrument Co. Ltd.
- Boston Scientific Corporation
- Fujifilm Corporation
- Olympus Corporation
- Becton
- Cook Medical
- Vygon
- Clarus Medical LLC
- Smith’s Group Plc
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in April 2022, Manipal Hospitals-Vijayawada, one of the Vijayawada multispecialty hospitals, launched its interventional pulmonology unit with innovative equipment for lung disease diagnostics and care. Equipment such as rigid bronchoscopy, EBUS (endobronchial ultrasound), thoracoscopy, and airway stenting are available at the unit.
Also, the report provides numerous industry insights, such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Interventional Pulmonology Market:
- How Interventional Pulmonology is Helping to Tackle the Issue of Respiratory Diseases?
- Global Interventional Pulmonology Market to Experience Noteworthy Growth by 2031 with the Rising Need for Pulmonology Treatments
