Pulmonology Devices Industry Poised to Achieve US$ 3.8 Billion by 2033, Propelled by the Increasing Prevalence of Respiratory Diseases, According to FMI

Pulmonology Devices Industry
Pulmonology Devices Industry

The growing popularity of screening and therapeutic pulmonology devices industry is expected to persist as the world’s elderly population grows. This is projected to open up novel opportunities for the pulmonology devices industry to grow over the forecast duration, In 2023, the market for pulmonology devices is anticipated to reach US$ 1.4 billion. The market is anticipated to grow at a CAGR of 10.3% from 2023 to 2033, reaching US$ 3.8 billion.

According to the World Health Organization (WHO), the overall number of cases has risen to 113,820,168, with a projection of 2,527,891 fatalities as of March 1, 2021. Over the coming years, the increasing respiratory disease challenges are projected to create significant growth possibilities in the pulmonology devices industry.

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Every year, the incidence of respiratory disorders such as lung cancer, asthma, chronic obstructive pulmonary disorder (COPD), and cystic fibrosis rises, fueling the market growth. As per the World Cancer Research  Fund, lung cancer was one of the leading causes of death in 2018, with 2 million new cases reported that year.

Key Takeaways Pulmonology Devices Industry:

  • In 2023, the global market is expected to be worth US$ 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

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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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