Growing Prevalence of Respiratory Disorders Will Push Pulmonology Devices Market to Present Significant Growth During 2020-2030 - Future Market Insights, Inc.

Rising Prevalence of pulmonary disorders is expected to drive the pulmonology devices market in U.K. The U.S currently leads the global market for pulmonology devices and is expected to continue exhibiting high demand through the forecast period.

NEWARK, Del., Oct. 18, 2022 /PRNewswire/ -- The global pulmonology devices market is expected to grow at a steady rate over the forecast period. The market for pulmonology devices will demonstrate substantial growth in the upcoming years. Heightened prevalence of respiratory disorders like asthma, lung cancers, chronic obstructive pulmonary disorders (COPD), and cystic fibrosis fuel the pulmonology devices market to grow at a robust CAGR of about 10.7%during the projected period.

Increased air pollution, a rise in the number of industrial & chemical pollutants which decrease the quality of air, and a surge in the geriatric population have led to a rise in the cases of various respiratory illnesses. The rising incidences of these diseases have resulted in an elevated demand for new and innovative techniques for accurate diagnosis and treatment and consequently fuel the growth of the pulmonology devices market in the coming years.

Additionally, favorable reimbursement enforced for outpatient procedures is a factor that will positively impact the prospect of the pulmonology devices market. The target market will further benefit from the surge in the adoption of technologically advanced pulmonology devices. Again, rising public awareness about respiratory conditions has amplified the adoption rates of these devices.

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Though the target market has bright prospects lined up over the next few years, the market is not without its share of challenges. Concerns over the safety of pulmonary devices coupled with their expensiveness will likely hamper the market growth during this period of observation.

"Growing cases of respiratory diseases coupled with the introduction of technologically advanced devices is expected to drive the global growth of pulmonology devices market over the forecast period," says an FMI analyst. 

Key Takeaways:

• High cost of the equipment will hamper the pulmonology devices market.
• Brazil is expected to emerge as a potential market with several lucrative opportunities for pulmonology devices market.
• The presence of a well-established healthcare market fuels the growth of the pulmonology devices market in Japan.
• Single-use bronchoscopes are expected to acquire the highest share of the global pulmonology devices market.
• On the basis of end-user, hospitals will continue to lead the market growth.
• By indication, the high prevalence of COPD is a prime contributor to the pulmonology devices market.

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Competitive Landscape 

Boston Scientific Corporation, CONMED Corporation, Olympus Corporation, Cook Medical Incorporated, and Ambu A/S Major Manufacturers, Verathon, Inc., United Medical Surgical Services Ltd., Hunan Vathin, Micro-Tech (Nanjing) Co., Ltd, Merit Medical Systems, and others are some of the major players in the pulmonology devices market profiled in the full version of the report.

Key companies in this market are concentrating on developing a wide range of advanced products. These businesses are also adopting tactics like acquisitions and mergers to improve their global market presence. 

More Insights into Pulmonology Devices Market Report

In its latest report, FMI offers an unbiased analysis of the global pulmonology devices market, providing historical data from 2015 to 2019 and forecast statistics for 2020 to 2030. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (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 stent (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), and region.

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According to the latest FMI reports, based on segmentation, the high prevalence of COPD immensely contributes to the expansion of the pulmonology devices market. In terms of product type, single-use bronchoscopes are predicted to register heightened demand whereas hospitals will continue to remain the top end-user during the forecast period.

Based on region, the pulmonology devices market in the United States is anticipated to demonstrate substantial growth. Technological advancements augment the sales of minimally invasive surgery products. This coupled with heightened demand for such products in the country is driving the growth of the pulmonology devices market in the U.S. The U.K. and Japan are two other countries that are predicted to undergo notable growth in the pulmonology devices market during the forecast period.

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

    2.3. Inclusions and Exclusions

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

    3.3. Disease Epidemiology, By Region

    3.4. Technology Assessment Vs. Application

    3.5. Regulatory Scenario

4. Market Background

    4.1. Macro-Economic Factors

        4.1.1. Global GDP Growth Outlook

        4.1.2. Global Per Capita Healthcare Expenditure Outlook

        4.1.3. Global Pulmonology Diagnostics Market

    4.2. Forecast Factors - Relevance & Impact

        4.2.1. GDP

        4.2.2. Average Number of Device used per person

        4.2.3. Capital Expenditure in healthcare infrastructure

        4.2.4. Cost per device

        4.2.5. Diagnosis rate

        4.2.6. Per capita Income

        4.2.7. Healthcare expenditure

        4.2.8. Prevalence of Cancer, Asthma and COPD

        4.2.9. Parent Market Growth

        4.2.10. Government initiative and Support 

    4.3. Market Dynamics

        4.3.1. Drivers

        4.3.2. Restraints

        4.3.3. Opportunities 

5. Market Context

    5.1. Product Adoption & Awareness Analysis

    5.2. Strategic Promotional Strategies, By Key Manufacturers

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