NEW YORK, March 16, 2021 /PRNewswire/ -- Interventional pulmonology is an area of pulmonary medicine that deals specifically with minimally invasive endoscopic and percutaneous procedures for the diagnosis and treatment of neoplastic as well as non-neoplastic diseases of the airways, lungs, and pleura. Rise in the number of COPD cases across the world is expected to boost demand over the coming years. Need for faster recovery time and reduced pain during procedures and surgeries for respiratory disorders has strengthened the market. Leading manufacturers of interventional pulmonology devices are focusing on geographical expansion to increase revenue and add new repair and service centre in emerging countries through the acquisition of local players.
Various awareness programs have been initiated by healthcare providers and health organizations/societies such as environmental programs, medication maintenance programs, and online education programs for public and healthcare professionals across the globe to control asthma, COPD, and other respiratory diseases. Major companies such as Boston Scientific Corporation, Olympus Corporation, and FUJIFILM Corporation, besides others, are focused on spreading awareness regarding respiratory diseases.
As per Persistence Market Research analysis, the global interventional pulmonology market is expected to exhibit a CAGR of more than 4% over the forecast period (2021 - 2031).
Key Takeaways from Study
- IP diagnostic devices are expected to hold maximum revenue share under products.
- Lung cancer is projected to be the dominant segment among indications, in terms of revenue. The segment accounted for 26.6% share in 2020.
- The U.S., followed by Europe, is expected to hold substantial revenue share in the global interventional pulmonology market.
- Emerging economies such as China, India, Brazil, Mexico, and South Africa have a large COPD patient pool, and rising disposable income of patients with increased healthcare expenditure would encourage interventional pulmonology device manufacturers to enter these markets.
- The interventional pulmonology space faced adverse effects due to the COVID-19 crisis as a result of supply chain disruptions and economic impact of the pandemic on small- and medium-sized enterprises.
- Hospitals and diagnostic centers to account for bulk of the market share (around ¾).
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"Rising global prevalence of various respiratory diseases has increased demand for effective diagnosis and treatment in order to better manage the progression rate of these diseases," says a Persistence Market Research analyst.
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Acquisitions of Small & Medium Players - Imperative Strategy for Market Players
Given the consolidation in the market, bigger players are focusing on the acquisition of small and medium market players. This trend is being observed across North America and Europe. This is dominated by players with a strong regional distribution presence in terms of direct sales force and medical ventilator product manufacturing.
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What else is in the report?
Persistence Market Research offers actionable insights and unique perspective on the interventional pulmonology market in its latest study, presenting historical demand assessment of 2016 - 2019 and projections for 2021-2031, based on product (Electromagnetic Navigation Bronchoscopy (ENB), IP Diagnostic Devices, IP therapeutic devices), indication (Asthma, Lung Cancer, COPD, Foreign Body Extraction, Tracheal and Bronchial Stenosis), and end user (Hospitals, Pulmonology Clinics, Ambulatory Surgical Centers, Diagnostic Centers), across seven key regions of the world.
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