The global pulmonology devices market is on the brink of remarkable expansion, driven by a convergence of critical factors such as an aging global populace and a surge in respiratory illnesses. According to recent market projections, the market size is expected to reach USD 1.4 billion by the end of 2023 and is anticipated to skyrocket to an impressive USD 3.8 billion by 2033. This reflects a robust Compound Annual Growth Rate (CAGR) of 10.3% over the next decade.
This extraordinary growth trajectory highlights the increasing demand for innovative solutions and advanced technologies in the pulmonology device sector. With the global elderly population continually rising and a concerning escalation in respiratory diseases, the necessity for cutting-edge medical devices and treatments has never been more urgent.
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Industry leaders are recognizing the critical importance of developing state-of-the-art pulmonology devices to meet the growing healthcare demands. These devices are pivotal in diagnosing, managing, and treating a wide array of respiratory conditions, ultimately enhancing patient outcomes and quality of life.
Technological advancements and increased investment in research and development are expected to play a significant role in propelling the market forward. FMI, including medical device manufacturers, healthcare providers, and policymakers, are collaborating to foster innovation and ensure the availability of efficient and effective pulmonology solutions.
The global pulmonology devices market is not just growing; it is evolving to address the dynamic needs of patients worldwide. As we look to the future, the commitment to advancing respiratory care remains steadfast, promising a healthier tomorrow for millions.
Key Takeaways Pulmonology Devices Industry:
- In 2023, the global market is expected to be worth USD 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
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
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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