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Interventional Pulmonology Market is Expected to Grow at a CAGR of 4.6% Through the Forecast Period 2018 to 2026 - Persistence Market Research
NEW YORK, April 23, 2019 /PRNewswire/ -- The rise in number of COPD and asthma cases, globally, strongly backed by increase in disposable income, growing awareness regarding the treatment and management of asthma and COPD, increasing prevalence of lung cancer, and increase in life expectancy are some of the factors that are driving the growth of the interventional pulmonology market.
According to the latest research by PMR, the global interventional pulmonology market is expected to account for US$ 1,665.4 Mn by the end of 2026. The interventional pulmonology market is expected to grow at a CAGR of 4.6% through the forecast period 2018-2026.
There was a drop in the number of bronchoscopy tests from 1990 to 2005. However, according to many studies, this trend reversed after 2005. It has also been observed that, there has been a rise in reimbursements for interventional pulmonology procedures such as transbronchial needle aspiration, whose outpatient hospital payment from Medicare in 2017 increased by US$ 800 per patient over 2012. Such factors are driving the growth of the interventional pulmonology market.
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Manufacturers in Interventional Pulmonology Market Strategizing on New Product Launches
Advanced bronchoscopy procedures such as electromagnetic navigation bronchoscopy are used for enhancing standard bronchoscopy with the use of a 3D roadmap of the lungs along with real-time data. TEelectromagnetic navigation bronchoscopy is expected to secure higher reimbursements, which will drive the growth of the interventional pulmonology market.
The need for faster recovery and reduced pain during procedures and surgeries for respiratory disorders has strengthened the interventional pulmonology market. Companies such as Olympus are constantly launching new products in the interventional pulmonology market. Furthermore, companies are striving hard to develop and achieve regulatory approvals for new procedures and interventions. For instance, Olympus' Spiration Valve was recently approved for emphysema by the FDA.
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Advanced bronchoscopes have built upon the strengths of original bronchoscopes by increasing device versatility and ease of use in complex cases, which is driving the growth of the interventional pulmonology market. The use of advanced inert materials such as silicon coating is another trend. Manufacturers of interventional pulmonology products are also adding antimicrobial coatings to resist microbial film formation on bronchoscopes.
Manufacturers of interventional pulmonology products are developing insertion tubes that can be rotated by a large degree so as to minimize operator fatigue. Miniaturization is another trend, and many vendors have developed ultra-slim designs for observation of thin bronchi. Advanced interventional pulmonology products allow vendors to upsell and tap the ever-growing intervetional pulmonology market, especially in developed regions. Collaborations with hospitals and retailers is another marketing strategy that is being adopted by key players in the interventional pulmonology market.
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North America & Western Europe to Collectively Hold over 60% Value Share through 2026
North America and Europe interventional pulmonology markets, combined, are expected to have a share of over 60% of the global interventional pulmonology market during the forecast period. This is primarily due to the high adoption of minimally invasive procedures and advancements in technology. The increasing ageing population and increasing healthcare spending in the Asia Pacific region are expected to drive the growth of the interventional pulmonology in this region.
- Based on product type, the interventional pulmonology market has been segmented into bronchoscopes, respiratory endotherapy devices, ENB systems, pleuroscopes, airway stents, bronchial thermoplasty systems, pleural catheters, and endobronchial valves. The bronchoscopes segment is expected to hold a prominent market share in the global interventional pulmonology market.
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- Based on indication, the interventional pulmonology market has been segmented into asthma, COPD, lung cancer, foreign body extraction, tracheal and bronchial stenosis, and others. In terms of revenue, the lung cancer segment dominated the global interventional pulmonology market in 2017.
- Based on end user, the interventional pulmonology market is segmented into hospitals, pulmonology clinics, ambulatory surgical centers, and diagnostic centers. The hospitals segment had the maximum share in the interventional pulmonology market in 2017, and is expected to continue to do so throughout the forecast period.
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