PUBLISHER: Allied Market Research | PRODUCT CODE: 1298269
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298269
The global interventional pulmonology market is anticipated to reach $ 6.9 billion by 2031, growing from $3.7 billion in 2021 at a CAGR of 5.0% from 2022 to 2031.
Interventional pulmonology uses endoscopy and other tools to diagnose and treat conditions related to the lungs and chest. These procedures may be offered by pulmonologists (lung specialists) who have undergone extra training. Interventional pulmonologists offer diagnostic and treatment services for major lung problems including compressed airways, tumors, cancer, tuberculosis, and other airway stricture causes. The increase in healthcare expenditure globally is driving the growth of the pulmonology market. Governments of various countries are investing in healthcare infrastructure and services, and individuals are becoming more aware of the importance of preventive healthcare. This has led to an increase in the demand for pulmonology services, which is driving the growth of the interventional pulmonology market.
The need for affordable and accessible respiratory care is crucial, and healthcare providers need to work towards reducing the cost of pulmonology treatments to ensure better health outcomes for patients globally. The cost of purchasing specialized medical equipment used in pulmonology is also high, which can be a challenge for small-scale clinics and hospitals, especially in low-income countries. This can further reduce the reach of advanced pulmonology treatments and increase the gap in the quality of healthcare between developed and developing countries, which is anticipated to hamper the interventional pulmonology market growth.
The increase in emphasis on developing innovative pulmonology products, as well as the rise of telemedicine services, are expected to create new market opportunities. Telemedicine services are helping pulmonologists to diagnose patients remotely and provide treatments that may not be available in the patient's location. Pulmonology technology advancements, such as minimally invasive surgical procedures, respiratory support devices, and imaging techniques, are driving the market expansion. This is expected to create new business opportunities for pulmonology market players and is likely to drive the market expansion in the future.
The COVID-19 pandemic has had a significant impact on the interventional pulmonology market. With the outbreak of the pandemic, there has been an increase in the demand for respiratory devices and equipment like ventilators, oxygen concentrators, and face masks. However, the pandemic has disrupted the supply chains of several pulmonology-related items, resulting in shortages and price increases. Furthermore, many hospitals and healthcare institutions delayed or canceled non-emergency treatments such as pulmonary function testing and sleep studies, resulting in lower income for pulmonologists and related businesses.
The key players profiled in this report include: Huger Medical Instrument Co. Ltd, Medtronic Plc, Boston Scientific Corporation, Olympus Corporation, FUJIFILM Corporation, Becton, Smith's Group Plc, Cook Medical, Vygon, and Clarus Medical LLC.