Future Outlook for Pulmonology Devices Market Looks Brighter in Comparison to Historic Growth
The wide scope of devices in pulmonology healthcare, increased number of surgical procedures performed, and faster regulatory approvals are key factors that are expected to generate major growth opportunities in the industry for the coming decade. The pulmonology devices market is estimated to rise at an impressive CAGR of over 10% through the end of the forecast period in 2031. Growing patient awareness about COPD and asthma, and developments in associated government healthcare initiatives will support long term growth in the industry.
“Frequent technological advances, superior portability, and ease of handling for modern pulmonology devices are boosting adoption in home and alternate care settings as well. Furthermore, non-profit and government initiatives, and awareness programs, and an influx of funding for research studies have positively influenced developments within the industry,” says the FMI study.
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Pulmonology Devices Market – Primary Takeaways
- Disposable, miniaturized bronchoscopes will witness increased uptake owing to lower health risks and ease of handling.
- Chronic obstructive pulmonary disease treatment applications hold major market share, driven by its high mortality rate.
- Awareness programs and government incentives have set up Brazil as a high potential market.
- The U.S. holds major market share on the back of easier access to new healthcare technologies and major investments into medical infrastructure.
Pulmonology Devices Market – Growth Factors
- Poor atmospheric conditions and widespread prevalence of respiratory ailments is generating demand.
- Innovations in terms of home care therapeutic devices is creating lucrative growth opportunities.
- Advances in minimally invasive surgical procedures are contributing to growth within the industry.
Pulmonology Devices Market – Major Constraints
- Unfavorable reimbursement settings in many countries is a key factor holding back adoption rates.
- Risk of side effects on neonatal patients is a key challenge restraining market growth.
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Expected Impact on Market by Coronavirus Outbreak
The pulmonology devices market has been moderately affected by the ongoing covid-19 pandemic. While the market has been driven by a high volume of bronchoscopy procedures. Restrictions and postponed elective medical procedures has slowed down adoption rates. In addition, restrictions on trade have disrupted supply chains for essential raw materials and components, limiting short term growth prospects.
On the other hand, the use of specialized pulmonology devices to manage cases of respiratory failures in covid-19 patients frequent innovation in respiratory care technologies, and positive demographic trends, has helped to partially mitigate losses, and will create key lucrative opportunities for revenue generation in the near future.
Leading manufacturers operating in the pulmonology devices market include but are not limited to Merit Medical Systems, Boston Scientific Corporation, Micro-Tech (Nanjing) Co. Ltd., CONMED Corporation, Hunan Vathin, Olympus Corporation, United Medical Surgical Services Ltd., Cook Medical Incorporated, Verathon Inc., Medi-Globe GmbH, and Ambu A/S.
Major players in the pulmonology devices market are invested in strategies towards portfolio expansion. This includes efforts of product development and launch in addition to strategic mergers and acquisitions for long-term revenue generation options.
The Translational and Clinical Research Institute at Newcastle University, U.K., developed the novel Exovent negative-pressure ventilator aimed towards patients with respiratory failure, with lower levels of intrusion as compared to CPAP and positive pressure ventilation. GOQii announced approval for three wearable pulmonology devices by the Central Drugs Standard Control Organization in December 2020. Further, Olympus announced the acquisition of Veran Medical Technologies for a valuation of US$ 340 million to widen its portfolio of interventional pulmonology solutions.
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More on the Report
FMI provides detailed actionable insights on the pulmonology devices market. The market is segmented in terms of product (pulmonary biopsy devices, endobronchial ultrasound needles, airway stents, airway extraction baskets, and single-use bronchoscopes), indication (lung cancer, COPD, foreign body extraction, tracheal and bronchial stenosis, and others), and end user (hospitals, pulmonology clinics, and ambulatory surgical centers), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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