Pulmonology Devices Market is projected to expand at a CAGR close to 10.7% through 2030

Respiratory disorders such as asthma, chronic obstructive pulmonary disorder (COPD), and lung cancer is on the rise globally. Smoking and unhealthy living environment are often identified as common causes fuelling the incidence of respiratory disorders. According to Future Market Insights (FMI), driven by the rising incidence of respiratory diseases the demand for Pulmonology Devices will rise. The market is therefore expected to surpass US$ 1.08 Bn by 2021.

Government initiatives supported by public and private organizations to spread awareness has led people to focus on early diagnosis of medical conditions to avoid delay in treatment. Furthermore, a number of players are developing new products to expand their product portfolio as well as to maintain their position in the market.

For an instance Olympus has launched a few unique pulmonology devices such as the flexible bronchoscope that has helped the company in maintaining its position in the market. A large number of domestic players are slowly emerging in Asia Pacific. Rise in healthcare expenditure in developing countries and improving reimbursement policies are causing shift in focus among market players from developed to developing countries.

Moreover, the availability of pulmonology devices for healthcare professionals has been impacted by COVID-19 supply chain crisis. However, there are measures taken to manage this situation. Governments have relaxed controls to make supply easy. Export controls have been made easy by several manufacturing countries.

Major manufacturers in the pulmonology devices market are geared up and focusing on local production of pulmonology devices. According to the report, the increasing cases COPD and lung cancer will continue fuelling demand in the market.

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Key Takeaways from pulmonology devices Marker Study

• The demand for pulmonology devices is expected to get higher, enabling the market to exhibit 10.8% CAGR between 2020 and 2030
• Backed by increasing healthcare spending, the U.S. is expected to account for nearly 90% sales in North America
• Favourable reimbursement policies will enable the U.K. to exhibit 13% y-o-y growth in 2021
• Germany and France will showcase increasing investment towards expanding healthcare infrastructure, in turn fuelling the demand for pulmonology devices
• Within East Asia, Japan and South Korea will represent highly attractive markets for sale

 “Some of the emerging regions such as South Asia have been adopting minimally invasive surgeries to accelerate rate of diagnosis and treatment of lung cancer. The rising demand for pulmonology devices and increasing focus on development of advance devices will remain chief drivers of the market.” says the FMI Analyst

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Who is Winning?

Leading players in the pulmonology devices market on strengthening their market position though the Acquisition, Partnerships and expansion. For Instance,

• In February 2019, the Conmed Corporation acquired privately-held Buffalo Filter LLC, a leader in surgical smoke evacuation technologies. The company’s comprehensive product portfolio includes smoke evacuation pencils, smoke evacuators, and laparoscopic solutions.
• In November 2019, Cook Medical opened new facility in India. This office enables the company to expand its business in emerging markets.
• In January 2019, the Verathon, Inc launched GlideScope® BFlex, a single-use flexible bronchoscope that offers optimal visibility and manoeuvrability for routine airway and bronchoscopy procedures.

The key market players covered by FMI include Boston Scientific Corporation, CONMED Corporation, Olympus Corporation, Cook Medical Incorporated, Medi-Globe GmbH, Ambu A/S, Verathon, Inc, consolidating their positions through mergers, acquisitions and new product launches.

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Key Questions Answered in Report

• Which is the most lucrative market for pulmonology devices?

The U.S currently leads the global market for pulmonology devices and is expected to continue exhibiting high demand through the forecast period.

• Which is the top-selling pulmonology device?

Demand for single-use bronchoscopes is expected to remain high in the near future, especially due to higher degree of prevalence.

• For which indication are pulmonary biopsy devices mostly used?

In lung cancer pulmonary biopsy devices are mostly used in all the regions

• How is COVID-19 outbreak fuelling the demand for pulmonology devices?

Patients of asthma and COPD are more susceptible to COVID19 infection, which is anticipated to create growth opportunity for the pulmonology devices market.

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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