Global Pulmonology Devices Market Set for Remarkable Expansion, Projected to Reach USD 3.8 Billion by 2033

The global pulmonology devices market is on the brink of remarkable expansion, driven by critical factors such as an aging population and a surge in respiratory illnesses. Recent market projections indicate that the market size is expected to reach USD 1.4 billion by the end of 2023, with an impressive forecast to soar to USD 3.8 billion by 2033. This growth reflects a robust Compound Annual Growth Rate (CAGR) of 10.3% over the next decade.

This extraordinary growth trajectory underscores the increasing demand for innovative solutions and advanced technologies within the pulmonology device sector. As the global elderly population continues to rise alongside a concerning escalation in respiratory diseases, the urgency for cutting-edge medical devices and treatments has never been more critical.

Industry leaders are acutely aware of the importance of developing state-of-the-art pulmonology devices to meet escalating healthcare demands. These devices are pivotal for 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 anticipated to play a significant role in propelling the market forward. Key stakeholders, 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. Looking 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.

Soaring Demand for Market Information: Uncover Detailed Trends and Insights in Our Report!

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

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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