The latest market report published by Acute Market Reports, Inc. “Global Interventional Pulmonology Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global interventional pulmonology market is expected to reach from US$ 1,145.6 Mn in 2017 to US$ 1,747.0 Mn by 2026 expanding at a CAGR of 4.8% from 2018 to 2026.
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World Health Organization (WHO), has states that lung cancer is the biggest cause of death associated with cancer worldwide, approximately after every 30 seconds someone dies due to ling cancer worldwide. The major risk factors associated with lung cancer are tobacco smoking, air pollution, radiation therapy, genetic factors and immunosuppression. Interventional pulmonology is useful in the treatment and diagnosis of pulmonary disorders such as lung cancer, COPD, pulmonary fibrosis, oesophageal cancer etc. These procedures have advantageous features such as quick recovery, minimally side effects and shorter hospital stay. Proactive government policies to curb the mortality rate associated with lung cancer will provide a positive impetus to the interventional pulmonology market growth.
Flexible bronchoscopy has completed replaced the rigid bronchoscopy procedures and is currently the leading the procedure segment in interventional pulmonology market. The inherent features associated with this procedure are precise sample collection and accurate diagnosis. It has been widely employed by pulmonologists to diagnose different stages of lung cancer, tumor debulking procedures and in treating airway stenosis. Pleuroscopy has gained tremendous attraction in the recent times due to its popularity as an alternative to video assisted thoracoscopic surgery (VATS), which is widely employed in diagnosis of pleural effusion of unknown etiology. It is a minimally invasive surgical procedure which has gained success in the accurate diagnosis of tuberculosis effusion.
North America with a market share of 35% is the supreme leader in the regional segment for interventional pulmonology market. The primary factors responsible for its overwhelming dominance are rising prevalence of lung cancer and rising public health awareness. Affordable reimbursement scenario for interventional pulmonology procedures further consolidates market growth in North America region. According to the research citings as presented by Lung Cancer Europe (LUCE), in 2018 approximately 310,000 adults have been reported to be diagnosed with lung cancer. Europe is in second position with 30% market share primarily due to increasing air pollution and significant rise in tobacco smoking among young population. Asia Pacific currently represents 15% share on account of supportive regulatory environment provided by regional healthcare bodies. Rampant growth in the establishment of subsidiaries and retail outlets of pioneers such as Terumo Corporation, Boston Scientific Corporation, Karl Storz etc.
Medical device companies competing in interventional pulmonology market are Boston Scientific Corporation, BTG, Plc., Ethicon, Inc., ENDO-FLEX GmbH, HealthTronics, Inc., Karl Storz, Medtronic, Plc., Pulmonx, Inc., Terumo Corporation and Varian Medical Systems, Inc.
Key Market Movements:
- Rising prevalence of pulmonary disorders
- Technological advancement in the sophisticated tools designed to perform diagnosis and treatment by interventional pulmonology procedures
- Affordable reimbursement scenario and growing public health awareness