Interventional Pulmonology Market

Global Market Study on Interventional Pulmonology: Rising Prevalence of Respiratory Diseases Augment Market Expansion

  • March-2021
  • PMRREP12544
  • 270 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

About the Report

Respiratory disorders such as asthma, COPD, and lung cancer are on the rise globally. According to WHO, around 65 Mn people have moderate to severe COPD. Prevalence in also on the rise of people suffering from COPD, with three million deaths in 2015, which corresponds to 5% of all global deaths for the year. This is creating huge opportunities for interventional pulmonology across regions. Need for faster recovery time and reduced pain during procedures and surgeries for respiratory disorders has strengthened the market for interventional pulmonology. Leading providers of interventional pulmonology are focusing on geographical expansion in emerging countries by acquisition of local players. Some players are even focusing on collaborating with diagnostic centers and hospitals for direct sales and maintenance of equipment, along with training of personnel for increasing awareness of new technology. Further, rise in healthcare expenditure in developing countries and improving reimbursement policies are also encouraging new interventional pulmonology device manufacturers to enter the market, with the U.S. and Europe expected to offer the most opportunities.

In its new study, consulting firm Persistence Market Research offers insights about key factors driving demand for interventional pulmonology. The report tracks global sales of interventional pulmonology devices in 20+ high-growth markets, along with analysing the impact of COVID-19 on the biopharmaceutical industry in general, and interventional pulmonology market in particular.

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Companies

  • Medtronic Plc
  • Boston Scientific Corporation
  • Olympus Corporation
  • FUJIFILM Corporation
  • Becton, Dickinson and Company
  • Smiths Group Plc
  • Cook Medical
  • Vygon
  • Clarus Medical LLC
  • Huger Medical Instrument Co. Ltd
  • Taewoong Medical Co. Ltd.
  • Shanghai AoHua Photoelectricity Endoscope Co., Ltd
  • Karl Storz
  • Richard Wolf Corporation
  • PENTAX Medical

Future Outlook Looks Bright with Expansions by Players

Some companies are highly focused on research and development in order to increase the efficiency of their products. A number of players are developing new products to expand their product portfolios as well as maintain their position in the market, which will lead to market growth.

Over the period of 2016 to 2020, the global interventional pulmonology market expanded at a CAGR of 3%, with prospects for the coming years looking even brighter; expected CAGR for 2021 to 2031 is more than 4%. This is due to rise in the number of patient visits to emergency departments due with increasing incidence of respiratory diseases.

The U.S., followed by Europe, holds the maximum revenue share in the global interventional pulmonology space. The main factor for their dominance is high prevalence of patients with COPD, asthma, and other lung diseases, with increased investments in research & development. Rising awareness among patients is another major factor driving demand for interventional pulmonology.

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Will Growing Life Expectancy Drive Demand for Interventional Pulmonology?

Improvement in healthcare policies in various countries such as the U.S. and Japan has resulted in higher affordability for various diagnostic and treatment services, which, in turn, has increased the life expectancy of the population. Rising life expectancy is another major factor expected to boost the growth of interventional pulmonology, due to high prevalence of COPD among the older population. Population above 45 years of age is mostly prone to COPD; risk of respiratory disease is higher among the aging population

Global population in 2015 was around 7.2 Bn, and is estimated to grow to 15 Bn by 2050. People aged 65+ is one of the fastest-growing demographics across the globe. This expected to increase the adoption of interventional pulmonology procedures across regions.

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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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Will Technological Advancements Influence the Interventional Pulmonology Landscape?

Need for faster recovery time and reduced pain during procedures and surgeries for respiratory disorders has supported the market for interventional pulmonology. Companies such as Olympus are constantly launching new products and are are striving hard to acquire regulatory approvals for new procedures and interventions. For instance, Olympus’ Spiration Valve recently was approved for emphysema by the FDA.

Use of advanced inert materials such as silicon coating is leading to advancements in devices, which is increasing demand for interventional pulmonology devices. Advanced bronchoscopes have built upon the strengths of original bronchoscopes by increasing device versatility and ease of use in complex cases, which is driving a large replacement market. This transformation has led to a positive impact on the demand for interventional pulmonology.

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Are Acquisitions of Small and Medium Players Aiding Market Growth?

Given the consolidation in the market, bigger players are focusing on the acquisition of small and medium market players. This trend is observed across North American and European countries. The acquisition space is dominated by players with a strong regional distribution presence in terms of direct sales force and medical ventilator product manufacturing facilities supported by trained professionals.

For instance, in January 2019, Cook Medical Inc. entered into an agreement with Whitaker Park Development Authority Inc. to acquire its manufacturing facility at Winston-Salem’s Whitaker Park.

What is the Impact of COVID-19 on the Interventional Pulmonology Market?

Due to the unprecedented COVID-19 pandemic scenario, the healthcare sector has been the central point of focus. As importing was halted, it adversely affected the finances of a majority of healthcare companies. Most industries, including healthcare, suffered from a supply chain crisis.

On the other hand, the good part is that governments and business owners have started looking for alternatives, and this can benefit lower economies to source materials.  Also, COVID-19 has compelled businesses and investors across the world to reconsider their own growth strategies and expertise.

On the other side of the COVID-19 crisis, there has been a notable adverse impact on the medical devices market, including interventional pulmonology, due to the shortage of manpower and increasing focus of manufacturers on investing in COVID-19-related products.

interventional-pulmonology-market

Country-wise Insights

Why is there Huge Opportunity for Interventional Pulmonology in the U.S.?

Persistence Market Research has projected North America to remain as one of the most profitable markets throughout the forecast period. One of the key factors supporting expansion is high spending on healthcare by the U.S. According to the CMS (Centers for Medicare and Medicaid Services), in the U.S. healthcare spending grew by 4.3 percent in 2016, i.e., US$ 3.3 trillion (US$ 10,348 per person).

Furthermore, the U.S. remains one of the largest markets for biopharmaceuticals in the world, which makes it a lucrative pocket for interventional pulmonology as well. Also, asthma is a leading chronic disease among children; more common in children than adults. In the U.S. around 8.3% children below 18 years suffer from asthma. This creates huge opportunities for interventional pulmonology providers in the country.

How is Rising COPD & Asthma Cases across APAC Boosting Scope for Interventional Pulmonology?

Emerging economies such as China, India, Brazil, Mexico, and South Africa have a large COPD and asthma patient pool. Patients with COPD often require respiratory support. In Asia, countries such as China, India, Indonesia, Malaysia, and Thailand indicate significant burden of asthma. But most of patients remain underdiagnosed and untreated.

These geographies represent a big opportunity for interventional pulmonology device manufacturers, owing to high demand for respiratory disease treatment. Economic development in these emerging economies coupled with rising disposable income of patients would help the market ensure future sustainability. In addition, rise in healthcare expenditure in developing countries and improving reimbursement policies would encourage interventional pulmonology device manufacturers to enter into this region.

How is Improvement in Healthcare Infrastructure and Funding Supporting Market Growth in Developing Regions?

Most countries across the world are increasing their spending to improve healthcare infrastructure. As with the current healthcare infrastructure, countries such as India and South Africa, among others, are not capable of delivering proper healthcare services. Majority of the population in these countries live in rural areas with inadequate healthcare facilities. Thus, these countries are increasingly making investments to increase the number of hospitals and improve the quality of care, particularly in rural areas, which will lead to rising demand for interventional pulmonology.

  • The National Rural Health Mission (NRHM) was established to improve healthcare in rural areas in India. NRHM sought to improve infrastructure with adequate human resources for healthcare.
  • In 2016, Mexico made public–private partnership for improvement of the healthcare infrastructure and medical devices.

Category-wise Insights

What’s the Market Share of IP Diagnostic Devices?

IP diagnostic devices dominated the global interventional pulmonology space in terms of revenue in 2020, and the trend is projected to continue throughout the forecast period. It is expected to be the most lucrative segment among all with an attractiveness index of 1.9. The segment held a high market value of 77.8% in 2020, with an expected CAGR of close to 4% for 2021-2031.

It is the revolutionary field of pulmonary medicine that provides advanced minimally invasive procedures to diagnose and treat patients with benign and malignant diseases. Use of minimal invasive procedures for diagnosis is the major factor behind the high revenue share of this segment.

Why Do Hospitals Hold a High Market Share in Interventional Pulmonology?

The hospital segment is expected to contribute maximum revenue share to the market. In terms of revenue, hospitals accounted for 43.5% share in 2020.

Improvements in healthcare policies in various countries such as the U.S. and Japan have resulted in rising affordability for various diagnostic and treatment services, which, in turn, has led to more people going in for procedures for their treatment.

Also, technological advancements in treatment due to need for faster recovery time and reduced pain during procedures and surgeries for respiratory disorders have strengthened the hold of hospitals, with more people opting for surgeries in hospitals.

Competitive Landscape

Companies such as Olympus are constantly launching new products in the interventional pulmonology space. Furthermore, many companies are striving hard to get regulatory approvals for new procedures and interventions.

Given the consolidation in the market, bigger players are focusing on the acquisition of smaller and medium players.

  • In January 2017, Pentax Medicine acquired C2 Therapeutics, U.S. to expand its interventional endoscopy offerings in the U.S., and provide aftersales and repair services

Some of the leading companies operating in the market are:

  • Medtronic Plc
  • Boston Scientific Corporation
  • Olympus Corporation
  • FUJIFILM Corporation
  • Becton, Dickinson and Company
  • Smiths Group Plc
  • Cook Medical
  • Vygon
  • PENTAX Medical
  • Clarus Medical
  • HUGER Medical Instruments co. Ltd.
  • Richard Wolf Corporation
  • Karl Storz
  • Taewoong medical Co. Ltd
  • Shanghai AoHua Pholoelectricity Endoscope Co. Ltd.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value and Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Segments Covered

  • Component
  • Application
  • End user
  • Region

Key Companies Profiled

  • Medtronic Plc
  • Boston Scientific Corporation
  • Olympus Corporation
  • FUJIFILM Corporation
  • Becton, Dickinson and Company
  • Smiths Group Plc
  • Cook Medical
  • Vygon
  • PENTAX Medical
  • Clarus Medical
  • HUGER Medical Instruments co. Ltd.
  • Richard Wolf Corporation
  • Karl Storz
  • Taewoong medical Co. Ltd
  • Shanghai AoHua Pholoelectricity Endoscope Co. Ltd.

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Market Segmentation by Category

Product

  • Electromagnetic Navigation Bronchoscopy (ENB)
  • IP Diagnostic Devices
    • Bronchoscopes
      • Flexible Bronchoscope
      • Rigid Bronchoscope
    • EBUS
    • Aspiration Needles
    • Biopsy Foreceps
    • Pleuroscopes
      • Semi-flexible Pleuroscopes
      • Rigid Pleuroscopes
    • Others
  • IP Therapeutic Devices
    • Airway Stents
    • Endobronchial Ablation Systems
    • Pleural drainage catheters
    • Endobronchial Valves

Indication

  • Asthma
  • Lung Cancer
  • COPD
  • Foreign Body Extraction
  • Tracheal and Bronchial Stenosis

End User

  • Hospitals
  • Pulmonology Clinics
  • Ambulatory Surgical Centers
  • Diagnostic Centers

Region

  • Global
  • China
  • U.S.
  • Europe

Key Questions Answered in Report

Q1. Which is the most lucrative market for interventional pulmonology?

The U.S. currently leads the global market for interventional pulmonology. Sales in the U.S will be around 28% of overall sales over the forecast period.

Q2. Which is the top-selling interventional pulmonology product?

IP diagnostic devices are highly sought-after in every market. Demand for these devices is expected to remain high in the near future, especially due to rising demand for minimally invasive procedures.

Q3. For which indication is interventional pulmonology mostly used?

Lung cancer continues to remain the leading cause with high adoption and use of interventional pulmonology. Increasing burden of chronic and lifestyle diseases is likely to accelerate adoption of interventional pulmonology over the coming years.

Q4. Which are some of the leading companies dealing in interventional pulmonology?

Some of the leading companies are Medtronic Plc, Boston Scientific Corporation, Olympus Corporation, FUJIFILM Corporation, FUJIFILM Corporation, and others

Enquiry before Buying

Is this research conducted by Persistence Market Research?

Yes, the research has been conducted by expert analysts of Persistence Market Research, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Persistence Market Research?

Persistence Market Research follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.

Who are the respondents for primary research?

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What are the sources of secondary research?

Persistence Market Research conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request

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