The interventional pulmonology market is expected to grow from US$ 1,145.6 million in 2017 to US$ 1,747.0 million by 2026, with a compounded annual growth rate (CAGR) of 4.8% between 2018 and 2026. As per the statistics provided by the World Health Organization (WHO), in 2018, approximately 2.09 million people died due to lung cancer. Tobacco smoking is the leading cause of the formation of malignant tumors and neoplasms in the lungs. Interventional pulmonology is a relatively new field that has gained tremendous attraction in the last decade and employs sophisticated tools to perform the diagnosis and treatment of various pulmonary disorders. Apart from pulmonologists, cardiothoracic surgeons also routinely perform interventional pulmonology procedures.
Accurate diagnosis, precise sample collection, and the increasing number of lung complications drive the flexible bronchoscopy market's growth.
Flexible bronchoscopy is dominating the procedure-type segment of the interventional pulmonology market. Flexible bronchoscopy is useful in diagnosing different stages of lung cancer and in palliative care by debulking endobronchial lesions and treating airway stenosis. Its inherent features, such as accurate diagnosis, precise sample collection, and a significant rise in lung complications, together drive the flexible bronchoscopy market's growth.
Pleuroscopy is gaining huge demand as an alternative to video-assisted thoracoscopic surgery (VATS), which is employed for the diagnosis of pleural effusions of unknown etiology. It is a minimally invasive surgical procedure and has successfully achieved 100% accuracy in the diagnosis of tuberculous effusion. It is a relatively well-tolerated procedure with negligible complications.
Rising lung cancer prevalence and increased health awareness drive market growth in North America.
In the current scenario, North America is dominating the regional segment of the interventional pulmonology market. The factors responsible for its market share of 35% are the rising prevalence of lung cancer and growing health awareness. According to the American Lung Association (ALA), in 2018, 234,030 new cases of lung cancer were diagnosed in the United States, which represents 13% of all diagnosed cancers. Europe holds 30% of the market share owing to the significant rise in air pollution and tobacco smoking.
Stringent norms related to early diagnosis and medical intervention drive the interventional pulmonology market's growth in the European region. Asia Pacific represents 15% of the market on account of the increasing establishment of subsidiaries and retail outlets by major players such as Boston Scientific Corporation, Karl Storz, Medtronic Plc., Terumo Corporation, etc. Regional healthcare bodies' supportive regulatory environments bolster market growth in the Asia Pacific region.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The market is segmented by procedure and by geography.
Medical device companies competing in the 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 questions are answered in this report.
What are the organic and inorganic market growth strategies associated with the interventional pulmonology market?
Which medical device manufacturers are associated with the interventional pulmonology market?
What is the disease etiology associated with different kinds of pulmonary disorders?
What is pleuroscopy, and how will it perform during the forecast period from 2018 to 2026?
What is the prevalence rate of lung cancer in the Asia Pacific region, and how will it respond to existing market trends in the interventional pulmonology market?
Frequently Asked Questions:
The market for Interventional Pulmonology Market is expected to reach US$ 1,747.0 Mn by 2026.
The Interventional Pulmonology Market is expected to see significant CAGR growth over the coming years, at 4.8%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
BTG, Plc., Ethicon, Inc., ENDO-FLEX GmbH, HealthTronics, Inc., Karl Storz, Medtronic, Plc., Pulmonx, Inc., Terumo Corporation are some of the major players in the global market.
