The interventional pulmonology market involves a wide array of bronchoscopy tools, such as pleuroscopy devices and navigational bronchoscopy, that are used to diagnose and treat several pulmonary disorders. Bronchoscopy allows direct visualization of a patient's airways and lungs and helps in collecting tissue and cell samples. Technological advancements, such as electromagnetic navigation bronchoscopy systems (ENB) and robot-assisted bronchoscopy, have enhanced the capabilities of conventional bronchoscopy procedures. This has increased the adoption of bronchoscopy in locating small pulmonary nodules and performing biopsies in difficult to reach areas of the lung.
The Global Interventional Pulmonology Market is estimated to be valued at US$ 3,535.3 Mn in 2021 and is expected to exhibit a CAGR of 5.4% over the forecast period 2021 to 2028.
Key Takeaways
Key players operating in the interventional pulmonology are Boston Scientific Corporation, Olympus Corporation, FUJIFILM Corporation, Becton, Dickinson and Company, Smiths Group plc., Cook Medical, Vygon, PENTAX Medical, Clarus Medical LLC, HUGER Medical Instrument Co., Ltd., Richard Wolf Corporation, Karl Storz, Taewoong Medical Co., Ltd., and ELLA – CS, s.r.o.
Interventional Pulmonology Market Growth is witnessing due to rising preference for minimally invasive procedures coupled with advancement of navigational bronchoscopy. Technological advancements such as robot-assisted bronchoscopy and electromagnetic navigation bronchoscopy are enhancing the efficacy of bronchoscopy in diagnosis and treatment of pulmonary diseases.
Market Drivers
The key drivers fueling growth of the interventional pulmonology market include rising incidence of lung cancer and other respiratory diseases, growing geriatric population susceptible to chronic respiratory conditions, and increasing preference for minimally invasive procedures over invasive surgical alternatives. Additionally, ongoing technological advancements in bronchoscopy systems along with incorporation of robotics, electromagnetic navigation, and IoT are helping improve procedural outcomes and patient care, thereby propelling market growth.
Current Challenges in Interventional Pulmonology Market
The Interventional Pulmonology market is currently facing challenges due to the COVID-19 pandemic. The major challenge is the cancellation or postponement of non-emergency procedures including bronchoscopies and thoracic surgeries to avoid virus transmission and prioritize resources for COVID-19 care. This has negatively impacted the market revenue in the short term. Other challenges include lack of trained pulmonologists, stringent regulatory approvals for new products, and availability of alternative treatment options.
SWOT Analysis
Strength: Growing prevalence of lung cancer and other respiratory diseases. Rapid adoption of minimally invasive procedures over open surgeries.
Weakness: High costs associated with interventional pulmonology devices. Lack of reimbursements and insurance coverage in some regions.
Opportunity: Emergence of robot-assisted bronchoscopy systems. Advancing technologies like electromagnetic navigation bronchoscopy. Untapped growth potential in developing countries.
Threats: Strong competition from alternative lung treatment methods. Risks and complications associated with interventional pulmonology procedures. Stringent regulatory environment.
Geographical Regions: North America currently holds the major share in terms of value mainly due to high healthcare spending and rising incidence of COPD in the US. Presence of advanced healthcare infrastructure and favorable reimbursement policies also support market growth in the region.
Fastest Growing Region: Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising healthcare awareness, growing geriatric population, increasing smoking rates, and developing healthcare systems in major countries like China and India. Growing medical tourism and expansion efforts of key players also augment market revenues in Asia Pacific.
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