The latest market report published by Credence Research, Inc., the global 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 CAGR increase of 4.8 per cent from 2018 to 2026.
The World Health Organization (WHO) has stated that lung cancer is the world’s biggest cause of cancer-related death, with around every 30 seconds someone dying from ling cancer worldwide. The major risk factors associated with lung cancer include smoking tobacco, air pollution, radiation therapy, genetic factors and immunosuppression. Interventional pulmonology is useful for the treatment and diagnosis of pulmonary disorders such as lung cancer, COPD, pulmonary fibrosis, oesophageal cancer, etc. These procedures have advantageous features such as rapid recovery, minimal side effects and shorter hospital stay. Proactive government policies to reduce the mortality rate associated with lung cancer will provide a positive boost to market growth in interventional pulmonology.
Flexible bronchoscopy has completed the replacement of rigid bronchoscopy procedures and is currently the leading segment of interventional pulmonology. The inherent features of this procedure are accurate sample collection and accurate diagnosis. Pulmonologists have been widely used to diagnose different stages of lung cancer, tumor debulcation, and airway stenosis. Pleuroscopy has gained tremendous attraction in recent times due to its popularity as an alternative to video-assisted thoracoscopic surgery (VATS) that is widely used in the diagnosis of pleural effusion of unknown etiology. It is a minimally invasive surgical procedure that has been successful in the accurate diagnosis of tuberculosis effusion.
North America, with a market share of 35%, is the regional leader in the interventional pulmonology market. Raising prevalence of lung cancer and increasing public health awareness are the primary factors responsible for its overwhelming dominance. Affordable reimbursement scenario for interventional pulmonology procedures further strengthens market growth in the North American region. According to the research presented by Lung Cancer Europe (LUCE), approximately 310,000 adults were reported to have been diagnosed with lung cancer in 2018. Europe is second with 30% of the market share, mainly due to increasing air pollution and a significant increase in tobacco smoking among young people. Asia Pacific currently accounts for 15 per cent of its share of regional healthcare providers in a supportive regulatory environment. Rampant growth in the establishment of subsidiaries and retail outlets for 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