INTERVENTIONAL PULMONOLOGY MARKET ANALYSIS

Interventional pulmonology uses non-surgical, minimally invasive procedures for the diagnosis and treatment of lung cancer, thoracic cancer, tracheal cancer, and other diseases related to the respiratory system. It relies on endoscopic techniques, which involve inserting an instrument into the human body to view internal organs and tissues and to conduct additional procedures. Interventional pulmonary medicine is also used to treat related symptoms that may cause discomfort, such as shortness of breath, coughing, and chest pain.

The global interventional pulmonology market is estimated to be valued at US$ 3,535.3 million in 2021 and is expected to exhibit a CAGR of 5.4% during the forecast period (2021-2028).

Figure 1. Global Interventional Pulmonology Market Share (%) in Terms of Value, By Product Type, 2021

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Increasing prevalence of chronic obstructive pulmonary disease and asthma is expected to drive the market growth during the forecast period.

Increasing prevalence of chronic obstructive pulmonary disease and asthma is expected to drive the global interventional pulmonology market growth over the forecast period. For instance, according to data published by World Health Organization in 2021, estimated that Chronic Obstructive Pulmonary Disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019.

Figure 2.Global Interventional Pulmonology Market Share (%), By Indication, 2021

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Key companies focusing on product launches is expected to drive the market growth during the forecast period

Key players operating in the market are focusing on product launches for interventional pulmonology, which is expected to drive the global interventional pulmonology market growth during the forecast period. For instance, in April 2021, Olympus Corporation a global leader in medical technology, announced the addition to its U.S. bronchoscopy portfolio of the 510(k)-cleared H-SteriScope Single-Use Bronchoscopes, a line of five premium endoscopes for use in advanced diagnostic and therapeutic procedures. The introduction of the H-SteriScope portfolio has been a collaboration between Veran Medical Technologies, Inc., a wholly owned Olympus subsidiary, and Hunan Vathin Medical Instrument Co., Ltd.

Global Interventional Pulmonology Market– Impact of Coronavirus (COVID-19) Pandemic

Supply chain and manufacturing activities in India, Italy, Spain, U.K., and the U.S. have been disrupted due to lockdowns implemented by governments since the past few months, while countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation.

The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally. Supply of key materials has been severely disrupted due to the forced quarantine, and lack of labor and raw materials. As the link between regional warehouses is not smooth, the transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials and components has affected the supply chain of the global interventional pulmonology market.

Due to severe shortage of medical resources at the front line, only patients diagnosed with serious conditions could be hospitalized. Unfortunately, the pathogenic mechanism of the virus has not been identified completely, therefore, there is no specific drug and treatment except for symptomatic and supportive treatments. Respiratory support devices such as life-support machines, atomizer, oxygen generators, and monitors are primary clinical treatment medical devices. Thus, from diagnosis to cure, the need for instruments for measuring temperature, nucleic acid diagnostic kit, antiviral medical products, and life-support machine has increased consistently.

Furthermore, the COVID-19 pandemic has impacted the global economy and in turn, the global interventional pulmonology market. Quarantines, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending.

Global Interventional Pulmonology Market: Restraint

The major factors that hinder growth of the global interventional pulmonology market include product recalls. For instance, in August 2020, Olympus Corporation’s BF-Q180 bronchoscope was recalled as it did not have a 510(k) clearance, and the device is associated with a higher rate of patient infections than other comparable Olympus Medical Systems Corporation bronchoscopes.

Key Players

Major players operating in the global interventional pulmonology market include 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.