As per the latest study by Persistence Market Research (PMR), the worldwide interventional pulmonology market is anticipated to value at over US$ 1,600 Mn by 2026-end. The interventional pulmonology market is likely to accelerate at more than 4.5% CAGR during 2018-2026.
Broader factors, such as the growing number of Chronic Obstructive Pulmonary Disease (COPD) and asthma cases, increasing prevalence of lung cancer, and rise in life expectancy are likely to influence the growth of interventional pulmonology market.
Pharma Companies Prioritizing Novel Product Launches to Boost Market Sustenance
The growing need for less painful surgeries and procedures for respiratory conditions, and fast recovery is solidifying the interventional pulmonology market, as per PMR analysis. To capitalize on this growing trend, companies are focusing on novel product launches to gain an extra edge in the interventional pulmonology market. Moreover, some stakeholders are in the pursuit of developing and achieving regulatory permissions for novel interventions and procedures. For instance, Olympus’ innovative endobronchial technology, Spiration Valve, recently got the FDA approval for emphysema.
The study indicates that companies are leveraging advanced technology to develop highly effective equipment that complies with the growing need of quick and painless treatment. Advanced bronchoscopes are based on the positive points of original bronchoscopes, with a pinch of improved versatility and increased user-friendliness for complicated scenarios, which is underpinning gains in interventional pulmonology market. Several manufacturers are using cutting-edge inert materials like silicon coating, and are using antimicrobial coatings for interventional pulmonology products to prevent formation of microbial film on bronchoscopes.
As per the study, the advanced interventional pulmonology products are enabling vendors to expand their reach and growth by tapping the expanding interventional pulmonology market, mainly in developed countries. Collaboration with regional hospitals and local retailers, remains the key marketing move of stakeholders in the interventional pulmonology market.
Burgeoning COPD Cases across APAC to Trigger Penetration for Interventional Pulmonology Procedures
As per the PMR study, the growing prevalence of COPD cases is necessitating increased adoption of interventional pulmonology procedures. For instance, 3-4% population in China has COPD due to significant biomass smoke exposure. As per some recent studies, COPD causes nearly half a million deaths in India, annually. Also, the WHO estimates a 10-17% prevalence in New Zealand population. According to the estimations of Lung Foundation Australia, 7.5% of Australians aged 40 years or above suffer from COPD.
The PMR study is of the opinion that the rising disposable income in the developing economies of Asia Pacific has the potential to enable higher adoption of nebulizer devices. This factor is likely to fuel growth in Asia Pacific interventional pulmonology market.
The healthcare sector has witnessed a rise in reimbursements for interventional pulmonology procedures in recent years. As per the study, the outpatient hospital payment from Medicare for transbronchial needle aspiration in 2017 increased by US$ 800 per patient over 2012. Such favorable initiatives by healthcare providers for interventional pulmonology market have meant that economically weaker sections of the society have access to quality care, which in turn has opened up opportunities for pharmaceutical companies.
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