Respiratory disorders such as asthma, chronic obstructive pulmonary disorder (COPD), and lung cancer is on the rise globally. Smoking and unhealthy living environment are often identified as common causes fuelling the incidence of respiratory disorders. According to Future Market Insights (FMI), driven by the rising incidence of respiratory diseases the demand for pulmonology devices will rise. The market is therefore expected to surpass US$ 1.08 Bn by 2021.
Government initiatives supported by public and private organizations to spread awareness has led people to focus on early diagnosis of medical conditions to avoid delay in treatment. Furthermore, a number of players are developing new products to expand their product portfolio as well as to maintain their position in the market.
For an instance Olympus has launched a few unique pulmonology devices such as the flexible bronchoscope that has helped the company in maintaining its position in the market. A large number of domestic players are slowly emerging in Asia Pacific. Rise in healthcare expenditure in developing countries and improving reimbursement policies are causing shift in focus among market players from developed to developing countries.
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Moreover, the availability of pulmonology devices for healthcare professionals has been impacted by COVID-19 supply chain crisis. However, there are measures taken to manage this situation. Governments have relaxed controls to make supply easy. Export controls have been made easy by several manufacturing countries.
Major manufacturers in the pulmonology devices market are geared up and focusing on local production of pulmonology devices. According to the report, the increasing cases COPD and lung cancer will continue fuelling demand in the market.
Key Takeaways from Pulmonology Devices Market Study
- The demand for pulmonology devices is expected to get higher, enabling the market to exhibit 10.8% CAGR between 2020 and 2030
- Backed by increasing healthcare spending, the U.S. is expected to account for nearly 90% sales in North America
- Favorable reimbursement policies will enable the U.K. to exhibit 13% y-o-y growth in 2021
- Germany and France will showcase increasing investment towards expanding healthcare infrastructure, in turn fuelling the demand for pulmonology devices
- Within East Asia, Japan and South Korea will represent highly attractive markets for sale
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