The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Pulmonology Devices Global Market Report 2023, the pulmonology devices market is expected to show significant growth in the forecast period.

Overview of Market Growth

• Market Expansion: The pulmonary devices market has seen significant growth recently, increasing from $1.23 billion in 2023 to $1.36 billion in 2024 at a CAGR of 10.6%.
• Future Projections: The market is expected to continue its rapid expansion, reaching $2.05 billion by 2028 with a CAGR of 10.8%.
• Key Growth Drivers:
  • Rising incidence of chronic respiratory diseases.
  • Shift towards preventive healthcare.
  • Increasing adoption of pulmonology devices.
  • Growing geriatric population.

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Factors Fueling Market Expansion

• Respiratory Disease Prevalence:
  • Increasing Cases: The rise in respiratory diseases due to air pollution, smoking, and occupational hazards is a significant driver.
  • Pulmonology Devices Role: Devices like spirometers, inhalers, and ventilators play a crucial role in diagnosing and managing these diseases, leading to improved patient outcomes.
  • Case Study: COPD rates in Scotland increased notably in 2021-22, reflecting the growing need for pulmonology devices.
• Technological Advancements:
  • Integration of AI: Enhances diagnostic accuracy and personalized treatment.
  • Telemedicine and Remote Monitoring: Expands access to care, especially in remote areas.
  • Portable and Wearable Devices: Improves patient convenience and compliance.
  • Robotic Technology: Enables less-invasive diagnostic procedures, reducing recovery time.

Market Segmentation and Key Players

• Product Types:
  • Endobronchial Ultrasound (EBUS) Needles.
  • Pulmonary Biopsy Devices.
  • Airway Stents.
  • Single-Use Bronchoscopes.
• Indications:
  • Chronic Obstructive Pulmonary Disease (COPD).
  • Lung Cancer.
  • Tracheal and Bronchial Stenosis.
  • Foreign Body Extraction.
• End-Users:
  • Pulmonology Clinics.
  • Hospitals.
  • Ambulatory Surgical Centers.
• Major Companies:
  • Medtronic, Koninklijke Philips N.V., GE Healthcare.
  • Baxter, Boston Scientific Corporation, ResMed.
  • Fisher & Paykel Healthcare Limited, Vyaire Medical Inc., Draegerwerk AG & Co. KGaA.

Innovations and Acquisitions

• Enhanced Bi-level Respiratory Support:
  • BiPAP Technology: Companies are focusing on developing products with advanced BiPAP technology for improved patient comfort and treatment efficacy.
  • Example: In February 2024, ResMed launched the AirCurve 11, a BiPAP machine designed to align with the patient’s natural breathing pattern, enhancing comfort and compliance.
• Strategic Acquisitions:
  • Sandoz and Coalesce Product Development: In March 2022, Sandoz acquired Coalesce Product Development to expand its respiratory portfolio, enhancing patient access to high-quality therapies.

Regional Insights

• North America: The largest region in the pulmonology devices market in 2023, driven by advanced healthcare infrastructure and high adoption of innovative technologies.

Future Trends in Pulmonology Devices Market

• AI and Machine Learning: Expected to further personalize and improve treatment outcomes.
• Home Healthcare: Continued growth as patients and healthcare providers opt for more convenient and cost-effective care solutions.
• Increased Awareness and Early Diagnosis: Will drive market growth as more patients seek early treatment for respiratory conditions.

In conclusion, the pulmonary devices market is poised for substantial growth in the coming years, driven by technological advancements, strategic acquisitions, and the increasing prevalence of respiratory diseases. With ongoing innovations and expanding market opportunities, the industry is set to play a pivotal role in enhancing respiratory healthcare globally.

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