At 12.15% CAGR, Global Pulmonology Lasers Market Size & Share to Surpass US$ 6.45 Billion By 2028 | Pulmonology Lasers Industry Trends, Share, Growth, Value, Analysis & Forecast Report By ZMR
NEW YORK, Sept. 14, 2022 /PRNewswire/ -- As per Zion Market Research study, The global pulmonology lasers market size was worth around USD 4.3 billion in 2021 and is predicted to grow to around USD 6.45 billion by 2028 with a compound annual growth rate (CAGR) of roughly 12.15% between 2022 and 2028.
Pulmonology Lasers Market: Overview
Pulmonology is a brand of medicine that deals with medical conditions of the respiratory tract including lungs, airways, and blood vessels that together help living organisms breathe. It is a critical component of internal medicine, which deals with the prevention, diagnosis, and treatment of diseases that occur internally. Medical personnel who treat pulmonary conditions are pulmonologists and are generally trained to treat diseases or medical issues related to chest and complex chest infections.
However, respiratory tract surgeries are performed by specialists in a process called cardiothoracic surgery, although pulmonologists may conduct small and non-critical conditions. On the other hand, medical lasers are advanced healthcare tools that use light focused with extreme accuracy to treat tissues or remove them in case they are untreatable. Laser stands for Light Amplification By Stimulated Emission of Radiation which uses light of a specific wavelength unlike normal light emitting devices. Since lasers are capable of generating intense light that can be focused precisely even on a minute or small area, they are used extensively during surgical or medical procedures.
The medical equipment allows surgeons to conduct operations that cannot be done using other machines while also showcasing other benefits like reduced blood loss as compared to more invasive operations, reduced chances of wound infection, decreased discomfort post-operation, and achieving better and quicker wound healing.
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Key Industry Insights & Findings of the Pulmonology Lasers Market Reports:
- As per the analysis shared by our research analyst, the global Pulmonology Lasers Market is estimated to grow annually at a CAGR of around 12.15% over the forecast period (2022-2028).
- In terms of revenue, the global Pulmonology Lasers Market size was valued at around USD 4.3 billion in 2021 and is projected to reach USD 6.45 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- One of the main reasons is the growth in hazards resulting from the occupation of patients. Many chemicals or other harmful substances are known to trigger long-term respiratory conditions amongst people who are exposed to these elements regularly.
- As per a 2018 survey, out of all chronic respiratory conditions, 10 to 20% are associated with work-related respiratory diseases (WRDs). Another factor contributing to the growth of medical conditions is the declining air quality which is a direct result of air pollution.
- The global market is anticipated to be positively influenced by the rise in technical advancements related to lasers to treat various diseases or in pulmonology medicine itself.
- Lung cancer treatment in the USA costs an average of USD 1,40,00. According to a report submitted by the National Library of Medicine, upper and lower respiratory tract infections in the US have cost the country around USD 15 billion in treatments.
- The Australian government announced its plans to spend over AUD 537 billion in the coming four years to upgrade the healthcare system, out of which AUD 6.8 billion is specially designated for medical research purposes.
Zion Market Research published the latest report titled "Pulmonology Lasers Market By Indication (Malignant Lesions, Neoplasms, Bronchogenic Carcinoma, Tracheal Stenosis, and Hemorrhage), By Laser Type (Photodynamic, and Nd-YAG), By End-Users (Specialty Care Centers, Hospitals, Academic Centers, and Research Organizations), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Pulmonology Lasers Market: Growth Drivers
- Rising respiratory medical conditions to propel market growth.
The global pulmonology lasers market is expected to grow owing to the rapid increase in the number of patients suffering from respiratory conditions that when left untreated can lead to serious conditions. The reasons for the increasing cases are multifold. One of the main reasons is the growth in hazards resulting from the occupation of patients. Many chemicals or other harmful substances are known to trigger long-term respiratory conditions amongst people who are exposed to these elements regularly.
As per a 2018 survey, out of all chronic respiratory conditions, 10 to 20% are associated with work-related respiratory diseases (WRDs). Another factor contributing to the growth of medical conditions is the declining air quality which is a direct result of air pollution. As per the World Health Organization, almost 99% of the global population breathes air that exceeds the WHO guideline limits containing high levels of pollutants.
The impact is the highest in emerging or low to medium-income regions. For instance, according to a report submitted by the National Library of Medicines, out of 30,480 patients that were admitted in two years, to the respiratory section of a tertiary care hospital, 44.5% suffered from pulmonary diseases, 5% suffered from lung cancer, and 11% were affected by tuberculosis.
The global market is anticipated to be positively influenced by the rise in technical advancements related to lasers to treat various diseases or in pulmonology medicine itself. Some of these advancements include new diagnostic tools to detect peripheral lung nodules and subsequently treat them and an increased number of minimally invasive techniques to enhance patient experience and minimize discomfort associated with operations.
Pulmonology Lasers Market: Restraints
- High cost of pulmonology lasers restricts the market growth.
Pulmonology lasers and the associated treatments are extremely expensive which restricts global market growth since a large section of the world population is unable to afford them unless they receive external funding. Since the related lasers are high-cost equipment, there are a limited number of facilities offering the services which are anticipated to contribute to slowing down the global market. For instance, lung cancer treatment in the USA costs an average of USD 1,40,00. According to a report submitted by the National Library of Medicine, upper and lower respiratory tract infections in the US have cost the country around USD 15 billion in treatments.
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Pulmonology Lasers Market: Opportunities
- Growing research & development to provide market growth opportunities.
The global pulmonology laser market is projected to benefit from the growing R & D in the healthcare sector driven by the increasing number of new medical conditions as well the pressure to find cures to medical conditions that have long prevailed without any cure. In 2022, the Australian government announced its plans to spend over AUD 537 billion in the coming four years to upgrade the healthcare system, out of which AUD 6.8 billion is specially designated for medical research purposes. Such positive approaches by world-leading agencies, private or government, may help find solutions for pulmonary problems that currently do not have any specific treatment assigned.
Pulmonology Lasers Market: Challenges
- Absence of sufficient medical reimbursement policies to challenge market growth.
Treatments related to pulmonology lasers require high funds and there is a dearth of sufficient or effective medical reimbursement policies which are mostly concentrated in developing economies. It restricts patients who need critical care to undergo medical treatments owing to the unaffordability of the process and its aftercare which is expected to challenge global market cap expansion.
Global Pulmonology Lasers Market: Segmentation
- The global pulmonology lasers market is segmented based on indication, laser type, end-user, and region.
Based on indication, the global market is divided into malignant lesions, neoplasms, bronchogenic carcinoma, tracheal stenosis, and hemorrhage. The global market is currently dominated by bronchogenic carcinoma which is generally associated with people who smoke. As per the American Cancer Society, more than 90% of men and 84% of women diagnosed with lung cancer either currently smoke or were smokers in the past. The growing number of lung cancer patients is expected to aid the segmental growth trend in the coming years
Based on laser type, the global market segments are photodynamic, and Nd-YAG. The global market generated the highest revenue from the Nd-YAG type, owing to the various benefits offered by the technology used in these lasers involving high energy output making it easy to achieve population inversion with this type. Although the price range of these lasers may somewhat be a restricting factor since as of 2018, the price of the laser was above USD 10,000.
Based on end-users, the global market is divided into specialty care centers, hospitals, academic centers, and research organizations. Hospitals dominate the global market because of the advanced facilities and the complete treatment process available at hospitals. They also have the necessary funds to invest in high-costing equipment and their maintenance, which is a major reason for segmental growth. In a 2018 survey by Scorpion, 58% of the surveyed patients mentioned that they preferred hospitals near their place for treatment, while the rest 42% would prefer hospitals away from their residence.
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List of Key Players in Pulmonology Lasers Market:
- Richard Wolf
- Quanta System
- Cook Medical
- Convergent Laser Technologies
- Hyper Photonics
- Olympus Corporation
- Edap Tms
- Jena Surgical
- Potent Medical
- Lumenis.
Key questions answered in this report:
- What are the growth rate forecast and market size for Pulmonology Lasers Market?
- What are the key driving factors propelling the Pulmonology Lasers Market forward?
- What are the most important companies in the Pulmonology Lasers Market Industry?
- What segments does the Pulmonology Lasers Market cover?
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Recent Developments
- In December 2020, Olympus Corporation acquired Veran Medical Technologies, Inc. in a bid to expand its respiratory products portfolio. Veran Medical Technologies is a leading service provider in the interventional pulmonology section. The acquisition was carried out for USD 340 million and was implemented through the Olympus Corporation of the Americas (OCA). The move came as a part of companies vow to focus on and scale the therapeutic solutions division of the organization
- In March 2022, the department of Pulmonary Medicine in the Government Medical College, Srinagar, India, became one of the first facilities in J&K, India to adopt laser technology in the interventional pulmonology department. Until now, the patients had to visit facilities outside J&K for the treatment of advanced respiratory diseases due to the unavailability of technology in the region. However, the patients will now be able to access the treatment in their residential region.
Regional Dominance:
- North America to continue dominating the market in the coming years.
The global pulmonology lasers market is projected to be led by North America during the forecast period because of the advanced medical infrastructure in the region along with the high prevalence and awareness of respiratory disorders. The high per capita income capacity of the population in countries like Canada, and the US may also aid regional market growth.
Owing to the high awareness rate, medical professionals are able to detect and treat relatively newer diseases as well as lesser-known ones with efficiency. The governments of these countries invest heavily in the R & D across the healthcare sector which acts as a major growth factor. For instance, in 2021, the Canadian government spent over 4.4 billion Canadian dollars on health research activities.
Asia-Pacific is expected to contribute significantly to the global market cap size because of rising investments in the healthcare infrastructure which is a critical part of the overall development of the region. China and India are expected to become the leading revenue generators because of growing medical tourism which is a result of affordable and quality medical care. The rising efforts undertaken by private hospital institutes to provide state-of-the-art treatment to patients may also become a market growth propelling factor.
Global Pulmonology Lasers Market is segmented as follows:
Pulmonology Lasers Market: By Indication Outlook (2022-2028)
- Malignant Lesions
- Neoplasms
- Bronchogenic Carcinoma
- Tracheal Stenosis
- Hemorrhage
Pulmonology Lasers Market: By Laser Type Outlook (2022-2028)
- Photodynamic
- Nd-YAG
Pulmonology Lasers Market: By End-Users Outlook (2022-2028)
- Specialty Care Centers
- Hospitals
- Academic Centers
- Research Organizations
Pulmonology Lasers Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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