The pulmonary devices market size was estimated to be US$ 21.6 billion in 2021 and US$ XX billion in 2023 and is expected to reach US$ 40.6 billion by 2031; it is estimated to record a CAGR of 7.6% in 2023–2031. The rising cases of respiratory disorders and strategic initiatives by companies are driving factors. Increasing preference for home care products will likely remain key to pulmonary devices market trends.
Pulmonary Devices Market Analysis
Lung diseases are among the most common medical conditions across the world. Worldwide millions suffer from various types of respiratory diseases and the most common factors responsible for the same are smoking, genetic factors, and infections. Medical conditions such as asthma and chronic obstructive pulmonary disease (COPD), chronic bronchitis, cystic fibrosis, and lung cancer are among the significant public health burdens. As per the World Health Organization (WHO), worldwide, COPD is the seventh leading cause of poor health. Therefore, manufacturers in the pulmonary devices market are ramping up their focus on adopting various strategies, such as product innovation, product launches, and approvals, to maintain a competitive environment in the market. For instance, in India, Lupin Limited launched Vilfuro-G, a fixed-dose triple combination drug for managing chronic obstructive pulmonary disease (COPD).
Pulmonary Devices Market Overview
Asia Pacific is the fastest-growing market for Pulmonary Devices. The growth is mainly urged by the higher prevalence of respiratory and heart diseases seeking inpatient care and growing research activities. China is among the most populated countries in the world, and it is a country that has a maximum number of patients living with respiratory and cardiac-associated disorders.
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Pulmonary Devices Market: Strategic Insights
Market Size Value in US$ 18,598.56 Million in 2019 Market Size Value by US$ 39,965.01 Million by 2027 Growth rate CAGR of 10.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Pulmonary Devices Market: Strategic Insights
| Market Size Value in | US$ 18,598.56 Million in 2019 |
| Market Size Value by | US$ 39,965.01 Million by 2027 |
| Growth rate | CAGR of 10.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Pulmonary Devices Market Drivers and Opportunities
Rising Cases of Respiratory Disorders
The prevalence of asthma, cystic fibrosis, chronic obstructive pulmonary disease (COPD), and other respiratory diseases is increasing across the globe. For example, Asthma contributes to 1% of all deaths in most countries worldwide. In addition, one of the major causes of respiratory diseases such as COPD and asthma is the rise in air pollution.
Increasing Product Development Activities – An Opportunity
The growing number of product approvals and developments will strengthen the demand for pulmonary devices in the coming years. For instance, Medical device start-up Circadia Health received FDA approval in June 2020 for an AI-powered Circadia C100 device. This device is placed at the bedside and allows for continuous, remote, medical-grade monitoring of their breathing. Furthermore, in February 2024, Pulmonx initiates the CONVERT II study of the AeriSeal System in COPD patients.
The adoption of pulmonary devices has increased significantly across various North American, European, and Asian countries.
Pulmonary Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Pulmonary Devices market analysis are type, application, and end user.
- Based on the type, the pulmonary devices market is segmented into consumables and accessories, therapeutic devices, diagnostic devices, and monitoring devices. In 2023, the therapeutic devices segment held the largest share of the market. However, the consumables and accessories segment is expected to grow at the fastest rate during the forecast period.
- Based on application, the pulmonary devices market is segmented into asthma, COPD, sleep apnea, infectious disease, and others. The COPD segment held the highest share of the pulmonary devices market in 2023. Moreover, the same segment is anticipated to witness growth at a significant rate during the forecast period.
- Based on end user, the pulmonary devices market is segmented into hospitals, home care settings and ambulatory care centers. In 2023, the hospitals segment held the largest share of the market. However, the home care settings segment is expected to grow at the fastest rate during the forecast period.
Pulmonary Devices Market Share Analysis by Geography
The geographic scope of the pulmonary devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The North America pulmonary devices market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American pulmonary devices market in 2023. The projected growth of the pulmonary devices market in North America is attributed to factors such as the presence of leading market players and their product developments, the growing geriatric population, and the rising prevalence of pulmonary diseases and infections. For instance, UK-based ChestPal company launched its new digital stethoscope, ChestPal Pro, for healthcare practitioners in the US. This device offers automatic detection and classification of crackles and wheezes, designed to aid clinicians in making accurate and swift diagnoses, potentially reducing emergency room visits for respiratory conditions.
Pulmonary Devices Market Report Scope
Pulmonary Devices Market News and Recent Developments
The pulmonary devices market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for pulmonary devices:
- Vitalograph, respiratory diagnostic devices developer, launched its VitaloPFT Pulmonary Function Testing Series, which is aimed at use in secondary care. This new series provides advanced respiratory diagnostic solutions to primary and secondary care units that demand complex pulmonary function testing. (Source: Serum Institute of India (Vitalograph/Press Release, March 2023)
- Xplore Health Technologies launched a first-of-its-kind respiratory muscle training (RMT) device, Airofit Pro. The product comes in collaboration with Airofit, Denmark. It is the world’s first personal data-driven smart respiratory training system priced at Rs 34,990. The device can train inspiratory and expiratory muscles, another unique feature. (Source: Reveal Lasers, Press Release, October 2023)
Pulmonary Devices Market Report Coverage and Deliverables
The “Pulmonary Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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