The global lung biopsy systems market is estimated to garner remarkable revenue by the end of 2031 by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. Further, the market generated significant revenue in the year 2021. The growth of the market is primarily attributed to the higher prevalence of lung cancer across the globe. A report published by World Health Organization (WHO) stated that in 2020, around 10 million people died due to lung cancer which was summed up to be 1 in 6 deaths.
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Furthermore, the global lung biopsy systems market is projected to grow on the back of rising cases of hypertension and asthma over the forecast period. Another report published by the World Health Organization showed that in 2019, about 262 million people were found to be affected by asthma. Additionally, the market is anticipated to enlarge its size owing to the growing inclination of the global population toward minimally invasive surgeries. Minimally invasive surgeries come under the ongoing advancement of the medtech industry and it is performed by delivering less damage to the body with the assistance of enhanced medical equipment. For instance, medical technology was estimated to grow by an annual rate of approximately 5% in 2021.
As per the report published by the World Health Organization, in 2019, COPD accounted to cause 3.23 million deaths across the globe.
COPD, a chronic obstructive pulmonary disease, is considered an inflammatory lung disease that is responsible for the interrupted airflow from the lungs and can result in the death of the affected person. COPD requires quick medical attention and early diagnosis to be cured thoroughly.
Based on the report provided by the World Health Organization (WHO), it was stated that in 2019, more than 1 billion people were living with hypertension globally summing up to 82% of the entire population.
Data published by the American Lung Association showed that in 2018, about 9.0 million individuals aged 18 or above were living with chronic bronchitis.
Another report published by the World Health Organization demonstrated that around 290,000 to 650,000 people die annually due to respiratory diseases.
Based on the data released by World Bank, the global healthcare expenditure was noticed to rise from 9.7% of GDP in 2018 and reached 9.83% of GDP in 2019.
The global lung biopsy systems market is segmented and analyzed for demand and supply by procedure type into transbronchial, thoracoscopic, and open biopsy, out of which, the open biopsy segment is anticipated to hold the notable share in the global lung biopsy systems market during the forecast period on account of the higher number of patients receiving it. Open lung biopsy is the most common type of biopsy that is performed to check for the sigh of diseases in the lungs. It is observed that about 0.5 million bronchoscopies are performed every year solely in the USA.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global lung biopsy systems market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is estimated to witness remarkable growth over the forecast period on the back of a higher patient pool and an increasing geriatric population with severe lung diseases. Based on the data provided by the World Bank, the number of people aged 65 and above in the United States and Canada in 2020 was stated to be 55,131,698 and 6,886,393 respectively. Additionally, the presence of an enhanced and well-structured healthcare system in North America is also projected to propel market growth over the forecast period. In North America people are more aware of their health, hence, a significant inclination of the global population toward the early diagnosis of lung diseases is anticipated to be another major growth driver of the market during the forecast period.
The global lung biopsy systems market is further classified on the basis of region as follows:
Our in-depth analysis of the global lung biopsy systems market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Escalating prevalence of cancer and rising cases of hypertension and asthma are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2031.
The requirement of high initial investment and lack of skilled medical professionals are estimated to challenge the market growth.
The market in the North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Fujifilm Corporation, Cardinal Health, Inc., DTR Medical Ltd, B. Braun Melsungen AG, Becton, Dickinson and Company, Olympus Corporation, Hologic Inc., Medtronic Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, procedure type, end-use and by region.
The open biopsy segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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