Global Pulmonology Lasers Market Highlights Over 2022 - 2031
The global pulmonology lasers market is estimated to garner a sizeable revenue by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing prevalence of lung cancer, as laser therapy is widely being used for providing curative effect for this cancer at early stages. According to the World Cancer Research Fund, lung cancer is the most common cancer in men and the third most commonly occurring cancer in women. In 2018, there were about 2 million new cases of this cancer. Along with this, pulmonary lasers act as both palliative and curative therapy for relieving the obstructions in the airway caused due to various complications like neoplasms, tumors and lesions. This in turn is also expected to drive market growth significantly in the forthcoming years. Furthermore, rising R&D activities in the healthcare sector to develop sophisticated technologies for complications associated with airway tract is projected to offer lucrative opportunities to the market in the near future.
The market is segmented by end user into hospitals, specialty care centers, and academic and research institutions, out of which, the hospitals segment is anticipated to hold the largest share in the global pulmonology lasers market. This can be accounted to the availability of pulmonology lasers and other advanced equipment in a hospital facility. Apart from this, high preference of patients to get treatment of complex health conditions by trained medical professionals is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of laser type, the Nd-YAG laser segment is assessed to grab the largest share during the forecast period owing to the ability of these lasers to emit light at mid-wavelengths with pulse durations in the millisecond range, and to penetrate deeper into the tissues. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Pulmonology Lasers Market Regional Synopsis
Regionally, the global pulmonology lasers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to gather the largest share over the forecast period on the back of the growing occurrence of lung cancer, and increasing investments in R&D to improve the management and treatment of this cancer in the region. As per the American Cancer Society, it is calculated that in 2022, about 236,740 new cases of lung cancer will emerge in the United States, with 117,910 of them occurring in men and 118,830 in women. In addition, strong footprint of market players is also expected to drive the market growth in the region in the coming years. Moreover, the market in Europe is also assessed to grab a notable share during the forecast period ascribing to the rising health spending, and surging demand for advanced treatment along with early detection of lung cancer.
The global pulmonology lasers market is further classified on the basis of region as follows:
Our in-depth analysis of the global pulmonology lasers market includes the following segments:
By Laser Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of lung cancer, and rising R&D activities in the healthcare sector.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022-2031.
The major players in the market are Olympus Corporation, Quanta System, Hyper Photonics S.r.l., Lumenis Be Ltd., Cook Group Incorporated, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by laser type, indication, end user, and by region.
The Nd-YAG segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
High cost of pulmonology lasers is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the growing occurrence of lung cancer, and increasing investments in R&D to improve the management and treatment of this cancer in the region.
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