Segmentation by Laser Type (Nd-YAG, and Photodynamic); by Indication (Bronchogenic Carcinoma, Malignant Lesions, Benign Tumors, Neoplasms, Hemorrhage, and Tracheal Stenosis); and by End User (Hospitals, Specialty Care Centers, and Academic and Research Institutions) – Global Demand Analysis & Opportunity Outlook 2031
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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:
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.
Our in-depth analysis of the global pulmonology lasers market includes the following segments:
By Laser Type
By Indication
By End User
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are increasing prevalence of lung cancer, and rising R&D activities in the healthcare sector.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are Olympus Corporation, Quanta System, Hyper Photonics S.r.l., Lumenis Be Ltd., Cook Group Incorporated, and others.
Ans: 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.
Ans: The market is segmented by laser type, indication, end user, and by region.
Ans: 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.
Ans: High cost of pulmonology lasers is estimated to hamper the market growth.
Ans: 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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