New York, June 30, 2022 (GLOBE NEWSWIRE) -- In the United States, between 10% to 20% of lung cancer cases, or 20,000 to 40,000 cases each year, occur with people who have never smoked or have smoked fewer than 100 cigarettes in their lifetime. Second-hand smoke is thought to be responsible for around 7,300 of these lung cancers, while radon exposure is thought to be responsible for about 2,900 cases of lung cancer.
Research Nester has published a detailed market report on ‘Global Pulmonology Lasers Market' for the forecast period i.e. 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
As per the World Health Organization, cancer is the leading cause of death across the globe. In 2020, nearly 10 million deaths were reported due to cancer and out of these, 1.18 million deaths were due to lung cancer. The global pulmonology lasers market is estimated to grow at a CAGR of ~12% over the forecast period. The market expansion can be credited to the rising prevalence of lung cancer, as laser therapy is frequently employed to provide a curative impact for this cancer in its early stages. Furthermore, pulmonary lasers are widely in use to treat chronic obstructive pulmonary disease caused by environmental exposure to tobacco smoke, indoor air pollution, and occupational dust, fumes, and chemicals. As per the World Health Organization, 3.23 million people died from chronic obstructive pulmonary disease (COPD), the third most common cause of mortality in the world in 2019. In low- and middle-income nations, about 90% of COPD fatalities among those under 70 years take place. Hence, this wide scope of usage of pulmonology lasers is expected to fuel significant market expansion over the forecast period.
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In addition to this, increasing research and development activities in the healthcare sector to have high accuracy in diagnosis through CT scans, machines, and computer programs are expected to provide lucrative opportunities for market growth during the forecast period. For instance, researchers developed a computer software program which is capable of identifying cancer-related genetic abnormalities and correctly diagnose two kinds of lung cancer with a 97% accuracy rate. In addition to this, drug research teams are estimating to reduce development and approval timing for the new anticancer drugs which is predicted to save lives from lung cancer on earlier stage. For instance, an average number of 79,920 life years may have been saved globally for every year that the time to drug approval could have been shaved off. The average number of years of life lost between the discovery of a drug and its approval was 1,020,900. The average number of life-years saved per case would have been 523,890 globally if we were able to take advantage of the chances at hand and shorten the time it takes for a drug to get from development to approval to 5 years. Hence, the advancement in research and development activities is expected to provide profitable prospects for market growth over the forecast period.
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On the basis of geographical analysis, the global pulmonology lasers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in the North America region is expected to hold the largest market share over the forecast period owing to the increasing prevalence of lung cancer in the region. According to the American Cancer Society's projections for lung cancer in the United States in 2022, there will be around 236,740 new cases comprising 117,910 men and 118,830 women, and 130,180 deaths from lung cancer estimating 68,820 in men and 61,360 in women. Furthermore, with increasing disposable income in the region the overall spending on hospitals, physician and clinical services are expected to increase over the years. As per the U.S. National Health Expenditure Data, in 2020, hospital spending increased by 6.4% to USD 1,270.1 billion, slightly faster than the 6.3% growth in 2019. Physician and clinical services spending increased by 5.4% to USD 809.5 billion in 2020, above the 4.2% growth seen in 2019. In addition to this, the rising investment in the research and development sector for better diagnosis and treatment facilities are projected to boost market growth over the forecast period.
Furthermore, the market in the Europe region is estimated to provide lucrative opportunities for market growth over the forecast period. Increasing cases of lung cancer and rising mortality rates on account of lung cancer are expected to propel the market growth in the region in the coming years. For instance, lung cancer is the leading cause of mortality in Europe, accounting for nearly 20% of all cancer deaths and 3.2 million disability-adjusted life years lost each year. Moreover, rising health spending and surging demand for enhanced treatment and early detection of lung cancer are estimated to boost the market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global pulmonology lasers market is segmented by indication into bronchogenic carcinoma, malignant lesions, benign tumors, neoplasms, hemorrhage, and tracheal stenosis. Out of these, the bronchogenic carcinoma segment is expected to cover the maximum market share over the forecast period on account of the increasing prevalence of lung cancer mainly on account of exposure to hazardous chemicals and cigarette smoking. For instance, cigarette smoking is a leading cause of around 80% to 90% of lung cancer deaths in the United States. People who smoke cigarettes are 15 to 30 times more likely than non-smokers to get lung cancer or die from it.
Further, the global pulmonology lasers market is segmented on the basis of end users into hospitals, specialty care centers, and academic and research institutions. Out of these, the hospitals segment is projected to gain maximum market share over the forecast period owing to increasing lung cancer awareness among the people and which in turn is estimated to increase the overall spending in the health across the globe. For instance, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP up from 8.5% in 2000. Moreover, the rising need for accurate and on time diagnosis of lung cancer are expected to boost the segment growth during the forecast period.
The global pulmonology lasers market is also segmented on the basis of laser type.
Global Pulmonology Lasers Market, Segmentation by Laser Type
Some of the prominent key players and their company profiling mentioned in the global pulmonology lasers market research report include Olympus Corporation, Quanta System, Hyper Photonics S.r.I., Lumenis Be Ltd., Cook Group Incorporated, Mauna Kea Technologies, Convergent Laser Technologies, ams-OSRAM AG, JenaSurgical Gmbh, Candela Laser Corporation, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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