Pulmonary Needles Market to Witness Exponential Growth by 2027
Pulmonary Needles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Pulmonary Needles Market Introduction
Pulmonary needles are known as hypodermic needles which are inserted in the lungs during fine needle aspiration and lung biopsies. The needles are used in the diagnosis and treatment of lung diseases such as cancer, and other lung disorders and infections. Two main diagnostic processes for lung diseases are biopsy and aspiration, in which lung needle biopsy is the most common procedure.
Pulmonary Needles Market: Competitive Landscape
Major players operating in the global pulmonary needles market include Medtronic, Conmed, Boston Scientific Corporation or its affiliates, Argon Medical, Becton Dickinson (BD), Elekta, Olympus, and Cook. These players offer various products and have an extensive customer base across regions. This enables the companies to expand their footprints and build a strong relationship with distributors and vendors across developing and underdeveloped countries. Strong workforce and technically advanced product portfolio of the companies are likely to boost their business across the globe. Moreover, mergers & acquisitions is a key strategy adopted by the companies to expand their businesses.
Founded in 1949, Medtronic is a renowned global manufacturer and supplier of medical devices. It primarily operates through four major therapeutic segments: Cardiac and Vascular, Restorative Therapies, Minimally Invasive Therapies, and Diabetes. The company offers pulmonary and biopsy tools which include Arcpoint pulmonary needle, superDimension aspirating needle, etc.
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Boston Scientific Corporation or its affiliates
Boston Scientific Corporation is engaged in the development, manufacture, and marketing of medical devices that are extensively utilized in interventional medical specialties. The company operates through three reportable business segments: Cardiovascular, Cardiac Rhythm Management, and MedSurg. Company has offered solutions to 30 million patients worldwide. Boston Scientific Corporation has a strong presence across the globe. The company provides services to 130 countries with a strong portfolio of more than 13 thousand products.
Established in 1897, the company operates through three business segments: BD Medical, BD Life Sciences, and BD Interventional. BD Interventional segment offers products for urology, vascular, oncology, and surgical specialty. Strong workforce of around 50,000 employees across the globe is a key strength of Becton Dickinson. The company has presence in North Company America, Europe, Asia Pacific, Latin America, and Middle East & Africa. BD is focused on establishing itself as a high tech medical technology company to offer the care solutions and discover innovative treatment options for patients and health care providers.
Cook is a privately held company that offers medical devices across the globe. It engages in medical research and product development. It also manufactures minimally invasive medical devices for diagnostic and therapeutic procedures and distributes them in the U.S. and across the globe. The company’s diverse portfolio includes biopsy needles named EchoTip ProCore Endobronchial HD Ultrasound Biopsy Needle and EchoTip Ultra Endobronchial HD Ultrasound Needle. Cook serves 135 countries spread across the Americas, Europe, Asia, Africa, and Australia, delivering products and services for 40 medical specialties.
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Pulmonary Needles Market: Dynamics
Increase in Incidence of Lung Diseases
The increase in incidence of lung diseases across the globe is the main factor which is likely to boost the pulmonary needles market. Lung diseases such as infections, bronchitis, lung cancer, tuberculosis, chronic obstructive pulmonary disease, and asthma are projected to propel the pulmonary needles market across globe. The rise in exposure to allergens, carcinogens, and increasing number of smokers is likely to increase the burden of lung diseases, globally. In 2019, as per American Cancer Society, around 228,150 new cases of lung cancer were found. Further, an estimate of 142,670 deaths occurred due to lung cancer in the same year.
Technological Advancements and Adoption of Diagnostic Processes
Technological advancements and rising adoption of diagnostic processes such as computed tomography (CT), fluoroscopy and ultrasound are likely to boost the global pulmonary needles market. The pulmonary needles are used in the biopsies and aspiration procedures for the diagnosis of the lung diseases. With rising incidences of lung-related disorders, the pulmonary needle biopsy is a highly preferred option. It is recommended under the guidance of CT scan, MRI, and fluoroscopy method. Currently, cobalt chromium is preferred over stainless steel in the development of pulmonary needles as it is harder than stainless steel, hence cobalt chromium needle sharpness is well-preserved. Moreover, the benefits of cobalt chromium include its superior needle penetration, and it is tougher than stainless steel.
Risks Associated with the Use of Pulmonary Needles are likely to hamper Global Pulmonary Needles Market
There are some risks associated with the biopsy procedures that utilize these pulmonary needles. Complications associated with these procedures include pneumothorax, chest pain, bleeding, coughing up blood, and air leak from punctured lungs. This in turn, might reduce pulmonary needle usage in lung biopsy procedures. And hence, the usage of pulmonary needles need technical expertise to take care of such complications beforehand.