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.
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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.
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.
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.
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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.
Pulmonary Needles Market: Segmentation
Based on type, the pulmonary needles market can be segmented into:
In terms of application, the pulmonary needles market can be divided into:
- Lung Cancer
- Lung Infections
Based on end-user, the pulmonary needles market can be segregated into:
- Ambulatory Surgical Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.