by The lung cancer surgery market is estimated to be valued at US$ 6.40 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lung cancer surgery involves removal of the tumor from the lungs through either open or minimally invasive surgery depending on the size and location of tumor. The surgery aims to remove the cancerous tissue entirely to increase chances of remission. The major procedures include lobectomy, pneumonectomy, and segmentectomy.
Market Dynamics:
The growth of the lung cancer surgery market is attributed to the rising prevalence of lung cancer globally. According to WHO, lung cancer was the leading cause of cancer deaths in 2018, accounting for over 1.76 million deaths worldwide. Furthermore, growing geriatric population, who are more susceptible to lung cancer, will fuel the market growth during the forecast period. Changing lifestyle with rising cigarette smoking is another key factor behind increasing lung cancer burden. However, stringent regulations pertaining to smoke-free areas and campaigns to promote healthy lifestyle could help limit lung cancer incidence rate in the coming years.
SWOT Analysis
Strength: The lung cancer surgery market has strong growth potential due to the rising prevalence of lung cancer worldwide. Minimal invasive techniques offer reduced post-surgery complications. Robot-assisted lung cancer surgery provides surgeons with better control and precision.
Weakness: High cost of robotic surgical systems limits their adoption in price sensitive markets. Lack of skilled surgeons trained in complex lung cancer surgery procedures.
Opportunity: Rising healthcare expenditure in emerging countries improves accessibility to advanced treatment options. Technological advancements enable surgeons to perform complex procedures with better outcomes.
Threats: Social stigma and misconceptions around lung cancer limits patients seeking timely treatment. Steep learning curve for novice surgeons while adopting new technologies.
Key Takeaways:
Global Lung Cancer Surgery Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing prevalence of lung cancer. According to the World Health Organization (WHO), lung cancer accounted for 2.21 million new cases and 1.80 million deaths globally in 2020.
The lung cancer surgery market in North America is the highest revenue generating region currently. This is attributed to the availability of advanced healthcare facilities and favourable reimbursement policies in the region. Asia Pacific is projected to emerge as the fastest growing market during the forecast period owing to rising healthcare expenditure and improving access to diagnosis and treatment in developing countries of China and India.
Key players operating in the lung cancer surgery market are Ethicon (Johnson & Johnson), Medtronic, Intuitive Surgical, Olympus Corporation, Karl Storz, Teleflex Incorporated, Accuray Incorporated, AngioDynamics, CONMED Corporation, Trovagene, Varian Medical Systems, Medrobotics Corporation, Siemens Healthineers, Atricure, Inc., Novadaq Technologies Inc. The market players are focusing on new product launches and strategic collaborations for geographic expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
