by Lung cancer is one of the most common types of cancer that originates in the lungs. It is characterized by the uncontrolled cell growth in the tissues of the lung. The various types of lung cancer surgeries include lobectomy, pneumonectomy, bronchoscopy, and others. Lung cancer surgery helps to remove part of or the entire lung depending on the spread of the cancer. Common products used in lung cancer surgeries include surgical instruments, endoscopy equipment, and robot-assisted systems. The global lung cancer surgery market is estimated to be valued at US$ 6.04 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing prevalence of lung cancer has been a major driver fueling growth of the lung cancer surgery market. According to the World Health Organization (WHO), lung cancer is the second most common type of cancer worldwide and is a leading cause of cancer death across the globe. Factors such as rising geriatric population, growing tobacco consumption, environmental pollutants, and genetic mutations are contributing to increasing incidence of lung cancer. Statistics by the American Cancer Society estimate around 235,000 new cases of lung cancer diagnosed in the U.S. in 2022 alone. Moreover, advancements in surgical techniques and devices have improved outcomes of lung cancer surgeries. Robot-assisted surgeries and minimally invasive procedures offer benefits such as less pain, reduced hospital stay, faster recovery, and minimal scarring. Ongoing research and development activities to develop advanced medical devices and equipment are also boosting adoption of lung cancer surgery. However, high cost associated with lung cancer surgery devices and high preference of patients towards non-surgical treatments may hamper market growth over the forecast period.
SWOT Analysis
Strength: Lung cancer is the leading cause of cancer-related deaths across the globe. Early detection and surgical intervention can significantly improve treatment outcomes and survival rates. Advancements in minimally invasive surgical techniques allow for reduced recovery times and post-operative complications. Surgery combined with chemotherapy and radiation therapy offers the greatest potential for curing early-stage lung cancer in appropriately selected patients.
Weakness: Not all patients are candidates for lung cancer surgery due to factors like tumor stage, size, and location. Some patients are too elderly or have other health issues that preclude major surgery. Video-assisted thoracoscopic surgery requires specialized training and equipment that may not be universally available. Post-operative complications like air leaks and prolonged hospital stays still occur in a minority of cases.
Opportunity: Rising lung cancer incidence worldwide due to heavy smoking in past decades has increased the pool of potential surgical candidates. Rapid adoption of low-dose computer tomography screening in high-risk groups enables earlier detection of resectable tumors. Combining surgery with emerging immunotherapy and targeted drug regimens expands opportunities for improved outcomes. Growing demand in developing nations has spurred investments to strengthen surgical oncology infrastructure and capabilities.
Threats: Continued emphasis on non-invasive alternatives like stereotactic body radiation therapy or proton beam therapy could threaten the market share of surgical approaches over time, particularly for early-stage disease. Heavy price competition exists between providers of surgical equipment and technologies. Persistently high smoking rates in certain countries sustain lung cancer risk and treatment costs.
Key Takeaways
The Global Lung Cancer Surgery Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising disease incidence, increased accessibility to screening, and progress in minimally invasive techniques. The market size for 2024 is estimated at US$ 6.04 billion based on ongoing demand from industrialized nations and emerging economies alike.
Regional analysis: North America historically dominates the lung cancer surgery market owing to sophisticated healthcare infrastructure and widespread private insurance coverage supporting surgical intervention rates. However, Asia Pacific is expected to emerge as the fastest growing regional market given large populations and improving access to multimodal treatment regimens. China in particular is outpacing other high incidence countries with healthcare spending focused on cancer care.
Key players: Key players operating in the lung cancer surgery market are Bunge Limited, Archer Daniels Midland Company, Cargill, Incorporated, Wilmar International Limited, Tyson Foods, Inc.,JBS S.A.,Darling Ingredients Inc.,IOI Corporation Berhad, Ventura Foods, LLC,BRF S.A., Ajinomoto Co., Inc., Premium Vegetable Oils Sdn Bhd, AAK AB, Conagra Brands, Inc., Richardson International Limited. These companies compete based on service quality, differentiated surgical techniques, and integrated partnerships across the lung cancer care continuum
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Source: Coherent Market Insights, Public sources, Desk research
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