The global Lung Cancer Surgery Market is estimated to be valued at US$ 6.40 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Lung Cancer Surgery market refers to the surgical procedures performed to treat lung cancer, including lobectomy, pneumonectomy, and segmentectomy, among others. These surgeries are used to remove the cancerous cells in the lungs and are often considered as an effective treatment option for early-stage lung cancer. The market for lung cancer surgery is witnessing significant growth due to the rising incidence of lung cancer worldwide, technological advancements in surgical techniques, and the growing geriatric population.
The market dynamics of the Lung Cancer Surgery market can be attributed to two key drivers – technological advancements and the growing geriatric population.
The advancements in surgical techniques and technologies have improved the success rate and outcomes of lung cancer surgery. Minimally invasive procedures such as video-assisted thoracic surgery (VATS) and robotic-assisted surgery are gaining popularity due to their benefits, including smaller incisions, reduced blood loss, shorter hospital stays, and faster recovery. For instance, Intuitive Surgical’s da Vinci Surgical System and Medtronic’s robotic-assisted surgical systems have revolutionized the field of lung cancer surgery, enabling precise and minimally invasive procedures.
The growing geriatric population is another major driver for the lung cancer surgery market. As individuals age, the risk of developing lung cancer increases. According to the World Health Organization (WHO), the global population aged 60 years and older is expected to reach 2 billion by 2050. This demographic shift is expected to fuel the demand for lung cancer surgeries, as older adults are more prone to developing lung cancer and may require surgical intervention for treatment.
In the segment analysis of the Lung Cancer Surgery market, the minimally invasive surgery segment is expected to dominate the market. Minimally invasive surgeries offer several advantages over traditional open surgeries, such as reduced post-operative pain, faster recovery, and shorter hospital stays. These factors contribute to the growing adoption of minimally invasive lung cancer surgeries. Additionally, advancements in robotic-assisted surgical systems have further propelled the growth of this segment.
Political: Governments worldwide are implementing various initiatives to raise awareness about lung cancer, promote early detection, and improve access to lung cancer surgeries. This includes awareness campaigns, screening programs, and reimbursement policies for lung cancer surgeries.
Economic: The economic factor driving the lung cancer surgery market is the increasing healthcare expenditure, especially in developing countries. As the healthcare infrastructure improves and disposable income rises, the demand for lung cancer surgeries is expected to increase.
Social: The social factor influencing the market is the growing smoking cessation programs and anti-smoking campaigns. As smoking is a major risk factor for lung cancer, the reduction in smoking rates can potentially lead to a decrease in the incidence of lung cancer and the need for surgical interventions.
Technological: Technological advancements in surgical techniques, such as robotics and image-guided surgeries, have significantly improved the outcomes of lung cancer surgeries. These advancements have reduced complications, improved precision, and led to faster recovery times for patients.
E) Key Takeaways:
The global Lung Cancer Surgery Market Share is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing technological advancements and a growing geriatric population.
Regionally, North America is projected to dominate the market, driven by factors such as favorable reimbursement policies, advanced healthcare infrastructure, and a high prevalence of lung cancer.
Key players operating in the global Lung Cancer Surgery market include 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., and Novadaq Technologies Inc. These companies are focusing on technological advancements, strategic collaborations, and expanding their product portfolios to gain a competitive edge in the market.