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 lung cancer tumors through surgery. The
removal of tumors helps in improving survival rates and reducing cancer
recurrence. The key lung cancer surgeries include wedge resection, segmental
resection, lobectomy and pneumonectomy. Lung cancer surgeries are majorly
performed using minimally invasive surgical procedures such as video-assisted
thoracoscopic surgery (VATS) to reduce postoperative pain and recovery time.
Market Dynamics:
The growth of the lung cancer surgery market is attributed to the rising
incidence of lung cancer across the globe. According to the World Health
Organization (WHO), lung cancer was the leading cause of cancer death in 2020,
accounting for over 1.80 million deaths, which is more than deaths due to
colon, breast and prostate cancers combined. The preference for minimally
invasive surgical procedures such as VATS over conventional open surgeries is
expected to drive the market growth during the forecast period. VATS surgeries
offer advantages such as less postoperative pain, reduced hospital stay and
recovery time, and improved quality of life. Furthermore, technological
advancements in surgical equipment and introduction of robotic surgery for lung
resection and mediastinal staging procedures are further expected to support
the market growth over the forecast period.
Segment
Analysis
The lung cancer surgery market is dominated by the thoracotomy sub segment.
Thoracotomy accounted for approximately 60% share of the overall market in
2022. This is because thoracotomy provides direct access to areas of the lungs
and spaces between the lungs and chest wall for surgery.
PEST Analysis
Political: The governments across various countries are focusing on various
initiatives to increase awareness about lung cancer. For instance, the American
Lung Association funds research and provides patient services to combat lung
cancer.
Economic: The rising incidence of lung cancer and increasing healthcare
expenditure are driving the growth of the lung cancer surgery market. The
market is also fuelled by new product launches and adoption of advanced
surgical technologies.
Social: Growing public awareness about lifestyle-related risk factors
associated with lung cancer such as tobacco consumption is supporting early
detection and treatment. Various social media campaigns aim to educate people
about the symptoms of lung cancer.
Technological: Technological advancements in surgical robots, navigation
systems and imaging technologies are helping surgeons to perform minimally
invasive surgeries with better accuracy. This is reducing post-operative
complications and hospital stay duration.
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 adoption of minimally invasive surgical
procedures.
The North American region dominated the market in 2022 with a share of over
35%, owing to the rising incidence of lung cancer coupled with availability of
advanced healthcare infrastructure and growing medical reimbursements. The Asia
Pacific region is anticipated to be the fastest growing market during the
forecast period, propelled by expanding healthcare sector and increasing
healthcare expenditure.
Key players operating in the 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
players are focusing on new product launches and collaborations to consolidate their
market position.
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