Global Lung Cancer Surgery Market Overview:
Lung cancer is a kind of cancer that causes changes in cells that are otherwise healthy. The cells grow too quickly or divide in the lungs uncontrollably without dying off. Normal cells in the body typically die at a particular stage in their life cycle, limiting a buildup of too many cells. However, in cancer, the cells continue to expand and cause tumors to grow. The main kinds of lung cancer are small-cell lung cancer and non-small cell lung cancer, depending on how they resemble under a microscope. Non-small cell lung cancer is more prevalent as compared to small cell lung cancer. Smoking and having exposure to smoke is a significant risk factor, though not everyone who develops lung cancer has a smoking history. Lung cancer is the third most prevalent Trusted Source of cancer and the leading cause of cancer-related death in the United States. It is most common in males, and black males are around 15% more likely to develop it than white males.
Global Lung Cancer Surgery Market Insights
The global lung cancer surgery market size is growing at a CAGR of 8.51% during the forecast period, 2020-2027. The significant factors are the growing incidence and prevalence of lung cancer across the globe. Additionally, the ever-increasing trend of smoking tobacco and increasing pollution levels of cigarette smokers will spur the global lung cancer surgery industry in the future periods. Furthermore, the technological advancement and upgradation in lung cancer treatment are expected to witness remarkable growth of lung cancer surgery. The increasing emphasis on early diagnosis & treatment of cancers and availability of reimbursement scenarios in the developed countries are expected to propel the demand for lung cancer surgery over the coming years.
Moreover, the increasing awareness levels among the general population about cancer treatment positively impact lung cancer surgery in the healthcare industry. Furthermore, the rise in the geriatric population and the growing medical tourism industry in developing nations fuel the lung cancer surgery market demand. The increase in government funding for research & development of new drugs and treatment procedures and rapidly growing healthcare infrastructure will bolster the growth of the global lung cancer surgery market share. In addition, the growing air population and increasing purchasing power of patients propelling the development of the lung cancer surgery market across the globe.
Growth Driver
Rising incidence of lung cancer
The rise in cancer incidences is one of the major contributors to market growth in the overall Lung Cancer Surgery Market. Cancer is the second preeminent cause of death across the globe, accounting for 10 million deaths in 2020. About 1 in 6 deaths occur globally due to cancer, and around 19.3 million new cases were recorded in 2020. Lung cancer is the most popular type of cancer prevailing worldwide due to increasing tobacco products. Tobacco is the principal cause of approximately 80% of all lung cancers. According to WHO, lung cancer cases in developing economies are expected to reach 2,530,820 by 2025.
Moreover, the increasing burden of cancer can be attributed to several factors, including aging and population growth and the changing prevalence of specific causes of cancer linked to social and economic development. Thus, the growing prevalence and incidence of cancer are expected to increase patients opting for lung cancer surgery in the coming years. This turns in drives the growth of the market in the coming years.
Surgical Devices Segmental Analysis
The global lung cancer surgery market is segregated into surgical instruments, monitoring & visualizing systems, and end surgical equipment based on surgical devices. Furthermore, the surgical instruments segment is bifurcated into hand instruments and powered surgical equipment. The monitoring & visualizing systems segment is bifurcated into cameras & video support and endoscopic trocars with optical views. The surgical instruments segment is estimated to witness the highest growth over the analysis timeframe due to the rise in the adoption of hand instruments, technological advancements related to powered surgical equipment, and rapid expansion in the customer base. In addition, the increasing prevalence of lung cancer, rising government support & investment, and the advent of minimally invasive surgery are the factors driving the market growth.
The monitoring & visualizing systems will grow significantly due to the rising adoption of lung cancer surgery procedures.
Surgical Procedures Segmental Analysis
Based on the surgical procedures, the global lung cancer surgery market is categorized into thoracotomy, lobectomy, sleeve resection, segmentectomy, pneumonectomy, and minimally invasive surgeries. The thoracotomy segment held for a significant market share in 2019 and will gain maximum market revenue by 2027, due to the high preference for thoracotomy surgical procedures among patients, with lesser incidences of postoperative complications and a greater survival rate compared with other surgical procedures.
The minimally invasive surgeries segment is poised to witness significant growth over the forecast period. It is due to the rising adoption of minimally invasive techniques, availability of reimbursement policies, and increasing technological advancements.
Region Segmental Analysis
The global lung cancer surgery market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. North America is to project considerable growth over 2020-2026. It is owing to rising technological advancements in lung cancer treatment, the higher prevalence rate of lung cancer, and increasing healthcare expenditure. In addition, the presence of leading industry players drives the market.
The Asia Pacific will gain a prominent share of the lung cancer surgery market by 2027. Due to the increasing emphasis on early diagnosis & treatment of cancers, the rising trend of smoking tobacco, and mounting health care expenditures in emerging countries such as India and China.
Competitor Analysis
Companies such as Medtronic Plc, Ethicon Inc, Olympus Corporation, Accuray Inc, Siemens Healthcare, AngioDynamics Inc., Covidien, Ackermann Instrumente GmbH, KARL STORZ GmbH, Phoenix Surgical Holdings Limited, Intuitive Surgical Inc, Teleflex Incorporated, Scanlan International Inc, TROKAMED GmbH, Richard Wolf GmbH, KLS Martin Group, Sontec Instruments Inc., Wexler Surgical Inc, Surgical Holdings, FusionKraft, and Key Surgical LLC are the key players in the global lung cancer surgery market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global lung cancer surgery devices manufacturing firm
- Research organizations and consulting companies
- Organizations, associations, and alliances related to lung cancer surgery
- Regulatory bodies
- Suppliers
- Retailers
The objective of the research
- Market modeling arrives with identifying a target market where historical data exists. A Market may include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to know potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps assess potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines an in-depth scenario of the target market by grouping consumers into naturally existing created segments of consumers who have similar product choices or characteristics.
- The geographical mapping approach helps our clients to understand national or international markets place because different people in different regions have different needs, wants, and cultural characteristics that can specifically target.
Market Modelling
By Surgical Devices
- Surgical Instruments
- Hand Instruments
- Staplers
- Forceps
- Retractors
- Rib Shears
- Trocar
- Cutters
- Clamps
- Scissors
- Elevators
- Other Hand Instruments
- Powered Surgical Equipment
- Monitoring & Visualising Systems
- Cameras & Video Support
- Endoscopic Trocars with Optical Views
- Endosurgical Equipment
By Surgical Procedures
- Thoracotomy
- Lobectomy
- Sleeve Resection
- Segmentectomy
- Pneumonectomy
- Minimally Invasive Surgeries
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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