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 the removal of cancerous tissues or lungs from the body to treat lung cancer. It is one of the most effective ways of treating early-stage lung cancers. The various types of lung cancer surgeries include wedge resection, lobectomy, pneumonectomy, and sleeve lobectomy. They help in complete removal of tumor and offer the best chance of cure for early-stage lung cancers.
Market key trends:
The lung cancer surgery market is expected to witness high growth owing to the increasing prevalence of lung cancer worldwide. As per the American Cancer Society, lung cancer is the second most common cancer in both men and women. According to WHO, around 2.21 million new cases of lung cancer were reported globally in 2020. Furthermore, the key factors responsible for the rise in lung cancer cases include growing tobacco consumption, air pollution, and exposure to radon. This rising incidence of lung cancer positively impacts the growth of the lung cancer surgery market. Additionally, ongoing technological advancements in lung cancer surgery devices such as robot-assisted surgeries are also expected to boost the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The lung cancer surgery market has high capital requirements for research and development as well as manufacturing which poses a barrier to entry. Surgeries require skilled surgeons and high-end equipment which involves high costs. This poses achallenge for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as lung cancer surgery requires specialized skills and infrastructure. However, availability of alternatives provides choice to buyers.
Bargaining power of suppliers: Suppliers of specialized equipment,tools and drugs have moderate bargaining power as they are differentiated and not easily substitutable. However, established long-term relationships balance this power.
Threat of new substitutes: There is a continuous effort to develop less invasive options but lung cancer surgeries currently have no close substitutes.
Competitive rivalry: The market is competitive with focus on technological innovations.
SWOT Analysis
Strength: Established players have strong R&D capabilities and branded products. Minimally invasive techniques offer shorter recovery times.
Weakness: Surgeries require heavy investments and specialized infrastructure. Complex procedures pose risks. Shortage of skilled surgeons in some regions.
Opportunity: Rising smoking prevalence increases disease burden. Growing awareness boosts market. Untapped regions with improving healthcare presents scope.
Threats: Stringent regulations add to compliance costs. Reimbursement uncertainties impact revenues.
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 disease incidence driven by growing smoking prevalence. North America dominates the market currently due to advanced healthcare infrastructure and widespread health insurance. The Asia Pacific region is expected to be the fastest growing market owing to improving healthcare access and large patient populace.
Regional analysis
By region, the North American market dominates due to advanced healthcare facilities, favorable reimbursement scenarios, and supportive patient assistance programs for cancer. Growing public awareness about lung cancer and availability of reimbursement have boosted the Asia Pacific market which is expected to witness the highest CAGR over the forecast period. The region is projected to gain significantly owing to its massive patient population and improving healthcare penetration in emerging countries like China and India.
Key players
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., and Novadaq Technologies Inc. Major players focus on product upgrades through R&D and partnerships to strengthen their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
