Lung Cancer Surgery Market
Number of pages: 100 | Report Format: PDF | Published date: August 25, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
USD 5.59 billion |
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Revenue forecast in 2030 |
USD 7.62 billion |
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Growth Rate |
CAGR of 3.5% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Surgery, End User |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global lung cancer surgery market was pegged at US$ 5.59 billion in 2021 and is expected to register a revenue CAGR of 3.5% during the forecast period.
Market Fundamentals
Lung cancer surgery is used to remove tumors and cancer surrounding lung tissues. The type, stage, and location of the lung cancer, along with other medical factors, all influence the nature of the procedure. Carcinoid tumors and early-stage non-small cell lung cancer are also included in the procedure. Lung surgery can be divided into four different categories: pneumonectomy, lobectomy, segmentectomy or wedge resection, and sleeve resection.
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Market Dynamics
According to the WHO's International Agency for Research on Cancer, outdoor air pollution is an acknowledged carcinogen. The number of people suffering from lung cancer is increasing because of the rising pollution levels. Most lung cancer cases are also brought on by long-term smoking. More people are developing lung cancer as a result of the growing smoking population. In addition, the lung cancer surgery market revenue will also be driven by both technological developments in the sector and an increase in lung cancer incidences.
Market Ecosystem
The global lung cancer surgery market has been analyzed from four perspectives by product, surgery, end user, and region.
Lung Cancer Surgery Market by Product
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Based on product, the global lung cancer surgery market is segmented into powered instrument, hand instrument, endosurgical equipment, and monitoring or visualizing equipment. The hand instruments are sub-segmented into clamps, forceps, retractors, staplers, cutters, scissors, elevators, RIB sheers, and trocars, whereas monitoring equipment is sub-segmented into camera and trocar. Hand instruments based on the uptake volume of the equipment shall continue to dominate the global market throughout the forecast period.
Lung Cancer Surgery Market by Surgery
Based on surgery types, the global lung cancer surgery market is segmented into robotic surgery, thoracotomy, and minimally invasive surgery. The thoracotomy segment is further classified into lobectomy, pneumonectomy, segmentectomy, and sleeve resection. The market segment with the largest revenue share will be thoracotomy during the forecasted period. However, the minimally invasive surgery segment is expected to register at the fastest revenue CAGR. The reasons driving the growth of this market segment include the rising acceptance of minimally invasive procedures, rising technical breakthroughs, the availability of reimbursement policies, and the rising popularity of robotic surgeries.
Lung Cancer Surgery Market by End User
Based on end user, the global lung cancer surgery market is segmented into hospitals, specialty care centers, and ambulatory surgical centers. Hospital segments will dominate the global market during the forecast period due to higher patient footfall and better services to patients.
Lung Cancer Surgery Market by Region
The highest prevalence of lung cancer has been observed in North America and Asia Pacific. As a result, the market for lung cancer surgery in these two regions is enormous. The rising incidence of lung cancer and the financing choices for surgical treatment of the condition are driving revenue growth in North America. Enhanced healthcare infrastructure that facilitates technologically advanced surgeries like robotic surgery is also likely to support market demand. Technical developments in surgical procedures are also projected to contribute to the revenue growth of the global market for lung cancer surgery. Lung cancer has been diagnosed in the majority of patients in the last five years. Tens of thousands of Americans with non-small cell lung cancer receive successful treatment each year.
The prevalence of cancer is significant in Asia Pacific, and awareness initiatives are expanding. The high prevalence of lung cancer among the geriatric population has boosted the demand for lung cancer procedures in China. The market for lung cancer surgery in China is expected to expand because of the adult population's significant share in lung cancer cases. This is due to the fact that individuals 65 and older account for the majority of lung cancer diagnoses. Lung cancer is rarely found in adults under the age of 45. The WHO predicts that China's elderly population will increase by 28% by 2040.
Competitive Landscape
Some of the key players operating in the global lung cancer surgery market include:
Strategic Developments
The rise in the global prevalence of lung cancer, the rapid global geriatric population growth, and rising healthcare spending are the key factors that govern the market growth.
Some of the key players operating in the global lung cancer surgery are Accuray Inc., Karl storz SE & Co. KG, and Teleflex Incorporated.
The thoracotomy segment of surgery is expected to dominate the global market in the coming years.
The highest prevalence of lung cancer has been observed in North America and Asia Pacific. As a result, the market for lung cancer surgery in these two regions is expected to register the highest revenue growth in the coming years.
Lack of surgical expertise, efficient alternative therapies, a lack of readily available novel approaches, sudden and predicted location, the size of the tumor, discomfort following surgery, and excessive cost are the factors that are expected to impede the revenue growth of the market.
*Insights on financial performance is subject to availability of information in public domain