The global 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 removing part or all of the lung through one of several types of lung cancer surgery procedures including lobectomy, pneumonectomy, and wedge resection. The procedures aim to remove cancerous tissues from the lungs in order to treat lung cancer. Lung cancer is one of the most common cancers globally and surgery offers an important treatment option for eligible patients. Advantages of lung cancer surgery include complete removal of cancer, improved survival rates, and potential cure. The need for lung cancer surgical procedures is driven by the rising incidence of lung cancer worldwide.
Market key trends:
One of the key trends in the lung cancer surgery market is the rising adoption of minimally invasive surgical techniques. Minimally invasive surgery such as video-assisted thoracic surgery (VATS) involves smaller incisions and shorter recovery time compared to traditional open surgery. VATS is becoming increasingly common for lobectomies due to benefits such as less pain, fewer complications, and shorter hospital stays. Another trend is the increasing focus on robotic-assisted lung cancer surgeries. Robotics offer advantages like 3D high definition visualization, improved access in small spaces, fewer adhesions, and more precise dissection and improved ergonomics. This has assisted in wider adoption of robotic systems in thoracic surgery. Furthermore, ongoing research in genomic profiling of tumors, individualized surgical planning, and use of intraoperative technologies is expected to transform lung cancer treatment outcomes in the coming years.
Porter's Analysis
Threat of new entrants: The lung cancer surgery market requires high investment capital for R&D which makes it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as lung cancer surgery is required for treatment which gives buyers less choice of alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many established suppliers for medical devices and equipment in the lung cancer surgery market.
Threat of new substitutes: There are limited treatment substitutes for lung cancer surgery currently which reduces the threat from new substitutes.
Competitive rivalry: The lung cancer surgery market has presence of key global players leading to high competitive rivalry.
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 prevalence of lung cancer. The market size for 2023 is estimated to reach US$ 6.40 Bn.
Regionally, North America dominates the lung cancer surgery market currently due to supportive healthcare infrastructure and high prevalence of smoking-related lung cancers in the region. Asia Pacific is expected to witness fastest growth during the forecast period driven by increasing healthcare investments and expansion of key market players in developing countries.
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. The market is highly consolidated with top players accounting for majority share.
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