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According to the new market research report by MarketsandMarkets, [171 Pages Report] Lung Cancer Surgery Market report categorizes the Global market by Procedure (Thoracotomy (Lobectomy, Pneumonectomy, Segmentectomy), Minimally Invasive), Device (Surgical (Clamps, Forceps, Retractors, Stapler), Monitoring (Camera, Trocar), Endoscopic Instrument) & Geography. COVID-19 impact on Lung Cancer Surgery Market.
Lung cancer surgery is an operation performed for treating lung cancer, particularly non-small cell lung cancer. This study of the lung cancer surgery market primarily pertains to the lung cancer surgical devices market. Surgical procedures are covered separately in this report, as part of the lung cancer surgical procedures market.
The major factors driving the growth of this market are increasing incidence and prevalence of lung cancer, rapid growth in the aging population, and growing healthcare expenditure worldwide. On the other hand, high cost of lung cancer surgeries is the major factor that is expected to restrain the growth of lung cancer surgery market during the forecast period.
Currently, robot-assisted surgery, minimally invasive surgeries (such as video-assisted thoracoscopic surgeries), and percutaneous trans-catheter surgeries (such as radiofrequency ablation and cryo ablation) are some of the advanced surgical procedures that are used in the treatment of lung cancer. As compared to conventional open surgeries, these advanced procedures offer various advantages such as shorter hospital stay, shorter chest tube duration, less blood loss, and smaller incisions. As a result, the preference for these procedures is higher among patients as well as surgeons. Considering the implications of these technological advancements on patient safety, patient comfort, and surgical outcomes, the demand for technologically advanced approaches for the treatment of lung cancer is expected to increase in the coming years.
Emerging markets, such as China, India, and Brazil, offer significant growth opportunities for players operating in the lung cancer surgery market. These countries are expected to witness high growth in the coming years, owing to the presence of less stringent regulatory policies and low competition. Moreover, the growing prevalence of lung cancer is expected to increase the number of lung cancer surgeries in these emerging markets. According to GLOBOCAN, in 2015, the total incidence of lung cancer in emerging markets such as China, India, and Brazil was around 0.84 million and this figure is expected to reach 0.9 million by 2020.
As a result of increasing disposable incomes, the healthcare expenditure in these economies is increasing rapidly. Between 2003 and 2012, growth rates for healthcare expenditure in Asia and the RoW were 11.2% and 13.9%, respectively. According to estimates from the World Bank, healthcare spending in India increased from 4.3% of GDP in 2005 to 4.7% of GDP in 2015. Additionally, growing purchasing power has enabled the patient population in emerging countries to opt for technologically advanced medical services and solutions. This in turn is expected to drive the demand for advanced medical devices, including minimally invasive surgery products, in these countries.
Which geographical region is dominating in Lung cancer surgery Market?
The global Lung cancer surgery market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2016, North America dominated the global Lung cancer surgery market, followed by Europe. However, the Asia Pacific market is estimated to register the highest CAGR during the forecast period. The growth of this market can be attributed to the large patient pool in the region, increasing prevalence of target diseases & disorders, a growing number of hospitals in Asian countries, and favorable government initiatives.
Who are the key players operating in the Lung cancer surgery market?
The global Lung cancer surgery market is highly competitive and fragmented. The prominent players operating in this market include Ethicon US LLC (U.S.), Intutive Surgical Inc. (U.S.), Olympus Corporation (Japan), Accuray Inc. (U.S.), AngioDynamics Inc. (U.S.), Teleflex Inc. (U.S.), and KARL STORZ GmbH (Germany), Ackermann Instrumente GmbH (Germany), Scanlan International Inc. (U.S.) and Trokamed GmbH (Germany).