RISING PREVALENCE OF LIFE-THREATENING CANCER DISEASES IS DRIVING THE MARKET FOR LUNG CANCER SURGERY
The Global Lung Cancer Surgery Market is expected to reach a market valuation of ~US$ 40 billion by 2027 expanding at a significant CAGR of 6% during the forecast period (2021-2027) from ~US$ 25 billion in 2019. Growing prevalence of life-threatening Cancer diseases to drive the market. In the US, lung cancer strikes 225,000 people every year and accounts for US$12 billion in health care costs each year.
As per World Health Organization (WHO), Cancer is the second-leading cause of death worldwide, accounting for more than 10 million deaths in 2020. The rise in cancer occurrence at a global scale also shows an increasing inclination for the prevalence of lung cancers globally. In these circumstances characterized by encouraging funding background and efficient treatment options, the rising incidence and incidence of cancer are probable to increase the number of patients opting for lung cancer surgery in the coming years. This is one of the major factors driving the growth and demand lung cancer surgery. In addition, about 19.3 million new cases were reported in 2020.
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Globally, about 1 in 6 deaths happen due to cancer. The operations for lung cancer surgery invite considerable expenditure from government/indemnity providers and extra costs paid by the patient itself. The hefty costs for treating lung cancers have created a considerable load on the governments as well as for cancer patients. Considering these elevated costs, in-spite of the existence of a large patient pool, a limited number of patients opt for surgical interventions to treat their condition. These are the primary factors hampering the growth of the market.
Covid-19 Impact on the Market
An early study of the US market shows that recently diagnosed metastatic non-small-cell lung cancer patient volumes have decreased over 30% from February 2020 to March 2020. The number of cancer tests and analytical procedures decreased sharply, with countries across the globe being severely affected by the pandemic. This also unconstructively impacted rate as well as number of surgeries that have proven useful to the patients.
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Based on devices, the lung cancer surgery market is segmented into surgical devices, monitoring devices, and endo-surgical devices. In 2020, the surgical instruments segment accounted for the largest market share. The rising prevalence and incidence of lung cancer, rising government support and funding and the increasing adoption of surgical procedures for lung cancer treatment are the factors driving the market growth. Based on surgery, the lung market is bifurcated into thoracotomy and minimally invasive surgeries. In 2020, the thoracotomy segment accounted the bigger share of the lung cancer surgery market. Minimally invasive surgeries segment is probable to grow at the highest throughout the forecast period. The growing adoption of minimally invasive techniques, increasing technological developments, accessibility of reimbursement policies, and the increasing development of robotic surgeries are the factors driving the growth of this market segment.
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For a better understanding of the overall adoption and penetration of lung cancer surgery, the report provides a detailed analysis of major regions including North America (US, Canada, Rest of North America), Europe (Germany, France, UK, Spain, Italy, Rest of Europe), Asia Pacific (China, Japan, India, Australia, Rest of APAC) and Rest of the World. As per WHO, around 1,824,701 deaths occur due lung cancer annually, this accounts for only 13% of lung cancer diagnosed cases. In 2020, North America accounted for the largest market share of XX% in 2020. The large share can be credited to growing technological developments in lung cancer treatment, escalating frequency and occurrence of lung cancer, rising trend of smoking tobacco, increasing focus on early analysis and treatment of cancers, and the accessibility of reimbursement. Leading players included in the report are Accuracy Incorporated, GE Healthcare, Johnson and Johnson, and Olympus Corporation.
Global Lung Cancer Surgery Market Segmentation
Market Insights, by Surgery
- Sleeve Resection
- Minimally Invasive Surgeries
Market Insights, by Devices
- Surgical Devices
- Monitoring Devices
- Endo-surgical Devices
Market Insights, by Region
- North America Lung Cancer Surgery Market
- United States
- Rest of North America
- Europe Lung Cancer Surgery Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Lung Cancer Surgery Market
- Rest of Asia-Pacific
- Rest of World Lung Cancer Surgery Market
Top Company Profiles
- Accuracy Incorporated
- GE Healthcare
- Johnson and Johnson
- Olympus Corporation
- Siemens Healthineers AG
- Ethicon Inc.
- Medtronic Plc
- KARL STORZ GmbH
- Covidien PLC