Lung Cancer Surgery Market is Expected to Reach $6.7 billion | MarketsandMarkets.

Chicago, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The future of lung cancer surgery is looking promising. Advances in technology and improved understanding of the disease have led to an increase in the number of successful treatments and longer survival rates. As a result, the demand for lung cancer surgery is expected to continue to grow. In the near future, surgeons are likely to be able to offer more minimally invasive surgical procedures, such as robotic-assisted thoracic surgery, which can reduce the risk of complications and improve recovery times. Additionally, advances in imaging technology, such as PET scans and CT scans, are likely to improve the accuracy of diagnosis and allow for earlier intervention.

Lung Cancer Surgery market in terms of revenue was estimated to be worth $5.4 billion in 2020 and is poised to reach $ 6.7 billion by 2026, growing at a CAGR of 3.8% from 2020 to 2026 according to a latest report published by MarketsandMarkets™. Market growth is largely driven by factors such as the technological advancements in lung cancer treatment, increasing incidence of lung cancer, rising trend of smoking tobacco, rising geriatric population, the increasing emphasis on early diagnosis & treatment of cancers, and availability of reimbursement. However, the high cost of lung cancer diagnosis & surgical treatments is expected to restrain this markets growth during the forecast period. The increasing adoption of refurbished imaging systems.

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Lung Cancer Surgery Market Scope:

Report Coverage Details
Market Revenue in 2020 $5.4 billion
Estimated Value by 2026 $6.7 billion
Growth Rate Poised to grow at a CAGR of 3.8%
Market Size Available for 2016–2026
Forecast Period 2021–2026
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Surgical Devices, Surgical Procedures, and region
Geographies Covered North America, Europe, Asia, RoW
Report Highlights Updated financial information / product portfolio of players
Key Market Challenges The dearth of skilled oncologists
Key Market Drivers Increasing incidence of lung cancer

Notable Lung Cancer Surgery mergers and acquisitions for 2021 – 2022 include:

  • Cigna Corporation and Humana Inc.
  • Johnson & Johnson and AbbVie Inc.
  • Novartis AG and GlaxoSmithKline plc
  • Pfizer Inc. and Bristol-Myers Squibb Company
  • Roche Holding AG and Merck & Co., Inc.
  • Amgen Inc. and Celgene Corporation
  • AstraZeneca plc and Eli Lilly and Company
  • Sanofi SA and Boehringer Ingelheim GmbH

Growth Drivers of Lung Cancer Surgery Market from Macro to Micro:

Macro-Level Drivers:

  • Increasing prevalence of lung cancer: The prevalence of lung cancer is increasing globally due to a variety of factors, such as smoking, air pollution, and occupational hazards. According to the World Health Organization, lung cancer is the most common cause of cancer-related deaths worldwide, accounting for 1.76 million deaths in 2018. This has resulted in an increased demand for diagnostic and treatment methods, such as surgery, for treating lung cancer.
  • Rising healthcare expenditure: Governments of various countries are spending significantly on healthcare infrastructure and services, thus increasing the availability of advanced medical technologies. This is encouraging the adoption of advanced surgical procedures, such as minimally invasive surgical procedures, for the treatment of lung cancer, thereby driving the growth of the lung cancer surgery market.
  • Technological advancements: The development of advanced surgical technologies, such as robotic surgery, has revolutionized the treatment of lung cancer. Robotic surgery offers greater precision and accuracy, which results in fewer complications and faster recovery. This is increasing the demand for robotic surgery for the treatment of lung cancer, thereby driving the growth of the lung cancer surgery market.

Micro-Level Drivers:

  • Growing awareness about lung cancer: The increasing awareness about lung cancer is driving its diagnosis and treatment, resulting in an increased demand for surgical procedures for its treatment. This is driving the growth of the lung cancer surgery market.
  • High success rate of surgical procedures: The success rate of surgical procedures for the treatment of lung cancer is high, which is increasing its adoption by healthcare professionals. This is driving the growth of the market.
  • Availability of reimbursement policies: Reimbursement policies have been introduced by governments of various countries, which cover the cost of lung cancer surgery to a certain extent. This is encouraging more people to opt for surgical treatments, thus driving the growth of the market.

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Hypothetic Challenges of Lung Cancer Surgery Market in Near Future:

  • Increasing demand for minimally invasive procedures: As the benefits of minimally invasive surgery become more widely known, demand for less invasive procedures is likely to increase. This could create challenges for traditional lung cancer surgery by leading to a decrease in the number of patients opting for open thoracic surgery.
  • Pressure to reduce costs: As medical costs continue to rise; healthcare providers are under increasing pressure to reduce the cost of treatments and procedures. This could create challenges for lung cancer surgery, as the cost of the procedure is already relatively high.
  • Advances in technology: Advances in technology are likely to have a significant impact on the lung cancer surgery market. Newer technologies, such as robotic-assisted surgery and 3D-printed implants, could make the procedure easier, faster, and less costly.
  • Changes in patient demographics: The population of patients with lung cancer is changing, as more young people are being diagnosed with the disease. This could create challenges for lung cancer surgery, as it is typically performed on older patients and may not be suitable for younger patients.
  • Increasing competition: As more healthcare providers offer lung cancer surgery, competition is likely to increase in the market. This could lead to a decrease in prices, as well as a decrease in the quality of care.

Top 3 Use Cases of Lung Cancer Surgery Market:

  • Early Diagnosis and Treatment: Early diagnosis of lung cancer is essential for successful treatment. Surgery is often the first line of treatment for early-stage lung cancer. This includes both standard and minimally invasive surgery, such as video-assisted thoracoscopic surgery (VATS).
  • Locally Advanced Lung Cancer: Surgery is often used in combination with other treatments, such as chemotherapy and radiation, to treat locally advanced lung cancer. This may include wedge resection, segmentectomy, lobectomy, pneumonectomy, and extra pleural pneumonectomy.
  • Metastatic Lung Cancer: Surgery is sometimes used to treat metastatic lung cancer. This may include the removal of metastatic lesions, wedge resection, or lobectomy. This may be done to relieve symptoms, improve quality of life, or to prolong life expectancy.

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