According to the deep-dive market assessment study conducted by Growth Plus Reports, the lung cancer surgery market was pegged at ~US$ 5.59 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~3.5% from 2022 to 2030.
Lung cancer surgery market is predicted to experience considerable increase globally due to key driving factors such rising lung cancer incidences and prevalence, the rapid global geriatric population growth, and rising healthcare spending. Significant investments in research facilities, an increase in air pollution, rising smoking rates, and favourable reimbursement policies, particularly in developed nations, will accelerate the growth of the lung cancer surgery market in the upcoming years. According to a World Health Organization report, if the current growth rate continues, there would be 27.5 million new cases of cancer annually by 2040. This indicates a staggering increase of 61.7% from 2018 and it is further anticipated that males will grow at a rate of 67.6%, which is considerably greater than that of females, who are expected to develop at a rate of 55.3%.
The risk of lung cancer in people with chronic obstructive pulmonary disease (COPD) is rising, and the prevalence of COPD will drive up demand for lung cancer surgery. Variables that raise the chance of cancer include genetic predisposition, increasing exposure to carcinogens like arsenic, asbestos, and cigarettes, as well as radiation from sources like UV and X-rays. The risk of developing lung cancer is increased by smoking, having a genetic predisposition, and consuming pollutants, which is advantageous for the global market for lung cancer surgery.
In addition, lung cancer is the third-leading cause of cancer in the UK, accounting for 13% of all new cancer cases. In India there were about 67,795 new recorded cancer cases in 2018. The prevalence of cancer and the growing number of people who have lung cancer are expected to increase demand for lung cancer surgery in the near future, supporting the market expansion. Moreover, for large market players, emerging and underdeveloped markets like India, Brazil, and China present enormous development prospects. Due to characteristics including less strict regulatory environments, rising disposable incomes, and little rivalry, these nations would guarantee market progress. However, lack of surgical expertise, efficient alternative therapies, a lack of readily available novel approaches, sudden and unpredicted locations, the size of the tumour, discomfort following surgery, and excessive cost are the variables will impede market growth. Few companies provide an expanding variety of services that are specifically targeted at enhancing the health and standard of living of people all over the world to overcome the obstacles. New technologies in this category are renowned for simplifying difficult processes.
According to a report released by the World Cancer Research Fund International, the Asia Pacific and North American regions have seen the highest rates of lung cancer. As a result, these two areas have a sizable lung cancer surgery market. North America market is being driven by the increased prevalence of lung cancer and the funding options for surgical treatment of the disease. Additionally, the market demand is likely going to be supported by the developed healthcare infrastructure that supports technologically advanced surgeries like robotic surgery. The development of the global lung cancer surgery market is also anticipated to be fuelled by technical advancements in surgical techniques. Most individuals have received their lung cancer diagnosis within the last five years. Tens of thousands of people in the United States are successfully treated for non-small cell lung cancer each year. The elderly population is the key demographic affected by lung cancer. This reflects the high rate of lung cancer in this country, which has led to the market expansion as a result of the high demand for cancer treatment.
The prevalence of cancer is significant in the Asia Pacific, and awareness initiatives are expanding. Since there is little rivalry and less stringent regulation in these countries, considerable development is projected. Asia Pacific is therefore anticipated to produce growth during forecast period. The high cost of robotic surgeries may pose issues for the healthcare system, growing knowledge and awareness, and acceptance as medical procedures are also the prime growing factors.
Some of the key players operating the market global lung cancer surgery include Accuray Inc., Karl storz SE & Co. KG, Teleflex Incorprotedb, Richard Wolf GMBH, Siemens Healthcare, Intutive Surgical Inc., Boston Scientific Corporation, Angiodynamics, Olympus Corp., Ethicon Endo surgery Inc., Trokamed GmbH, Phoenix Surgical Holdings Limited, Scanlan International Inc., KLS Martin Group, Wexler Surgical Inc. among others.