As per the current market research conducted by the CMI Team, the global Lung Cancer Surgery Market size is expected to record a CAGR of 6.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 1.3 Billion. By 2033, the valuation is anticipated to reach USD 2.6 Billion.
Lung Cancer Surgery Market: Growth Factors and Dynamics
- Technological Advancements: Rapid developments in surgical techniques, such as robotic-assisted surgery and minimally invasive procedures like video-assisted thoracoscopic surgery (VATS), are driving growth in the lung cancer surgery market. These advancements enable more precise tumor removal, reduced patient trauma, and quicker recovery times.
- Increasing Incidence of Lung Cancer: The rising prevalence of lung cancer globally, attributed to factors such as smoking, environmental pollution, and aging populations, is fueling demand for surgical interventions as a primary treatment modality.
- Multidisciplinary Care Models: The integration of multidisciplinary care models, involving collaboration among surgeons, medical oncologists, radiation oncologists, and other specialists, is enhancing patient outcomes and driving market growth by optimizing treatment planning and delivery.
- Emphasis on Early Detection: Increasing awareness of the importance of early detection and screening programs for lung cancer is driving demand for surgical interventions at earlier stages of the disease, leading to improved prognosis and survival rates.
- Aging Population: The aging population worldwide is contributing to the growing burden of lung cancer, as older individuals are at higher risk of developing the disease, thereby driving demand for surgical treatment options.
- Healthcare Infrastructure Development: Investments in healthcare infrastructure development, particularly in emerging markets, are expanding access to surgical services and driving market growth by addressing unmet medical needs and improving patient outcomes.
- Regulatory Support: Supportive regulatory initiatives aimed at expediting the approval process for innovative surgical technologies and therapies are facilitating market entry and innovation within the lung cancer surgery sector.
- Rising Healthcare Expenditure: Increasing healthcare expenditure, particularly in developed economies, is enabling greater investment in advanced surgical technologies and treatments for lung cancer, thereby driving market expansion.
- Patient-Centric Care: Growing emphasis on patient-centered care models, focusing on enhancing the patient experience, improving treatment adherence, and addressing psychosocial needs, is driving demand for innovative surgical solutions that prioritize patient outcomes and satisfaction.
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Lung Cancer Surgery Market: Partnership and Acquisitions
- In May 2021, Olympus Corporation (based in Japan) introduced the BF-UC190F endobronchial ultrasound (EBUS) bronchoscope.
- In February 2020, Intuitive Surgical Inc. (headquartered in the US) completed the acquisition of Orpheus Medical (based in the US).
Lung Cancer Surgery Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the lung cancer surgery market:
- Delayed Diagnoses: During the pandemic, many elective procedures, including lung cancer surgeries, were postponed or canceled to prioritize resources for COVID-19 patients. This led to delays in diagnoses and treatment initiation for some lung cancer patients, potentially resulting in disease progression and poorer outcomes.
- Reduced Access to Care: Lockdowns, travel restrictions, and overwhelmed healthcare systems limited access to lung cancer surgical services for some patients. Fear of contracting COVID-19 also deterred individuals from seeking medical care, further delaying diagnosis and treatment.
- Shift to Telemedicine: To minimize in-person interactions and reduce the risk of COVID-19 transmission, healthcare providers adopted telemedicine for consultations and follow-up appointments. While telemedicine facilitated continuity of care, it posed challenges for hands-on assessments and preoperative evaluations required for lung cancer surgeries.
- Adoption of Safety Protocols: Hospitals and surgical centers implemented stringent safety protocols, including COVID-19 testing, personal protective equipment (PPE) requirements, and enhanced cleaning procedures, to mitigate the risk of virus transmission during surgical procedures.
- Emphasis on Minimally Invasive Techniques: Minimally invasive surgical techniques, such as robotic-assisted surgery and video-assisted thoracoscopic surgery (VATS), gained prominence during the pandemic due to their potential to reduce hospital stays, complications, and the risk of viral exposure compared to traditional open surgeries.
- Resumption of Elective Surgeries: As COVID-19 cases declined and healthcare systems adapted to the pandemic, many hospitals resumed elective surgeries, including lung cancer surgeries, albeit with capacity constraints and prioritization of urgent cases.
- Increased Focus on Remote Monitoring: Remote monitoring technologies and digital health solutions gained traction during the pandemic, allowing healthcare providers to remotely monitor lung cancer patients’ postoperative recovery and manage symptoms, improving patient care and reducing the need for in-person visits.
List of the prominent players in the Lung Cancer Surgery Market:
- Medtronic plc
- Ethicon Inc. (a subsidiary of Johnson & Johnson)
- Intuitive Surgical Inc.
- Olympus Corporation
- Accuray Incorporated
- AngioDynamics Inc.
- CONMED Corporation
- Teleflex Incorporated
- Ackermann Instrumente GmbH
- Scanlan International Inc.
- Sklar Surgical Instruments
- Microline Surgical
- KARL STORZ SE & Co. KG
- Braun Melsungen AG
- Richard Wolf GmbH
- Others
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