Lung Cancer Surgery Market Size Worth US$ 7.62 billion to grow at a CAGR of 3.5% from 2022 to 2030 | Growth Plus Reports

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Aug 30, 2022, 09:00 ET

NEW YORK, Aug. 30, 2022 /PRNewswire/ -- According to the latest report published by Growth Plus Reports, the global Lung Cancer Surgery Market size is anticipated to hit US$ 7.62 billion by 2030 and to grow at a CAGR of 3.5% during the forecast period. Owing to the rise in global lung cancer incidence, the rapid global geriatric population growth, and rising healthcare spending. This exclusive information is published by Growth Plus Reports in its report titled "Lung Cancer Surgery Market- Global Outlook & Forecast Period 2022-2030"

Market Driver

The rise in global cancer incidence points to an increasing trend in the prevalence of lung cancer globally. The growing incidence and prevalence of cancer are anticipated to increase the number of patients choosing to have lung cancer surgery in the upcoming years in this situation marked by a favourable financial environment and efficient treatment alternatives. In consequence, it is anticipated that this will fuel market expansion during the forthcoming years.

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Excerpts from 'By Surgery Segmentation'

Based on surgery, the global lung cancer surgery market is segmented into:

Robotic Surgery
Thoracotomy
Minimally Invasive Surgery

The thoracotomy market is sub segmented into lobectomy, pneumonectomy, segmentectomy, sleeve resection. Thoracotomy shall occupy the largest revenue share during the forecast period. Segmentectomy, a common surgical operation, can be used to treat non-small cell lung cancer (NSCLC). if the patient's lung reserve has already been significantly reduced. The lobectomy procedure is generally favoured. The most frequent indication for lung segmentectomy is for lung cancer that is still in its early stages, despite the fact that it has been regularly utilised to remove benign tumours and supporting lesions. Because it produces better results than traditional surgical approaches and causes less pain and quicker recovery, this surgery is becoming more and more popular. Segmentectomy procedure also offers a high success rate for removing localized tumours and malignancies, delivers higher survival rates, and has the ability to partially retain organ function. These advantages are anticipated to fuel the market growth. However, the category for minimally invasive surgery is predicted to grow at the highest CAGR. Increased use of minimally invasive procedures, technological advancement, reimbursement rules, and the growing trend of robotic surgeries are all factors that will contribute to the growth of this market section in the future years. The rising adoption of minimally invasive procedures, rising technological advancements, the availability of reimbursement policies, and the rising acceptance of robotic surgery are the factors promoting the growth of this market segment.

Excerpts from 'By Region Segmentation'

Based on the regions, the global lung cancer surgery market has been segmented into:

North America
Europe
Asia Pacific
Rest of the World

Asia Pacific and North America have seen the highest rates of lung cancer surgery. Due to the ease of FDA clearance encouraging lung cancer surgery device makers in the region, the U.S. is anticipated to account for the largest share of the North American lung cancer surgery market. According to the Food and Drug Administration Modernization Act of 1997, the Food and Drug Administration (FDA) has given a list of class II (special control) devices that were previously subject to restrictions but are now free from the premarket notification requirements (known as Modernization Act). Device manufacturers and developers are exempt from submitting premarket submissions in accordance with the Modernization Act and any applicable exemptions. FDA is then able to focus resources on pressing public health issues. This reduces the amount of time needed for regulatory clearances. Thus, there will be a major cost reduction, which will fuel the expansion of the thoracoscope and bronchoscope markets as well as the market for surgical tools for treating lung cancer in the United States. However, the prevalence of cancer is significant in the Asia-Pacific region, 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 witness growth during forecast period.

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Excerpts from 'Competitive Landscape'

Some of the key players operating the global lung cancer surgery market are

Accuray Inc
Karl storz SE & Co. KG
Teleflex Incorporated
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

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