Driver: Technological Advancements in Lung Cancer Treatment
Currently, robot-assisted surgery, minimally invasive surgeries (such as video-assisted thoracoscopic surgeries), and percutaneous trans-catheter surgeries (such as radiofrequency ablation and cryo ablation) are some of the advanced surgical procedures that are used in the treatment of lung cancer. As compared to conventional open surgeries, these advanced procedures offer various advantages such as shorter hospital stay, shorter chest tube duration, less blood loss, and smaller incisions.
As a result, the preference for these procedures is higher among patients as well as surgeons. Considering the implications of these technological advancements on patient safety, patient comfort, and surgical outcomes, the demand for technologically advanced approaches for the treatment of lung cancer is expected to increase in the coming years.
Opportunity: Untapped Emerging Markets
Emerging markets, such as China, India, and Brazil, offer significant growth opportunities for players operating in the lung cancer surgery market. These countries are expected to witness high growth in the coming years, owing to the presence of less stringent regulatory policies and low competition.
Moreover, the growing prevalence of lung cancer is expected to increase the number of lung cancer surgeries in these emerging markets. According to GLOBOCAN, in 2015, the total incidence of lung cancer in emerging markets such as China, India, and Brazil was around 0.84 million and this figure is expected to reach 0.9 million by 2020. As a result of increasing disposable incomes, the healthcare expenditure in these economies is increasing rapidly.
Major Growth Boosting Factors:
The major factors driving the growth of Lung Cancer Surgery Market are increasing incidence and prevalence of lung cancer, rapid growth in the aging population, and growing healthcare expenditure worldwide.
Expected Growth in Revenue:
The lung cancer surgery market is projected to reach USD 29.99 Billion by 2021 from USD 21.58 Billion in 2016, at a CAGR of 6.8% from 2016 to 2021.
Geographical Growth Scenario:
On the basis of region, the Lung Cancer Surgery Market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to account for the largest share of the market. Growth in this market is mainly driven by the increasing geriatric population, availability of reimbursement for lung cancer surgeries, increasing number of lung cancer awareness programs, and technological advancements in cancer treatment.
The lung cancer surgery market is consolidated in nature due to the presence of a few large players. The prominent players in the market include Ethicon US LLC (U.S.), Intuitive Surgical Inc. (U.S.), Olympus Corporation (Japan), Accuray Inc. (U.S.), AngioDynamics Inc. (U.S.), Teleflex Inc. (U.S.), KARL STORZ GmbH (Germany), Ackermann Instrumente GmbH (Germany), Scanlan International Inc. (U.S.), and Trokamed GmbH (Germany).
Different Growth Strategies Adopted by Them:
The key strategies followed by most companies in the lung cancer surgery market are expansions, acquisitions, agreements, partnerships, and collaboration. Agreements, partnerships, and collaboration accounted for the largest share. Intuitive Surgical Inc. (U.S.), Teleflex Incorporated (U.S.), KARL STORZ GmbH (Germany), and Accuray Inc. (U.S.) adopted these strategies.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
