(PharmaNewsWire.Com, March 26, 2021 ) 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.
Factors Driving the Market:
The major factors driving the growth of this market are increasing incidence and prevalence of lung cancer, rapid growth in the aging population, and growing healthcare expenditure worldwide. On the other hand, high cost of lung cancer surgeries is the major factor that is expected to restrain the growth of this market during the forecast period.
Surgical Instruments segment dominated the Lung Cancer Surgery Market in 2016
Among the devices, surgical instruments are expected to account for the largest share of the market. Increasing prevalence of lung cancer across the globe has resulted in a significant increase in the number of lung cancer surgery procedures performed, which in turn is expected to fuel the market for surgical instruments during the forecast period.
Minimally Invasive Surgeries are expected to grow at a fastest rate in the Lung Cancer Surgery Market in 2016
Based on procedures, the lung cancer surgery market is segmented into thoracotomy and minimally invasive surgeries segment. The thoracotomy segment further sub-segmented into lobectomy, segmentectomy, sleeve resection and pneumonectomy. Among all, minimally invasive surgeries segment is expected to grow at a highest CAGR during the forecast period. Less incisions, less hospital stay and faster recovery are the major factors that are expected fuel the growth of minimally invasive surgeries segment.
North America is expected to account for the largest share for Lung Cancer Surgery
Based on regions, the global lung cancer surgery market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as increase in the aging population and increasing prevalence and incidence of lung cancer and availability of reimbursement for lung cancer surgeries in the region.
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