(PharmaNewsWire.Com, May 13, 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.
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.
The report segments this market based on device, procedure, and region. On the basis of device, the market is segmented into surgical instruments, monitoring and visualizing systems, and endosurgical equipment. In 2016, the surgical instruments segment is expected to account for the largest share of the market. The large share of this segment can primarily be attributed to the short lifespan (6 months–1 year) of hand instruments and widespread adoption of these devices.
On the basis of procedure, the market is segmented into thoracotomy and minimally invasive surgeries. The thoracotomy segment further sub segmented into lobectomy, segmentectomy, sleeve resection, and pneumonectomy. The minimally invasive surgeries segment is expected to grow at the highest CAGR during the forecast period due to increasing awareness about early detection of lung cancer and advantages of MIS over conventional surgeries.
On the basis of region, the 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.
Key players in the lung cancer surgery 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).
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