According to the new market research report "Lung Cancer Surgery Market by Instrument ((Clamps, Foreceps, Trocars, Retractors, Scissors), Monitoring & Endoscopic Devices), Procedure (Thoracotomy (Lobectomy, Pneumonectomy, Segmentectomy, Sleeve Resection), MIS), Volume Data - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 6.7 billion by 2026 from USD 5.4 billion in 2020, at a CAGR of 3.8% during the forecast period.
Factors Driving the Market Growth
The market growth is largely driven by factors such as the technological advancements in lung cancer treatment, increasing incidence of lung cancer, rising trend of smoking tobacco, rising geriatric population, the increasing emphasis on early diagnosis & treatment of cancers, and availability of reimbursement. However, the high cost of lung cancer diagnosis & surgical treatments is expected to restrain this markets growth during the forecast period. The increasing adoption of refurbished imaging systems
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The powered surgical equipment segment accounted for the largest share of the lung cancer surgery market, by surgical instruments segment, in 2020
Based on surgical instruments, the market is segmented into powered surgical equipment and hand Instruments. In 2020, the powered surgical equipment segment accounted for the larger share of the global market. Power surgical equipment saves the time required for surgical procedures by showcasing consistent performance and optimum functionality. These are the main factors driving the adoption of powered surgical equipment over hand instruments.
Thoracotomy segment to register the largest share during the forecast period
Based on procedures, the lung cancer surgery market is segmented into thoracotomy and minimally invasive surgeries. In 2020, the thoracotomy segment accounted for the larger share of the market. However, the minimally invasive surgeries segment is expected to grow at the highest CAGR during the forecast period. The growing adoption of minimally invasive techniques, increasing technological advancements, availability of reimbursement policies, and the increasing trend of robotic surgeries are the factors driving the growth of this market segment.
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North America is the largest regional market for lung cancer surgery market
In 2020, North America accounted for the largest market share. The large share of North America can be attributed to rising technological advancements in lung cancer treatment, increasing incidence and prevalence of lung cancer, rising trend of smoking tobacco, increasing emphasis on early diagnosis & treatment of cancers, and the availability of reimbursement.
The prominent players in the global lung cancer surgery market are Accuray Inc. (US), AngioDynamics Inc. (US), Ethicon Inc. (US), Intuitive Surgical Inc. (US), Olympus Corporation (Japan), Teleflex Incorporated (US), Ackermann Instrumente GmbH (Germany), KARL STORZ GmbH (Germany), Scanlan International Inc. (US), TROKAMED GmbH (Germany), Medtronic Plc. (Ireland), Siemens Healthcare (Germany), Richard Wolf GmbH (Germany), Phoenix Surgical Holdings Limited (England), Key Surgical LLC (US), Surgical Holdings (England), FusionKraft (India), KLS Martin Group (Germany), Sontec Instruments Inc. (US), and Wexler Surgical Inc. (US).