Overview:
This study involved four major activities in estimating the current size of the lung cancer surgery market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Expected Revenue Growth:
The global lung cancer surgery 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.
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Major Growth Boosting Factors:
Market growth is largely driven by factors such as the technological advancements in lung cancer treatment, increasing incidence and prevalence of lung cancer, growing trend of smoking tobacco, rising geriatric population, increasing emphasis on early diagnosis & treatment of cancers, and availability of reimbursement. However, the high cost of lung cancer diagnosis & surgery is expected to restrain the growth of this market during the forecast period.
Driver: Increasing incidence of lung cancer
Cancer is the second-leading cause of death worldwide, accounting for 10 million deaths in 2020. Globally, about 1 in 6 deaths occur due to cancer (Source: World Health Organization). 19.3 million new cases were reported in 2020. The increase in cancer incidence at a global scale also indicates an increasing trend for the prevalence of lung cancers worldwide. In this scenario characterized by a favorable funding environment and effective treatment options, the growing incidence and prevalence of cancer are expected to increase the number of patients opting for lung cancer surgery in the coming years. This, in turn, is expected to drive the growth of the market in the coming years.
Restraint: The high cost of lung cancer diagnosis & treatments
Lung cancer treatments are primarily divided into four broader categories; diagnosis/imaging, surgeries, pharmacological assistance, and indirect costs (like transportation, caregiver wages, lodging, secondary effects treatments, and lost wages/ incomes). These categories incur substantial spending from government/insurance providers and additional costs paid by the patient itself. The hefty costs for treating lung cancers have created a substantial burden on the governments globally and cancer patients. Considering these high costs, despite the presence of a large patient pool, a limited number of patients opt for surgical interventions to treat their condition. This is a major factor restraining market growth.
Challenges: The dearth of skilled oncologistsTo achieve better outcomes, lung cancer surgeries are performed by skilled professionals. These surgeries are considered to involve more risks when compared to other surgeries due to challenges such as air leaks, movement of tumors due to breathing, and accumulation of fluids in the chest during the procedure. Over the years, the incidence and prevalence of lung cancer have increased and are expected to increase further in the coming years. However, there has not been a subsequent growth in the number of oncologists; this situation is more pronounced in developing countries. The rise in demand is driven by factors like the aging and growth of the population and improvements in cancer survival rates; however, the slow/ lagged growth in the skilled labor is attributed to factors like the oncology workforce is aging and retiring in increasing numbers.
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.
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Recent Developments:
# In May 2021, Olympus Corporation (Japan) launched BF-UC190F endobronchial ultrasound (EBUS) bronchoscope.
# In February 2020, Intuitive Surgical Inc. (US) acquired Orpheus Medical (US).
# In October 2019, KLS Martin Group (Germany) opened a new training center at its site in Jacksonville, Florida, US.
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