(IT-NEWSWIRE.COM, March 25, 2020 ) According to a new market research report “Lung Cancer Surgery Market by Procedure (Thoracotomy (Lobectomy, Pneumonectomy, Segmentectomy), Minimally Invasive), Device (Surgical (Clamps, Forceps, Retractors, Stapler), Monitoring (Camera, Trocar), Endoscopic Instrument) – Global Forecast to 2021“, published by MarketsandMarkets, the 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.
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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.
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. Between 2003 and 2012, growth rates for healthcare expenditure in Asia and the RoW were 11.2% and 13.9%, respectively. According to estimates from the World Bank, healthcare spending in India increased from 4.3% of GDP in 2005 to 4.7% of GDP in 2015. Additionally, growing purchasing power has enabled the patient population in emerging countries to opt for technologically advanced medical services and solutions. This in turn is expected to drive the demand for advanced medical devices, including minimally invasive surgery products, in these countries.
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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.
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Mr. Sanjay Gupta