PUBLISHER: 360iResearch | PRODUCT CODE: 1499564
PUBLISHER: 360iResearch | PRODUCT CODE: 1499564
[187 Pages Report] The Lung Cancer Surgery Market size was estimated at USD 5.69 billion in 2023 and expected to reach USD 6.01 billion in 2024, at a CAGR 5.88% to reach USD 8.50 billion by 2030.
Lung cancer surgery is a medical procedure aimed at treating lung cancer by removing malignant tumors and affected tissues from the lungs. This surgical intervention is typically employed when the cancer is localized in one area of the lung and has not extensively spread to other parts of the body. The primary goal of lung cancer surgery is to eradicate all or most of the cancerous cells, potentially leading to a cure or at least a significant extension of lifespan and improvement in the quality of life of the patient. As lung cancer remains one of the most common types of cancer worldwide, the demand for effective surgical interventions continues to grow. This rise in prevalence significantly drives lung cancer surgery by increasing the need for specialized surgical procedures aimed at removing or reducing tumors, ultimately pushing healthcare systems to adapt and provide these necessary services. In addition, governments in various countries have been implementing favorable policies that expedite the approval process of innovative surgical devices and techniques. These supportive measures ensure that effective and safe tools reach the market sooner, facilitating enhanced treatment options for lung cancer. However, the high cost associated with lung cancer surgeries, along with the limited standardization during surgery procedures, is a significant challenge hindering market expansion. Moreover, significant progress in the development of minimally invasive surgical techniques and robotic-assisted surgery presents new avenues for key companies. Advanced robotics and artificial intelligence can improve precision in surgery, reduce human errors, and improve postoperative outcomes.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 5.69 billion |
Estimated Year [2024] | USD 6.01 billion |
Forecast Year [2030] | USD 8.50 billion |
CAGR (%) | 5.88% |
Regional Insights
In the Americas, the United States and Canada are significant in both the prevalence of lung cancer and innovations in lung cancer surgery. The region's highly developed healthcare system and significant annual healthcare spending facilitate access to advanced surgical treatments. Patient awareness and high insurance coverage drive demand for minimally invasive surgeries, such as video-assisted thoracoscopic surgery (VATS) and robotic surgery. Recent patents in the region often focus on enhancing these minimally invasive techniques and improving surgical outcomes. At the same time, EMEA countries exhibit strong government-supported healthcare systems and active participation in lung cancer research networks. The EU's investment in health technology and research, such as the Horizon 2020 program, directly impacts lung cancer surgical techniques and outcomes. Patient outcomes are further supported by universal healthcare coverage, which provides access to advanced surgical care. Moreover, the Asia Pacific region has seen a significant uptick in the number of lung cancer cases. Factors contributing to this rise include high smoking rates in certain countries, urban air pollution, and genetic predispositions among populations. This increasing incidence has driven the demand for effective lung cancer treatments and surgeries. Many countries within the Asia Pacific region have been actively enhancing their healthcare infrastructures and capabilities. Nations such as Japan, South Korea, Australia, and China have made significant investments in healthcare, including modernizing medical facilities and training healthcare professionals specializing in oncology and thoracic surgery.
Market Insights
The market dynamics represent an ever-changing landscape of the Lung Cancer Surgery Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Lung Cancer Surgery Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Lung Cancer Surgery Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Novartis Enhances Cancer Treatment Capabilities with Acquisition of Mariana Oncology
Novartis has significantly advanced its position in the field of oncology by acquiring Mariana Oncology, a pioneering biotech firm based in Watertown, Massachusetts. This strategic move enriches Novartis' portfolio with innovative radioligand therapies (RLTs) targeting cancers that are notably difficult to treat. This acquisition enhances Novartis' research infrastructure and clinical supply capabilities and also aligns with its strategic priorities focusing on oncology and the innovation of its RLT platforms. [Published On: 2024-05-02]
Expansion of Harmonic Clinical Trial, A New Frontier in NSCLC Treatment for Never-Smokers in East Asia
Lantern Pharma has recently obtained regulatory approval to broaden the scope of its Phase II Harmonic clinical trial into Japan and Taiwan to evaluate LP-300, an innovative drug candidate, in combination with standard chemotherapy treatments pemetrexed and carboplatin for non-small cell lung cancer (NSCLC). This trial promises to fast-track the development and potential approval of LP-300 and also aligns with global efforts to provide targeted cancer therapies tailored to genetic profiles and demographic-specific risk factors. [Published On: 2024-04-23]
Pioneering Transplant Program Offers New Lease on Life for Stage 4 Lung Cancer Patients
In an innovative clinical initiative, Northwestern Medicine has launched the Double Lung Replacement and Multidisciplinary Care (DREAM) program, offering new hope through double-lung transplants for select stage 4 lung cancer patients whose disease is confined to the lungs and who have exhausted other treatment options. DREAM program transforms and extends lives through its focused, multidisciplinary approach as lung cancer remains the most lethal of cancers in the United States. [Published On: 2023-03-15]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Lung Cancer Surgery Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Lung Cancer Surgery Market, highlighting leading vendors and their innovative profiles. These include Accuray Inc., Ackermann Instrumente GmbH, AngioDynamics Inc., Baxter Healthcare Corporation, FusionKraft Surgical Instruments, Henry Schein, Inc., Intuitive Surgical Inc., Johnson & Johnson Services, Inc., KARL STORZ GmbH, Key Surgical LLC by STERIS plc, KLS Martin Group, Koninklijke Philips N.V., Medtronic PLC, Olympus Corporation, Richard Wolf GmbH, Scanlan International Inc., Siemens Healthineers AG, Sontec Instruments Inc., Teleflex Incorporated, TROKAMED GmbH, and Wexler Surgical Inc..
Market Segmentation & Coverage