Lung Cancer Surgery Market To Generate $7.79 Billion Revenue by 2030

The lung cancer surgery market size is expected to advance at a CAGR of 4.10% during 2022–2030, to reach USD 7.79 billion by 2030. This is ascribed to the growing prevalence of this condition across the globe. Additionally, the rapid technological advances in treatment procedures and the surging count of deaths owing to lung cancer are driving the growth of this market.

Rising Frequency of Approvals to Procedural Devices Drive Market Growth

In the past few decades, the development and approval of new procedural devices have led to the growth of the market for lung cancer surgeries. For instance, in May 2022, Cizzle Biotechnology announced the signing of a heads of terms with CorePath Laboratories (CorePath) for developing and offering its proprietary early-stage lung cancer test throughout the U.S. There are presently no specific blood tests for the early detection of lung cancer, even when targeted interventions are well understood to have the ability to improve timely access to cancer care and save lives. Further, it is estimated that more than 8 million Americans are at risk for lung cancer and are recommended to undergo annual screening with low-dose CT scans. Moreover, proper examination could prevent over 12,000 lung cancer deaths every year.

Furthermore, in September 2020, Koninklijke Philips N.V. launched the Azurion Lung Edition imaging system for the diagnosis and treatment of lung cancer. The system uses Philips’ Cone Beam CT scans, and it is specially designed for bronchoscopy procedures, enabling clinicians to perform minimally invasive endobronchial biopsies and lesion ablations.

Minimally Invasive Surgery Demand Growing with Higher CAGR

Based on surgical procedure, minimally invasive surgeries are expected to grow faster in the market for lung cancer surgeries in the forecast period, with a CAGR of more than 4.8%. A part of the reason is that minimally invasive surgeries cause lesser trauma to the patient and facilitate a quicker recovery than invasive procedures, such as thoracotomies. Additionally, minimally invasive surgeries involve shorter hospital stays, which makes them economically viable.

Further, the rising demand for minimally invasive procedures is advantageous for future economic growth as well as the healthcare industry, as it considerably affects the development of improved and cost-effective medical technologies and ensures their availability in the emerging economies. Hence, the rise in the demand for minimally invasive lung cancer surgeries is offering a lucrative opportunity to the companies providing associated equipment.

Geographically, Asia-Pacific is projected to corner the highest growth rate during the forecast period. This can be attributed to the rising marketing expenditure, bettering healthcare services, utilization of advanced technologies, and increasing funding for the development of these technologies.

Moreover, the presence of a growing patient pool due to the trend of smoking, increasing adoption of early screening programs, and rising number of campaigns to raise awareness are predicted to drive the market in the coming years.

Japan is contributing the highest revenue among all the countries in the region, owing to its huge older population and improving healthcare facilities. In Japan, lung cancer is the topmost cause of death in men and the second-leading cause of death in women aged 65 to 84. Additionally, the presence of the major market players in this country is also projected to foster the market revenue growth.

Some of the major players operating in the lung cancer surgery market players are Accuray Incorporated, Ethicon US LLC, Intuitive Surgical Inc., Olympus Corporation, AngioDynamics Inc., Teleflex Incorporated, FUJIFILM Holdings Corporation, Siemens Healthineers, Wexler Surgical Inc., and Sontec Instruments Inc.