Lung cancer surgery involves the removal of cancerous tissues from the lungs through minimally invasive or open surgical procedures. Lung cancer surgery is essential for treating non-small cell lung cancer or early stage small cell lung cancer in order to improve survival rates. The market is witnessing the adoption of advanced technologies such as robotic-assisted surgery, which allows for minimally invasive procedures with increased precision and flexibility. Lung cancer accounts for approximately 25% of all cancer deaths and is one of the most commonly diagnosed cancers. The rising prevalence of lung cancer risk factors including tobacco smoking, air pollution, and radon gas exposure has contributed significantly to the growing incidence rates of lung cancer cases globally. The global lung cancer surgery market is estimated to be valued at US$ 6.04 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the lung cancer surgery market is the increasing preference for minimally invasive surgical procedures. Minimally invasive techniques such as video-assisted thoracoscopic surgery (VATS) and robotic-assisted thoracoscopic surgery have gained popularity over traditional open surgeries due to benefits such as reduced trauma, shorter hospital stays, faster recovery times, and improved cosmetic outcomes. Another important trend is the rising demand for laser surgery in lung cancer treatment. Lasers allow for highly precise cutting or vaporizing of cancerous tissues while causing minimal damage to healthy tissues. This results in reduced complications and blood loss compared to traditional scalpel techniques. Furthermore, the availability of advanced laser systems and trained thoracic surgeons have expanded the suitability of laser surgery to more complex lung cancer cases.
Porter's Analysis
Threat of new entrants: Low- to moderate-risk due to substantial capital investment required for R&D, manufacturing facilities, clinical trials and regulatory approvals.
Bargaining power of buyers: Moderate bargaining power as buyers (hospitals, clinics) have few substitutes and surgery technique standardization.
Bargaining power of suppliers: Moderate to high bargaining power held by suppliers of specialized surgical equipment and devices that require regulatory approval.
Threat of new substitutes: Low threat as lung cancer surgery is currently the standard of care, though immunotherapies pose potential future threat.
Competitive rivalry: Fierce rivalry between key industry players to capture market share through new product innovations and clinical evidence.
Key Takeaways
The Global Lung Cancer Surgery Market Share is expected to witness high growth. Regional analysis
Regional analysis: North America is expected to dominate the lung cancer surgery market during the forecast period owing to rising incidence of lung cancer, availability of advanced treatments, and favorable reimbursement scenario in the region. Asia Pacific is anticipated to witness fastest growth due to growing geriatric population, increasing healthcare spending, and availability of low-cost treatment options.
Key players operating in the lung cancer surgery market are Bunge Limited, Archer Daniels Midland Company, Cargill, Incorporated, Wilmar International Limited, Tyson Foods, Inc.,JBS S.A.,Darling Ingredients Inc.,IOI Corporation Berhad, Ventura Foods, LLC,BRF S.A., Ajinomoto Co., Inc., Premium Vegetable Oils Sdn Bhd, AAK AB, Conagra Brands, Inc., and Richardson International Limited.
For more details on the report, Read- https://www.insightprobing.com/lung-cancer-surgery-market-demand-share-analysis/
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