Thoracic Surgery Is The Largest Segment Driving The Growth Of Lung Cancer Surgery Market
SWOT Analysis
Strengths:
- Rising prevalence of lung cancer and associated mortality makes surgery a critical treatment option
- Improving reimbursement and insurance coverage for lung cancer surgeries globally
Weaknesses:
- High costs associated with robotic surgical systems and equipment
- Long learning curve required for surgeons to master minimally invasive techniques
Opportunities:
- Growing demand in developing markets due to increasing cases of lung cancer
- Development of personalized surgical approaches through integration of AI and analytics
Threats:
- Availability of alternative non-surgical treatments such as chemotherapy and radiation therapy
- Risks of complications from procedures due to complexity of lung anatomy
Key Takeaways
Global Lung Cancer Surgery Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing adoption of minimally invasive surgical techniques. The market size for 2023 is estimated to reach US$ 6.40 Billion.
Regional analysis:
North America dominates the lung cancer surgery market currently owing to robust healthcare infrastructure and high acceptability of advanced surgical technologies. Asia Pacific is anticipated to grow at fastest pace due to rapidly growing patient population, rising healthcare spending and increasing awareness.
Key players:
Key players operating in the lung cancer surgery market are Ethicon (Johnson & Johnson), Medtronic, Intuitive Surgical, Olympus Corporation, Karl Storz, Teleflex Incorporated, Accuray Incorporated, AngioDynamics, CONMED Corporation, Trovagene, Varian Medical Systems, Medrobotics Corporation and Siemens Healthineers. Launch of innovative product portfolio and partnerships for geographical expansion are amongst the core strategies of these companies.
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