Lung Cancer Surgery Market Growing at a Robust Rate Owing to Increasing Prevalence of Lung Cancer
The lung cancer surgery market is gaining significant traction over the past couple of decades due to the rising prevalence of lung cancer. Lung cancer surgery involves removing all or parts of the lungs that contain cancerous cells. This procedure becomes necessary when lung cancer is not responding to other treatments like chemotherapy or radiation therapy. The growing need for complete cancer removal is boosting the demand for lung cancer surgeries across the globe.
The Global lung cancer surgery market is estimated to be valued at US$ 7.38 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Lung Cancer Surgery Market Growth 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., Richardson International Limited. Lung cancer surgery provides patients with greater chances of disease remission and prolonged survival. The rising incidence of lung cancer due to increasing tobacco consumption and pollution levels has boosted the need for lung cancer surgeries globally. Key market players are actively involved in new product launches and strategic collaborations with hospitals and healthcare facilities to cater to the growing demand.
The global expansion of lung cancer surgeries is driven by the increasing focus on early detection and better access to healthcare facilities. Lung cancer accounts for around 13% of all cancers diagnosed worldwide. Countries like China, United States and countries in Europe have large patient volumes undergoing surgeries owing to well developed healthcare infrastructure and reimbursement policies supporting treatments. Developing countries in Asia Pacific and Latin America are also witnessing significant growth opportunities as a result of improving medical facilities, patient awareness and government support.
Market drivers
The increasing prevalence of lung cancer worldwide owing to factors like smoking, indoor and outdoor pollution is expected to remain the major market driver. According to estimates by WHO, over 2 million new cases of lung cancer are diagnosed each year globally. Early symptoms often go unnoticed which leads to advanced stages at the time of detection. This emphasizes the critical need for lung cancer surgeries to remove tumours before the cancer spreads. Thus, growing awareness about early diagnosis and treatment is anticipated to fuel the demand over the forecast period.
PEST Analysis
Political: High healthcare expenditure by governments in developed countries will drive market growth. Regulations supporting cancer screening & treatment will have a positive impact.
Economic: Rising dispositivity incomes especially in developing countries will increase affordability of lung cancer treatment. Growing healthcare industry will attract more private investments.
Social: Increasing awareness about early detection & treatment will raise demand. Growing tobacco & smoking rates globally pose a major risk factor. Changing lifestyle & dietary patterns impact disease rates.
Technological: Advancements in minimally invasive procedures, robotic surgery, personalized medicine approach will boost adoption. 3D printing, AI, predictive analytics find increasing use.
Geographical concentration
North America accounts for the largest share due to favourable reimbursement policies, healthcare infrastructure & higher diagnosis rates. Rising costs have led hospitals to adopt minimally invasive techniques here. Europe stands second with major markets in Germany, UK & France benefitting from universal healthcare programs. Availability of skilled surgeons & state-of-art facilities support market growth in these regions.
Fastest growing region
Asia Pacific region is witnessing fastest gains owing to rising incidence of lung cancer cases especially in China & India attributed to increasing pollution levels & growing smoking rates. Governments are ramping up awareness initiatives & healthcare spending here thereby driving the market. Healthcare infrastructure expansion & medical tourism are attracting international patients seeking affordable treatment options.
Get More Insights On This Topic: Lung Cancer Surgery Market
Explore More Related Topic: Lung Cancer Surgery Market
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian