LUNG CANCER SURGERY MARKET ANALYSIS

Market Challenges And Opportunities

Lung Cancer Surgery Market Drivers:

• Increasing Prevalence of Lung Cancer: The rising incidence of lung cancer globally has been a major driver of the lung cancer surgery market. As the number of diagnosed cases increases, the demand for surgical interventions, including minimally invasive procedures and traditional open surgeries, also rises. For instance, according to data published on June 26, 2023, by World Health Organization (WHO), the lung cancer is the leading cause of cancer death, with an estimated 1.8 million deaths (18%) in 2020.
• Increasing product launches: Increasing product launches are expected to drive the growth of the market over the forecast period. For instance, in September 2020, Koninklijke Philips N.V., a medical device company, announced the launch of Azurion Lung Edition imaging system for diagnosing and treating lung cancer. Azurion Lung Edition is a 3D-imaging and navigation platform for accelerating lung cancer diagnosis and treatment by combining CT-like 3D images acquired at the tableside with live X-ray guidance and other tools to support image-guided lung procedures.
• Growing Emphasis on Early Detection: Early detection of lung cancer has become a priority for improving patient survival rates. Surgical intervention, often combined with other treatment modalities like chemotherapy and radiation therapy, is a critical component of curative intent for early-stage lung cancer. For instance, according to data published on April 12, 2023, by NBC UNIVERSAL, a new AI tool called Sybil was developed by scientists at the Mass General Cancer Center and the Massachusetts Institute of Technology in Cambridge, U.S. It was shown to accurately predict whether a person will develop lung cancer in the next year 86% to 94% of the time. Sybil is able to detect early signs of lung cancer.
• Increasing adoption of inorganic growth strategies such as partnership: Increasing adoption of inorganic growth strategies such as partnership by the key players in the market is expected to drive the growth of the market over the forecast period. For instance, on August 23, 2023, VOCxi Health, a diagnostics company focused on accurate, non-invasive, mobile disease identification, announced a partnership with Silicon & Software Systems Ltd., a medical device company, to develop and market a lung cancer detection and monitoring device.

Lung Cancer Surgery Market Opportunities:

• Adoption of Minimally Invasive Techniques: The adoption of minimally invasive surgical techniques, such as video-assisted thoracoscopic surgery (VATS) and robotic-assisted surgery, provides significant opportunities for growth. These approaches offer quicker recovery times, reduced post-operative pain, and shorter hospital stays, making them attractive options for patients and healthcare providers.
• Precision Medicine and Targeted Therapies: Advances in molecular profiling and genetic testing create opportunities for personalized treatment approaches. Identifying specific genetic mutations and biomarkers in lung cancer tumors allows for targeted therapies, which could impact the choice of surgical interventions and lead to better patient outcomes.
• Integration of Imaging Technologies: Continued advancements in imaging technologies like high-resolution computed tomography (CT) scans and positron emission tomography (PET) scans offer opportunities for improved pre-operative planning, precise tumor localization, and accurate staging of lung cancer. These technologies enhance the success of surgical interventions. For instance, on May 17, 2023, Koninklijke Philips N.V. announced the launch of AI-powered CT system to accelerate routine radiology and high-volume screening programs.
• Increasing awareness about lung cancer: Increasing awareness about lung cancer is significantly driving the growth of the global lung cancer surgery market over the forecast period. More and more people are now becoming aware of the causes, risk factors, symptoms, and treatment options of lung cancer. Various non-profit organizations and governmental institutions across the world are consistently running awareness campaigns through different mediums to educate the masses regarding lung cancer prevention and early detection. As a result, more people are getting the required screening tests and routine checkups. Consequently, patients now have the option of undergoing lung resection procedures or tumor excision through early diagnosis of lung cancers. For instance, in August 2022, the National Health Service (NHS) publicly funded healthcare system in England, U.K., launched an awareness campaign Help Us Help You campaign about lung cancer. The campaign targeted the groups of people most at risk including those over 60s, as well as people from more working-class backgrounds who are often more reluctant to visit their GP, which is critical to getting an early diagnosis.

Lung Cancer Surgery Market Restraints:

• High Cost of Lung Cancer Surgery: This high cost puts the surgery out of reach for many patients without proper health insurance. Patients sometimes find themselves unable to pay high co-pay requirements, even for those who have insurance. For instance, according to data published in July 2022 by Dotdash Media, Inc., a digital media company, average lung cancer surgery costs in the U.S. range between US$ 15,000 to over US$ 30,000.
• Post Lung Cancer Surgery Complications: Post lung cancer surgery complications present a significant challenge for the growth of the global lung cancer surgery market. Lung cancer surgery often has the risk of complications owing to the intricate anatomical location and structures of the lungs. For instance, according to data published in August 2021, by BioMed Central Ltd., operates as a science, technology, and medicine publisher, post-lung cancer surgery complications include bronchopleural fistula, pleural empyema, pneumonia, lung atelectasis, haemothorax, chylothorax, etc.
• Lack of awareness in developing regions: Lack of awareness about lung cancer and its treatment options in developing regions is significantly restraining the growth of the global lung cancer surgery market. In many underdeveloped parts of the world, there is very little knowledge about lung cancer and its symptoms amongst the general population as well as healthcare workers. This is largely due to the lack of patient education programs and resources to spread information about such a critical disease. People in rural and remote areas remain highly uninformed about the early signs and risk factors of lung cancer. As a result, most cases go undiagnosed until it reaches advanced stages, reducing the chances of effective surgery.