LUNG CANCER SURGERY MARKET ANALYSIS

Lung Cancer Surgery MarketSize and Trends

The Global Lung Cancer Surgery Market size was valued at US$ 6.06 Bn in 2023 and is expected to reach US$ 8.25 Bn by 2030, grow at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.

The lung cancer surgery market has witnessed significant growth and innovation in recent years, driven by advancements in medical technology, increasing awareness about early detection, and improving healthcare infrastructure. Surgical interventions play a crucial role in the management of lung cancer, particularly for patients with localized tumors or those for whom surgery presents a viable option. Procedures like lobectomy, pneumonectomy, and minimally invasive techniques such as video-assisted thoracic surgery (VATS) have gained prominence, offering patients reduced postoperative complications and faster recovery times. This growing demand for effective surgical treatments has spurred investments in research and development, leading to the introduction of novel surgical instruments, robotics, and imaging technologies tailored to enhance the precision and outcomes of lung cancer surgeries.

Geographically, the lung cancer surgery market exhibits variations based on factors such as regional healthcare expenditure, prevalence of lung cancer, and access to advanced medical facilities. Developed economies with robust healthcare systems have witnessed a higher adoption of advanced surgical techniques, contributing to a larger market share. Meanwhile, emerging economies are also witnessing an increased focus on improving lung cancer diagnosis and treatment infrastructure, which is expected to drive market growth in those regions.

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 Trends:

• Technology Advancement: Technology advancement is a major factor that is driving the growth of the global lung cancer surgery market over the forecast period. With rising advancements in surgical techniques and equipment, doctors now have better capabilities to detect and operate on lung cancers. Some of the new technologies that are improving lung cancer surgery outcomes include laser therapy, robotic surgery, intraoperative radiation therapy, stereotactic body radiation therapy etc. For instance, in October 2020, Metro Health, a technology company, announced the launch of robot technology for early diagnosis of lung cancer.
• Research and Development: Increasing research and development activities by key playes is expected to drive the growth of the market over the forecast period. For instance, on August 15, 2023, Assiut University, a governmental university based in Eygpt, initiated a clinical trial titled “The Optimal Sequence of Bronchial Brushing, Forceps Biopsy, and Washing for Diagnosis of Lung Cancer”. The study is estimated to be completed in October 2025.
• Increased Focus on Early Detection: Early detection of lung cancer is gaining importance as it significantly influences patient outcomes. Greater awareness of risk factors, coupled with advancements in diagnostic imaging technologies, contributed to the trend of detecting lung cancer at earlier stages, which is expected to drive the growth of the market over the forecast period.
• Increasing collaboration: Increasing adoption of inorganic growth strategies such as partnership by key players in the market is expected to drive the growth of the market over the forecast period. For instance, in November 2021, GE Healthcare, a diagnostics company, and Optellum Ltd, which develops an imaging biomarker for smart lung cancer detection, announced that they had signed a letter of intent to collaborate to advance precision diagnosis and treatment of lung cancer.