The lung cancer surgery market is projected to reach USD 29.99 billion by 2021 from USD 21.58 billion in 2016, at a CAGR of 6.8% from 2016 to 2021.
Globally, the lung cancer surgery market is witnessing moderate growth due to factors such as increasing incidence and prevalence of lung cancer, rising aging population, increasing awareness initiatives for early detection of cancer, and increasing healthcare expenditure. On the other hand, high cost of lung cancer surgery is the major factor restraining the growth of this market.
On the basis of device, the lung cancer surgery market is segmented into surgical instruments, monitoring and visualizing systems, and endosurgical equipment. The monitoring and visualizing systems segment is expected to grow at the highest CAGR during the forecast period. Increasing awareness about advanced treatment procedures such as video-assisted thoracoscopic surgeries (VATS) and laser surgeries are the factors driving the growth of this segment.
On the basis of procedure, the lung cancer surgery market is classified into thoracotomy and minimally invasive surgeries. The minimally invasive surgeries segment is expected to grow at the highest CAGR during the forecast period due to increasing awareness about early detection of lung cancer and advantages of MIS over conventional surgeries.
On the basis of region, North America is expected to account for the largest share in the lung cancer surgery market in 2016. However, in the coming five years, growth in the lung cancer surgery market is likely to be centered on Asia. The increasing prevalence and incidence rate of lung cancer in Asia provides growth opportunities to players in the lung cancer surgical devices market. Key players are focusing on strategies such as acquisitions, partnerships, agreements, and expansions to strengthen their foothold in the lung cancer surgery market.
The lung cancer surgery market is consolidated in nature due to the presence of a few large players. The prominent players in the market include Ethicon US LLC (U.S.), Intuitive Surgical Inc. (U.S.), Olympus Corporation (Japan), Accuray Inc. (U.S.), AngioDynamics Inc. (U.S.), Teleflex Inc. (U.S.), KARL STORZ GmbH (Germany), Ackermann Instrumente GmbH (Germany), Scanlan International Inc. (U.S.), and Trokamed GmbH (Germany).