(I-BusinessNews.Com, August 03, 2021 ) The global lung cancer surgery market is projected to reach USD 6.7 billion by 2026 from USD 5.4 billion in 2020, at a CAGR of 3.8% during the forecast period. Market growth is largely driven by factors such as the technological advancements in lung cancer treatment, increasing incidence and prevalence of lung cancer, growing trend of smoking tobacco, rising geriatric population, increasing emphasis on early diagnosis & treatment of cancers, and availability of reimbursement. However, the high cost of lung cancer diagnosis & surgery is expected to restrain the growth of this market during the forecast period.
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Driver: Increasing incidence of lung cancer
Cancer is the second-leading cause of death worldwide, accounting for 10 million deaths in 2020. Globally, about 1 in 6 deaths occur due to cancer (Source: World Health Organization). 19.3 million new cases were reported in 2020. The increase in cancer incidence at a global scale also indicates an increasing trend for the prevalence of lung cancers worldwide. In this scenario characterized by a favorable funding environment and effective treatment options, the growing incidence and prevalence of cancer are expected to increase the number of patients opting for lung cancer surgery in the coming years. This, in turn, is expected to drive the growth of the market in the coming years.
Key players in the lung cancer surgery market
Ethicon Inc. (US)
Medtronic Plc. (Ireland)
Olympus Corporation (Japan)
North America is the largest regional market for lung cancer surgery market
In 2020, North America accounted for the largest market share. The large share of North America can be attributed to rising technological advancements in lung cancer treatment, increasing incidence and prevalence of lung cancer, rising trend of smoking tobacco, increasing emphasis on early diagnosis & treatment of cancers, and the availability of reimbursement.
Mr. Aashish Mehra