by Lung cancer surgery involves the removal of cancerous tissue from the lungs through an incision. Various surgical procedures such as sleeve lobectomy, pneumonectomy and lobectomy are performed for lung cancer treatment. Increasing lung cancer incidence, advancements in minimally invasive surgical techniques and growing number of clinical trials are factors boosting the demand for lung cancer surgery. According to WHO, lung cancer is the leading cause of cancer deaths globally. The global lung cancer surgery market is estimated to be valued at US$ 6.04 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising geriatric population is expected to drive the lung cancer surgery market over the forecast period. Aging increases the risk of developing lung cancer as natural lung functioning and repairing ability declines with increasing age. According to the United Nations, the aging population, aged 65 years and above, is projected to double to over 1.5 billion over the next three decades. People aged 65 years and above account for the majority of new lung cancer cases. With expanding aging demographics, the prevalence of lung cancer is likely to surge significantly thereby augmenting demand for lung cancer surgeries. Treatment of lung cancer in geriatric population also presents unique challenges that require special considerations with respect to treatment planning and coordination of care. Hence, the rising geriatric demographic will present lucrative opportunities for players in the lung cancer surgery market.
Porter’s Analysis
Threat of new entrants: The lung cancer surgery market has moderate threat of new entrants due to the high costs associated with necessary investments in technology, regulatory approvals and established customer relationships.
Bargaining power of buyers: Buyers have moderate bargaining power due to the high costs of lung cancer treatment and lack of substitute products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power since there are many suppliers for surgical equipment, drugs and other inputs used in lung cancer treatment.
Threat of new substitutes: There is low threat of new substitutes as lung cancer surgery is currently one of the most effective treatments available for lung cancer patients.
Competitive rivalry: The market experiences high competitive rivalry due to the presence of many established players offering differentiated services.
SWOT Analysis
Strengths: Non-small cell lung cancer has high survival rates when caught early. Robotic minimally invasive surgeries provide several benefits over traditional open procedures.
Weaknesses: Lung cancer often goes undetected until later stages when treatment becomes more difficult. High costs associated with equipment, drugs and long-term patient care.
Opportunities: Growing demand for lung cancer screening, especially for at-risk groups. Increasing focus on personalized medicine can boost treatment efficacy.
Threats: Threat from other lung cancer treatment alternatives and various substitutes in oncology. Regulations pose compliance challenges for new product launches and market expansion.
Key Takeaways
The Global Lung Cancer Surgery Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to reach US$ 6.04 Billion.
Regional analysis – North America region currently dominates the lung cancer surgery market attributed to high healthcare spending, widespread insurance coverage and growing prevalence of lung cancer in the US and Canada. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to factors like improving healthcare infrastructure, rapid economic development and increasing patient awareness in countries like China and India.
Key players operating in the lung cancer surgery market 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., and Richardson International Limited. These players are adopting various organic and inorganic strategies like new product launches, collaborations and acquisitions to sustain their market position.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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