Global growth of the Lung Cancer Surgery Market 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.
The prominent players in the global lung cancer surgery market are Accuray Inc. (US), AngioDynamics Inc. (US), Ethicon US, LLC (US), Intuitive Surgical Inc. (US), Olympus Corporation (Japan), Teleflex Incorporated (US), Ackermann Instrumente GmbH (Germany), KARL STORZ GmbH (Germany), Scanlan International Inc. (US), TROKAMED GmbH (Germany), Medtronic Plc. (Ireland), Siemens Healthcare (Germany), Richard Wolf GmbH (Germany), Phoenix Surgical Holdings Limited (England), Key Surgical LLC (US), Surgical Holdings (England), FusionKraft (India), KLS Martin Group (Germany), Sontec Instruments Inc. (US), and Wexler Surgical Inc. (US).
Projected Revenue Surge, Globally:
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.
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Ethicon Inc. (US) is the largest global lung cancer surgery market player in 2020. The company offers a wide range of endoscopy equipment, including endoscopes, mechanical endoscopy instruments, and accessories. With its strong product portfolio for endoscopy equipment, the company has established itself as one of the leading players in this market.
Ethicon strongly focuses on R&D to meet its customers specifications, thus significantly strengthening its market position by accelerating innovation. The company also focuses on acquisitions to strengthen its position in minimally invasive intervention.
Intuitive Surgical Inc. (US) is another larger player in the lung cancer surgery market, in 2020. The company has strong distribution and services channels in major markets such as the US; the company generated 68.0% of its revenue from the US alone.
The company focuses on the acquisition of small players in the market space to expand and diversify its current product portfolio. For instance, in February 2020, Intuitive Surgical acquired Orpheus Medical to expand its medical informatics platforms for hospitals. Orpheus develops and distributes its clinical video management and analytics platform; which hospitals use across all surgical disciplines.
Recent Developments:
# In May 2021, Olympus Corporation (Japan) launched BF-UC190F endobronchial ultrasound (EBUS) bronchoscope.
# In February 2020, Intuitive Surgical Inc. (US) acquired Orpheus Medical (US).
# In October 2019, KLS Martin Group (Germany) opened a new training center at its site in Jacksonville, Florida, US.
Geographical Growth Dynamics:
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.
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