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| Lung Cancer Surgery Market Growth |
The lung cancer surgery market is gaining significant traction over the past couple of decades due to the rising prevalence of lung cancer. Lung cancer surgery involves removing all or parts of the lungs that contain cancerous cells. This procedure becomes necessary when lung cancer is not responding to other treatments like chemotherapy or radiation therapy. The growing need for complete cancer removal is boosting the demand for lung cancer surgeries across the globe.
The Global lung cancer surgery market is estimated to be
valued at US$ 7.38 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over
the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Lung
Cancer Surgery Market Growth 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., Richardson International Limited. Lung cancer surgery
provides patients with greater chances of disease remission and prolonged
survival. The rising incidence of lung cancer due to increasing tobacco
consumption and pollution levels has boosted the need for lung cancer surgeries
globally. Key market players are actively involved in new product launches and
strategic collaborations with hospitals and healthcare facilities to cater to
the growing demand.
The global expansion of lung cancer surgeries is driven by the increasing focus
on early detection and better access to healthcare facilities. Lung cancer
accounts for around 13% of all cancers diagnosed worldwide. Countries like
China, United States and countries in Europe have large patient volumes
undergoing surgeries owing to well developed healthcare infrastructure and
reimbursement policies supporting treatments. Developing countries in Asia
Pacific and Latin America are also witnessing significant growth opportunities
as a result of improving medical facilities, patient awareness and government
support.
Market drivers
The increasing prevalence of lung cancer worldwide owing to factors like
smoking, indoor and outdoor pollution is expected to remain the major market
driver. According to estimates by WHO, over 2 million new cases of lung cancer
are diagnosed each year globally. Early symptoms often go unnoticed which leads
to advanced stages at the time of detection. This emphasizes the critical need
for lung cancer surgeries to remove tumours before the cancer spreads. Thus,
growing awareness about early diagnosis and treatment is anticipated to fuel
the demand over the forecast period.
PEST Analysis
Political: High healthcare expenditure by governments in developed countries
will drive market growth. Regulations supporting cancer screening &
treatment will have a positive impact.
Economic: Rising dispositivity incomes especially in developing countries will
increase affordability of lung cancer treatment. Growing healthcare industry
will attract more private investments.
Social: Increasing awareness about early detection & treatment will raise
demand. Growing tobacco & smoking rates globally pose a major risk factor.
Changing lifestyle & dietary patterns impact disease rates.
Technological: Advancements in minimally invasive procedures, robotic surgery,
personalized medicine approach will boost adoption. 3D printing, AI, predictive
analytics find increasing use.
Geographical concentration
North America accounts for the largest share due to favourable reimbursement
policies, healthcare infrastructure & higher diagnosis rates. Rising costs
have led hospitals to adopt minimally invasive techniques here. Europe stands
second with major markets in Germany, UK & France benefitting from
universal healthcare programs. Availability of skilled surgeons &
state-of-art facilities support market growth in these regions.
Fastest growing region
Asia Pacific region is witnessing fastest gains owing to rising incidence of
lung cancer cases especially in China & India attributed to increasing
pollution levels & growing smoking rates. Governments are ramping up
awareness initiatives & healthcare spending here thereby driving the
market. Healthcare infrastructure expansion & medical tourism are
attracting international patients seeking affordable treatment options.
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