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.

Global Leading Companies:

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)

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Major Growth Drivinf Factors:

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.

Projected Growth in Revenue Generation:

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.

More About Key Players:

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 RD 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.

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Restraint: The high cost of lung cancer diagnosis treatments

Lung cancer treatments are primarily divided into four broader categories; diagnosis/imaging, surgeries, pharmacological assistance, and indirect costs (like transportation, caregiver wages, lodging, secondary effects treatments, and lost wages/ incomes). These categories incur substantial spending from government/insurance providers and additional costs paid by the patient itself. The hefty costs for treating lung cancers have created a substantial burden on the governments globally and cancer patients. Considering these high costs, despite the presence of a large patient pool, a limited number of patients opt for surgical interventions to treat their condition. This is a major factor restraining market growth.

Challenges: The dearth of skilled oncologists

To achieve better outcomes, lung cancer surgeries are performed by skilled professionals. These surgeries are considered to involve more risks when compared to other surgeries due to challenges such as air leaks, movement of tumors due to breathing, and accumulation of fluids in the chest during the procedure. Over the years, the incidence and prevalence of lung cancer have increased and are expected to increase further in the coming years. However, there has not been a subsequent growth in the number of oncologists; this situation is more pronounced in developing countries. The rise in demand is driven by factors like the aging and growth of the population and improvements in cancer survival rates; however, the slow/ lagged growth in the skilled labor is attributed to factors like the oncology workforce is aging and retiring in increasing numbers.

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