According to FutureWise analysis the market for Lung Cancer Surgery in 2023 is US$ 6.08 billion, and is expected to reach US$ 8.33 billion by 2031 at a CAGR of 4.02%.
Rising prevalence of lung cancer, increasing geriatric population, soaring healthcare expenditure across the world are some of the factors responsible for the lung cancer surgery market growth. Furthermore, there has been a rise in the number of chronic obstructive pulmonary disease, who then are at a high risk of getting diagnosed with lung cancer. These factors shall bolster the growth of the market.
The minimally invasive surgeries, robot-assisted surgeries and surgeries like cryo ablation radiofrequency ablation are some novel surgeries that are used for treating lung cancer. These novel processes provide different benefits like reduced hospital stay, less blood loss, smaller incision and shorter duration of chest tube. Therefore, these surgeries are preferred by both patients and surgeons. Furthermore, developing economies like Brazil and India have untapped potential for the lung cancer surgery market growth. With non-stringent regulations and lesser competition, the market in these countries is anticipated to proliferate during the forecast period. According to the World Bank estimates, the healthcare expenditure increased to over 5% of GDP in 2015. Such estimates shall boost the market growth.