Emerging Technological Advancements in Lung Cancer Surgical Procedures
Global Industry Growth Boosting Factors:
# Increasing incidence of lung cancer
# Increasing emphasis on early diagnosis & treatment of cancers
# Rising technological advancements in lung cancer treatment
# Availability of reimbursements
Overview of This Study:
This study involved four major activities in estimating the current size of the lung cancer surgery market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
COVID-19 Impact on Global Lung cancer treatment market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 moved from a regional crisis to a global pandemic in just a few weeks. The number of cancer screening and diagnostic procedures declined precipitously, with countries worldwide affected by the pandemic. An initial analysis of the US market shows that newly diagnosed metastatic non-small-cell lung cancer patient volumes have declined just over 30% from February 2020 to March 2020—this represents a major decline in just one month. This also impacted rate of surgeries that benefit certain patients.
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Expected Growth Rate:
The global lung cancer surgery market is projected to be growing at a healthy rate of 3.8% during the forecast period.
Major Objectives of This Study:
# To define, describe, and forecast the lung cancer surgery market, by surgical devices, surgical procedures, and region.
# To provide detailed information regarding the major factors influencing the growth of the lung cancer surgery market (drivers, restraints, opportunities, and challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the revenue of lung cancer treatment market segments with respect to four main regional segments, namely, North America, Europe, Asia, and Rest of the World.
# To profile key players in the market and comprehensively analyze their product portfolios, market positions, and core competencies.
# To track and analyze competitive developments such as collaborations, partnerships, acquisitions, expansions, and product launches in the lung cancer surgery market.
# To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy.
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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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.
Key Developments, Globally:
# 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.
Read the Detailed Report@ https://www.prnewswire.com/news-releases/lung-cancer-surgery-market-worth-6-7-billion-by-2026--exclusive-report-by-marketsandmarkets-301306639.html