Lung Cancer Surgery Market to reach USD 6.7 billion by 2026

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. 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.  However, the high cost of lung cancer diagnosis & surgery is  expected to restrain the growth of this market during the forecast  period.

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The  powered surgical equipment segment accounted for the largest share of  the lung cancer surgery market, by surgical instruments segment, in 2020

Based  on surgical instruments, the lung cancer surgery market is segmented  into powered surgical equipment and hand Instruments. In 2020, the  powered surgical equipment segment accounted for the larger share of the  global lung cancer surgery market. Power surgical equipment saves the  time required for surgical procedures by showcasing consistent  performance and optimum functionality. These are the main factors  driving the adoption of powered surgical equipment over hand  instruments.

Thoracotomy segment to register the largest share during the forecast period

Based  on procedures, the lung cancer surgery market is segmented into  thoracotomy and minimally invasive surgeries. In 2020, the thoracotomy  segment accounted for the larger share of the lung cancer surgery  market. However, the minimally invasive surgeries segment is expected to  grow at the highest CAGR during the forecast period. The growing  adoption of minimally invasive techniques, increasing technological  advancements, availability of reimbursement policies, and the increasing  trend of robotic surgeries are the factors driving the growth of this  market segment.

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.

The  prominent players in the global lung cancer surgery market are Accuray  Inc. (US), AngioDynamics Inc. (US), Ethicon Inc. (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).