The lung cancer surgery market was USD 5.65 billion in 2022, and it is likely to propel at a rate of 4.10% from 2022–2030, to reach USD 7.79 billion by 2030, as per a report by P&S Intelligence. The rising incidence of lung cancers, increasing tobacco smoking by younger generation, growing elderly population, and reimbursement availability are driving the growth of the industry.
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Due to the trend of smoking at every age group, the cases of lung cancer are increasing significantly, and it is among the most-common reasons for cancer death among the population.
Lung cancer is the most-common malignancy worldwide, with an age standardized rate of 22.4 per 100,000 person-years, as per the GLOBOCAN. This condition is more prevalent in men. In the year 2020, the incidence rate in men was 222 and 186 in women. Thus, the rising demand for surgeries is the reason for the industry growth.
North America is the leader of the industry because of the rapid technological developments in the oncology space, growing trend of smoking tobacco, and increasing incidence of lung cancer. According to the Lung Cancer Research Foundation, around 236,740 people suffered from lung cancer and 130,180 died in 2022 in the U.S.
APAC will have the fastest growth in the near future because of the rapid healthcare infrastructure development, increasing funding by government and initiatives for raising awareness, and growing medical tourism industry in India and China.
Hence, with the rising elderly population and the rising number of awareness campaigns, the demand for lung cancer surgeries will grow considerably in the years to come.
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