Lung Cancer Surgery Market Structure Analysis 2019-2029
The global COVID-19 pandemic has put an unprecedented burden on the healthcare system through Q1 2020, which has redirected a majority of the resources including healthcare professionals and equipment towards treating coronavirus victims. This trend is likely to continue through the end of 2020. The global lung cancer surgery industry is facing increased challenges owing to a greater risk of infection and problems of diagnosis between cancer-related symptoms and virus-related symptoms.
Healthcare organizations are being forced to prioritize select patients on the basis of contingency capacities and the burden placed on hospital resources. According to a new report by Future Market Insights (FMI), the revenue from lung cancer surgery surpassed a US $1 Bn value pool in 2019 and witness double expansion through the end of 2029. Shifting priorities of healthcare industry will however lead to surgical equipment shortages and delayed surgeries for a limited period of time in 2020.
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Ultrasonic Instruments Retain Industry Supremacy; Robotics Gaining Traction
The COVID-19 virus primarily impacts patients by infecting the respiratory tract. This in turn is anticipated to generate additional burden on diagnostic facilities owing to shared symptoms with lung cancer patients. Consequently, the demand for advanced energy instruments including ultrasonic equipment will witness a high rate of demand during the forecast period. On the other hand, tech advances have resulted in robotic assisted thoracic surgery systems (RATSS) gaining significant traction in the coming years.
“The unprecedented rise in COVID-19 patient numbers has created substantial challenges for lung cancer equipment manufacturers, owing to inadequate production facilities, generating shortages globally. Regulatory bodies have been pushing preparedness guidelines including setting up surge-capacity frameworks to keep up with the demand,” says the FMI analyst.
North America and Europe Hold Hegemony Through Pandemic
North America and Europe are currently the leading markets for lung cancer surgery, with the US and Germany leading the pack respectively. Superior medical infrastructure and access to new advancements in relevant technologies, while overburdened healthcare systems remain a problem.
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The demand for lung cancer surgery remains strong despite the rapid rise of coronavirus cases with many more being added on a daily basis. East Asia is also expected to provide highly remunerative opportunities, particularly in China and Japan. The region continues to have a high number of COVID-19 cases, despite a steady slump in the past few weeks, with favorable reimbursements and faster tech penetration in recent years.
The FMI study offers near and long-term growth outlook for the lung cancer surgery market. Gain access to FMI’s exclusive COVID-19 tracker here.
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