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The global thoracic surgery market size is estimated to grow by USD 18.14 billion at a CAGR of 9.04% between 2023 and 2028.
The rising prevalence of respiratory diseases has significantly contributed to the growth of the thoracic surgery market. Conditions such as asthma and chronic obstructive pulmonary disease (COPD) affect millions of people worldwide, creating a strong demand for innovative solutions that can improve disease management and enhance patient's quality of life. Respiratory diseases encompass a range of conditions affecting the lungs and airways, such as chronic obstructive pulmonary disease (COPD), asthma, pneumonia, and bronchitis. Moreover, sedentary lifestyles, unhealthy diets, and lack of exercise lead to obesity and metabolic issues that exacerbate respiratory diseases. Moreover, certain occupations expose workers to respiratory hazards, such as dust, chemicals, and fumes, increasing the risk of developing lung conditions. Thus, the rising prevalence of respiratory diseases will drive the growth of the thoracic surgery market during the forecast period.
Technavio has segmented the market into End-user, Product, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The market share growth by the hospitals segment will be significant during the forecast period. Hospitals are the major end-users of thoracic surgery devices and occupy most of the market share in the global thoracic surgery devices market by end-users. Hospitals are the preferred choice for treating severe thoracic conditions, such as complicated cardiovascular diseases and advanced-stage lung cancer.
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The hospitals segment was the largest and was valued at USD 20.14 billion in 2018. The factors that are driving the growth of the market include the entry of several private hospitals and clinics, the availability of specialized thoracic surgery packages, and the increasing incidence of respiratory diseases. Also, a few key market players are investing in developing effective distribution networks with hospitals to increase their market penetration. Mostly, surgeries that require extensive monitoring, such as thoracic surgery, are performed in hospitals as well as clinics. Furthermore, hospitals have a trained workforce who can operate technologically advanced thoracic surgery devices such as fenestrated forceps, bipolar fenestrated forceps, and other devices. Hence, hospitals are preferred by patients undergoing thoracic surgery. Thus, the hospital segment is expected to register significant growth during the forecast period. This is expected to drive the growth of the hospital end-user segment of the global thoracic surgery market during the forecast period
Cardiac rhythm management devices (CRM) and cardiac assist devices are mechanical pumps that connect with the heart to raise pumping efficiency and maintain optimal blood flow throughout the body. The CRM devices such as pacemakers, implantable cardioverter-defibrillators, and cardiac assist devices treat end-stage heart failure based on individual demands. The new technologies enable the CRM and cardiac assist devices to advance dramatically, such as incorporating indications for these devices, due to which many patients can be handled with cardiology devices that have exponential therapeutic and monitoring outcomes. Therefore, factors such as the prevalence of heart failure across the globe will result in the increased demand for CRM and cardiac assist devices, propelling the growth of the segment in the global thoracic surgery market during the forecast period.
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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Another region offering significant growth opportunities to companies is North America. North America holds a dominant share of the global thoracic surgery market in 2023. The dominance can be attributed to factors including favourable reimbursement policies, high healthcare expenditure, and the growing prevalence of cardiovascular diseases and disorders. The rising prevalence of lung cancer in the region is one of the major factors driving the growth of the thoracic surgery market in the region. Lung cancer is the third most common cancer in the US, followed by breast cancer (among women) and prostate cancer (among men). For instance, according to the American Cancer Society (ACS), in 2023, lung cancer is expected to account for 12.2% of all new cancer cases and 20.8% of all cancer deaths in 2023.
In addition, the graphical and imagining advancements in medicine, such as three-dimensional thoracoscopy, fluorescence colourization, virtual reality, and augmented reality technologies, have broadened the boundaries of medical procedures to enhance surgical planning, operational precision, and accuracy. Such technological advancements will surge the demand for thoracic surgery in the region as more people opt for these surgeries to treat their respiratory problems. Therefore, all such factors will foster the growth of the thoracic surgery market in the region during the forecast period.
The outbreak of COVID-19 negatively affected the growth of the thoracic surgery market in the region in 2020. However, in 2021, following the widespread COVID-19 vaccination drives, lockdown restrictions in various countries were somewhat lifted, which led to the resumption of business activities and the re-opening of offline retail pharmacies. In addition to that, the COVID-19 pandemic has heightened awareness of respiratory health, potentially leading to increased attention on respiratory care, research, and management. Thus, this is expected to boost the growth of the thoracic surgery market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Abbott Laboratories - The company offers thoracic surgery products such as Cardiac Rhythm Management catheters and CRT devices.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The emergence of telehealth and remote monitoring is a primary trend shaping the market growth. The COVID-19 pandemic in 2020 accelerated the adoption of telehealth services, transforming healthcare delivery. Telehealth enables remote consultations, diagnosis, treatment, and monitoring for respiratory patients and cardiac patients, improving access to medical care. Telehealth platforms allow respiratory patients and cardiac patients to consult pulmonologists and other specialists virtually. This is especially beneficial for those who have difficulty traveling or are at higher risk during the pandemic. Telehealth enables healthcare providers to diagnose and assess respiratory conditions and other thoracic conditions remotely, using video consultations, patient histories and shared medical data.
Moreover, remote monitoring technologies facilitate care delivery at patient's homes. This is essential for individuals with severe respiratory conditions and other thoracic conditions who may need frequent monitoring but are at risk in healthcare settings. Thus, the emergence of telehealth and remote monitoring will promote the growth of the thoracic surgery market during the forecast period.
Concerns associated with screening and diagnosis of thoracic surgery are a significant challenge hindering the market growth. The concerns associated with the screening and the diagnosis errors fail to establish an accurate and timely explanation of the patient's health problems. The increase in diagnosis errors is recognized as a threat to public health. Any gaps that arise in the diagnostic process restrict the initiation of appropriate and timely treatment to the patient and reduce the chances of optimizing the patient outcome. The challenges associated with screening and diagnosing respiratory diseases include pulmonary arterial hypertension (PAH) and cardiovascular diseases. Without the correct diagnosis, a patient may not receive the appropriate treatment.
Moreover, the major challenge that must be overcome is the late diagnosis of PAH. Symptoms of PAH, such as fatigue, weakness, and breathlessness, overlap with symptoms of other disorders such as COPD and asthma. This can result in the late diagnosis of PAH and may result in the disease progressing to higher stages. Thus, the concerns associated with screening and diagnosis of respiratory diseases and cardiovascular diseases will hinder the growth of the thoracic surgery market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Thoracic Surgery Market Customer Landscape
The thoracic surgery market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Thoracic Surgery Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.04% |
Market Growth 2024-2028 |
USD 18.14 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.33 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Europe at 35% |
Key countries |
US, Germany, France, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Becton Dickinson and Co., Biosensors International Group Ltd., BioVentrix Inc., Boston Scientific Corp., Cardio Medical GmbH, Edwards Lifesciences Corp., GE Healthcare Technologies Inc., Intuitive Surgical Inc., Johnson and Johnson, LivaNova Plc, Medtronic Plc, Richard Wolf GmbH, and Teleflex Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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