Global Thoracic Surgery Market: Introduction
A thoracic surgery involves any procedure or operation related to chest organs including heart, lungs, esophagus, and trachea. Thoracic surgery is also known as chest surgery. Thoracic surgery procedures are performed with either minimally invasive method or an open surgical procedure.
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Minimally invasive thoracic surgeries can be of two types: Video Assisted Thoracic Surgery and Robotic Thoracic Surgery. Thoracotomy procedure involves incision in chest and is performed to treat lung cancer. According to European Respiratory Society, around 24,574 lung resections and 16,710 cases of primary lung cancer were reported in 2011.
Global Thoracic Surgery Market: Competitive Landscape
The global thoracic surgery market is highly fragmented with several domestic players holding key market share in their respective regions. Manufacturers are extensively investing in research and development for technological advancement in the field of thoracic surgeries. Major players in this market focus on business expansion and are engaged in mergers and collaborations. They are actively involved in collaborations with multinational hospitals and adopting rental contract agreement strategy to sell their products such as electrosurgical devices, auxiliary instruments & cutter instruments.
Medtronic plc
Medtronic is one of the world’s largest medical technology, services, and solutions company. Medtronic operates through four segments: Cardiac & Vascular, Diabetes, Restorative Therapies, and Minimally Invasive Therapies. They offer services to hospitals, physicians, clinicians, and patients in approximately 160 countries.
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Richard Wolf GmbH
Richard Wolf GmbH is a medical devices company with extensive participation in the development of endoscopy and shockwave therapy. Richard Wolf GmbH offers a wide range of products and systems. The company operates through 15 subsidiaries and 130 distributors across the globe.
Intuitive Surgical
Intuitive Surgical, Inc. is a U.S. based company, engaged in designing, manufacturing, and marketing of Da Vinci surgical systems and related instruments and accessories. As of December 31, 2018, Intuitive had installed 4,986 Da Vinci systems worldwide. Intuitive has an efficient sales model. The company provides its products through a direct sales organization in the U.S.; most of Western Europe excluding Spain, Portugal, Italy, and Greece; and Japan and South Korea.
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Braun Melsungen AG
Braun Melsungen AG offers medical products such as pharmaceuticals and medical devices across the world. The company develops effective solutions and trendsetting standards in different therapy fields of the health care industry. Company operates through four business divisions. It offers a range of around 5000 products in all categories, with indigenous manufacturing of 95% of these products.
Braun Melsungen AG operates through four segments: Hospital Care, Aesculap, Avitum, and Outpatient Market. B. Braun Melsungen AG has presence in 64 countries. In 2018, Dextera Surgical Inc.’s assets were acquired by B. Braun’s subsidiary company, Aesculap, Inc. Through this acquisition, Aesculap, Inc. has expanded its product portfolio for video-assisted thoracic surgery.
Other players operating in global thoracic surgery market include Teleflex Incorporated and Grena Ltd.
Global Thoracic Surgery Market: Dynamics
Increase in Demand for Minimally Invasive Thoracic Procedures
Demand for minimally invasive procedures is increasing due to their benefits over open surgeries. The benefits of minimally invasive procedures include minimal bleeding, lesser postoperative infection chances, fewer complications, shorter hospital stay, and early recovery. Growing preference of patients toward minimal invasive thoracic surgeries is expected to drive the market during the forecast period. The global thoracic surgery market is anticipated to expand during the next few years due to the rise in number of thoracic surgeries.
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High Prevalence of Lung Cancer
Lung cancer is the second-most common type of cancer. According to the estimation of American Cancer Society, around 228,150 new cases of lung cancer are reported in 2019. The high prevalence of lung cancer is likely to boost the global thoracic surgery market at a significant pace during the forecast period.
Increase in the geriatric population
The population aged above 65 years usually suffers from various health disorders such as gastroesophageal reflux. Hence, increase in the geriatric population is likely to augment the global thoracic surgery market. Favorable healthcare policies lead to an increase in affordability of thoracic surgery. This, in turn, increases the life expectancy of the population. However, stringent government regulations for product approval are likely to restrain the global thoracic surgery market.
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