The new report by Expert Market Research titled, ‘ Global Thoracic Surgery Market Report and Forecast 2023-2031’, gives an in-depth analysis of the Global Thoracic Surgery market, assessing the market based on its segments like product, surgery type, application and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): USD 5 billion
- Forecast CAGR (2023-2031) 9%
- Forecast Market Size (2031): USD 10.8 billion
The global thoracic surgery market has and is currently undergoing technical advances in both MI surgeries and open procedures. Endoscopy technology advances have resulted in the growth of ultra-MI thoracic procedures, among many other devices. This advancement in technology and breakthroughs in medical field has driven the market in the historical period.
Thoracic Surgery Market Definition and Major Segments
Thoracic surgery refers to any procedure or operation involving the heart, lungs, oesophagus, or trachea. Chest surgery is another term for thoracic surgery. Thoracic surgery is performed either through a minimally invasive procedure or through an open procedure. Thoracotomy is a surgical procedure used to treat lung cancer that involves a chest incision. Redo cardiac surgery, aortic dissection for aortic surgery, minimally invasive mitral valve repair and replacement, and endovascular repair of thoracic aortic aneurysms are different types of therapies involved in technique.
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Based on product, the market is segregated into:
- Surgical Sutures and Staples
- Handheld Surgical Equipment
- Electrosurgical Devices
The market , in terms of surgery type, is segmented into:
- Lobectomy
- Wedge Resection
- Pneumonectomy
- Pleurectomy
On the basis of application, the industry is split into:
- Oesophageal Cancer
- Gastroesophageal Reflux
The global market for Thoracic Surgery is:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Thoracic Surgery Market Trends
Factors such as an increase in the number of CRM device replacements, an increase in the number of CRM implantation facilities, and the growing popularity of CVD and lung disease all contribute to the rising demand for chest surgeries. Because of technical advancements in thoracic surgeries, as well as improved surgical experience and confidence among high-risk individuals, the demand for thoracic surgery has increased among older patients and patients with severe co-morbidities. The use of thorax surgery devices for various indications recommendations of several health organisations would push end-user demand for advanced thorax surgical devices even further.
Regionally, as people become more conscious of CVDs and lung diseases, the Asian thoracic surgery market will expand steadily. Furthermore, the enormous unmet need for quality healthcare and growing government initiatives to improve healthcare infrastructure are expected to drive the thoracic surgery market growth during the forecast period. Furthermore, increased access to affordable healthcare systems in the region’s developing and developed economies is driving demand for high-quality thoracic surgery instruments and procedures. As a result, rising efforts by public and private entities to improve overall healthcare infrastructure would fuel regional market growth.
Key Market Players
The major players in the market are AbbVie Inc., Abbott Laboratories, Boston Scientific Corp., Edwards Lifesciences Corp., LivaNova Plc, Medtronic Plc and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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