Thoracic Surgery Devices Market Summary
The global thoracic surgery devices market size was estimated at USD 662.77 million in 2022 and is projected to reach USD 1.08 billion by 2030, growing at a CAGR of 6.42% from 2023 to 2030. The market growth is driven by factors, such as the increasing prevalence of conditions like lung cancer, COPD, and heart diseases, continuous innovations in surgical techniques and tools, including minimally invasive options, and the growing aging population.
Key Market Trends & Insights
- North America held the largest share of about 38.87% in 2022.
- The Asia Pacific region is estimated to grow at the highest CAGR of more than 8.01% from 2023 to 2030.
- By product, the forceps segment dominated the market with a share of over 26.12% in 2022.
- By surgery type, the lobectomy segment dominated the market in 2022 with a share of 43.2%.
- By end-use, the hospital segment dominated the market with a share of 45.9% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 662.77 Million
- 2030 Projected Market Size: USD 1.08 Billion
- CAGR (2023-2030): 6.42%
- North America: Largest market in 2022
- Asia Pacific: Fastest growing market
The growing aging population is a significant growth driver of the market. Elderly people are more susceptible to thoracic conditions, such as lung cancer, esophageal disorders, and heart diseases. The elderly population's higher incidence of these diseases is leading to a growing demand for thoracic surgeries and the devices required to perform them effectively. The aging population underscores the importance of patient-centered care and minimally invasive approaches. Elderly patients often prefer procedures that minimize postoperative pain, complications, and lengthy hospital stays. These factors are contributing to the market growth. Advances in surgical technologies have greatly influenced the growth of the market. Minimally invasive surgical techniques, including video-assisted thoracoscopic surgery (VATS) and robotic-assisted surgery, have gained popularity due to their reduced invasiveness and faster patient recovery times.
These techniques require specialized devices and instruments designed for precision and efficiency, thereby spurring innovation, and driving the market's expansion. The expansion of healthcare infrastructure, particularly in emerging markets, is contributing to the growth of the market. Improved access to healthcare services, including thoracic surgeries, is increasing the demand for thoracic surgery devices globally. As more healthcare facilities offer thoracic surgical procedures, there is a corresponding increase in the need for devices that aid in diagnosis, treatment, and postoperative care, further propelling market growth.
Product Insights
By product, the forceps segment dominated the market with a share of over 26.12% in 2022. Forceps are versatile surgical instruments used in a wide range of medical procedures, including thoracic surgery. They are essential for grasping, holding, manipulating, and dissecting tissues, making them indispensable tools for thoracic surgeons. Moreover, thoracic surgeries often require precise and delicate tissue handling. Forceps provide surgeons with the fine control needed to perform intricate procedures, minimizing the risk of damage to surrounding structures.
The stapler segment is projected to witness a considerable growth rate in the coming years. The adoption of minimally invasive surgical techniques, such as video-assisted thoracoscopic surgery (VATS) and robotic-assisted surgery, has been on the rise. Staplers are essential tools for creating secure and precise anastomoses or connections within the thoracic cavity during these minimally invasive procedures. Their use reduces the need for hand suturing, leading to quicker, more efficient surgeries and shorter patient recovery times. Such advantages associated with staplers are anticipated to foster segment growth.
Surgery Type Insights
The lobectomy segment dominated the market in 2022 with a share of 43.2%. The segment growth is attributed to the growing prevalence of lung cancer globally, and lobectomy is a primary treatment option for early-stage lung cancer. Given the high incidence of lung cancer, the demand for lobectomy procedures and associated devices is substantial. Moreover, lobectomy is considered the gold standard treatment for localized lung cancer. It offers the best chance of curing the disease while preserving adequate lung function.
As a result, lobectomy is frequently chosen by healthcare providers and surgeons, ensuring a consistent demand for devices tailored to this procedure. The wedge resection segment is projected to witness considerable growth during the forecasted period. The adoption of minimally invasive surgical techniques, including video-assisted thoracoscopic surgery (VATS), has expanded the use of wedge resection. These techniques reduce patient trauma, result in shorter hospital stays, and offer faster recovery times, making them attractive options for both patients and surgeons.
End-use Insights
The hospital's end-use segment dominated the market with a share of 45.9% in 2022. Hospitals are the preferred choice for treating severe thoracic conditions, such as advanced-stage lung cancer, complicated cardiovascular diseases, and trauma cases. These conditions often require extensive resources, advanced technologies, and a multidisciplinary approach, which hospitals can offer.
The ambulatory surgical centers (ASCs) segment is projected to witness the fastest growth rate over the forecast years. ASCs are designed for outpatient surgical procedures, and there is a growing trend toward performing thoracic surgeries in these facilities. Patients prefer ASCs for same-day surgeries, convenience, and shorter wait times.
Regional Insights
North America held the largest share of about 38.87% in 2022. The growth can be attributed to its advanced healthcare infrastructure, technological leadership, rising disease incidence, aging population, robust healthcare spending, commitment to R&D, skilled healthcare workforce, rigorous regulatory standards, and patient awareness and access. These factors collectively establish North America as a prominent and thriving hub for thoracic surgical care and associated devices.
The Asia Pacific region, on the other hand, is estimated to grow at the highest CAGR of more than 8.01% from 2023 to 2030. Rising disposable incomes and expanding healthcare coverage in some Asia Pacific countries have led to increased healthcare spending. Patients have greater access to advanced diagnostic and treatment options, including thoracic surgeries, contributing to market growth.
Key Companies & Market Share Insights
The market has various players, including public and private market players. Companies in the market are constantly investing in R&D activities to introduce innovative designs and technologies. In March 2023, Prana Thoracic, Inc. announced the closing of USD 3 million founding Series A. These factors have further contributed to the market growth. Some of the prominent players in the global thoracic surgery devices market include:
Medtronic plc
Cardio medical GmbH
Intuitive Surgical
Richard Wolf GmbH
Grena Ltd.
Dextera Surgical Inc.
Teleflex Inc.
Medela Healthcare
LivaNovaplc
Sklar Surgical Instruments