The global thoracic surgery devices market size was valued at USD 743.14 million in 2023 and is expected to reach around USD 1,385.83 million by 2033, expanding at a CAGR of 6.43% from 2024 to 2033.
Key Points
- The North America thoracic surgery devices market size accounted for USD 297.26 million in 2023 and is predicted to grow around USD 561.26 million by 2033 with a CAGR of 6.56% from 2024 to 2033.
- North America dominated the market with the largest revenue share of 40% in 2023.
- Asia Pacific is projected to grow at the fastest CAGR of 8.04% market over the forecast period.
- By product, the forceps segment has contributed more than 28% of revenue share in 2023.
- By product, the stapler segment is expected to see significant growth in the market over the forecast period.
- By surgery type, the lobectomy segment has recorded the biggest revenue share of 44% in 2023.
- By surgery type, the wedge resection segment is anticipated to experience considerable growth during the forecast period.
- By end-use, the hospital segment has held a major revenue share of 47% in 2023.
- By end-use, the ambulatory surgical centers (ASCs) segment is anticipated to experience the fastest growth during the forecast period.
The Thoracic Surgery Devices Market encompasses a wide array of medical devices utilized in surgical procedures related to the thoracic cavity, which includes organs such as the lungs, heart, esophagus, and other chest structures. This market segment plays a critical role in the treatment of various thoracic diseases and conditions, including lung cancer, coronary artery disease, thoracic trauma, and congenital abnormalities. Thoracic surgery devices range from surgical instruments and equipment to advanced technologies such as minimally invasive surgical devices and robotic-assisted systems. The market for these devices is driven by factors such as the increasing prevalence of thoracic diseases, advancements in surgical techniques, and growing demand for minimally invasive procedures.
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Growth Factors:
Several factors contribute to the growth of the Thoracic Surgery Devices Market. Firstly, the rising incidence of thoracic diseases, particularly lung cancer, due to factors such as smoking, air pollution, and aging populations, drives the demand for thoracic surgical procedures and devices. Additionally, advancements in surgical technologies, such as the development of minimally invasive techniques and robotic-assisted surgery, have revolutionized thoracic surgery, leading to shorter hospital stays, faster recovery times, and reduced post-operative complications. Moreover, increasing healthcare expenditure, particularly in emerging economies, and the growing awareness among patients about the availability of advanced treatment options further propel market growth.
Region Insights:
The Thoracic Surgery Devices Market exhibits regional variations influenced by factors such as healthcare infrastructure, regulatory environment, and disease prevalence. North America, with its well-established healthcare system and high adoption of advanced medical technologies, dominates the market. The region benefits from a large patient pool, supportive reimbursement policies, and a strong presence of key market players. Europe follows closely, driven by the increasing prevalence of thoracic diseases and favorable government initiatives promoting the adoption of innovative surgical techniques. Asia Pacific is expected to witness significant growth attributed to improving healthcare infrastructure, rising healthcare expenditure, and a growing focus on expanding access to advanced healthcare services.
Thoracic Surgery Devices Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 743.14 Million |
| Market Size in 2024 | USD 790.92 Million |
| Market Size by 2033 | USD 1,385.83 Million |
| Market Growth Rate | CAGR of 6.43% from 2024 to 2033 |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product, Surgery Type, End-use, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics
Drivers:
Several drivers fuel the growth of the Thoracic Surgery Devices Market. Technological advancements play a pivotal role, with innovations such as minimally invasive surgery, robotic-assisted surgery, and advanced imaging techniques enhancing surgical outcomes and patient satisfaction. Additionally, the increasing prevalence of thoracic diseases, particularly lung cancer, drives the demand for thoracic surgical procedures and devices. Moreover, the growing geriatric population, coupled with lifestyle factors such as smoking and pollution, contributes to the rising incidence of thoracic conditions, further boosting market growth.
Opportunities:
The Thoracic Surgery Devices Market presents ample opportunities for growth and innovation. The expanding application of minimally invasive techniques and robotic-assisted surgery in thoracic procedures offers significant potential for market players to develop advanced devices that enhance surgical precision, reduce complications, and improve patient outcomes. Furthermore, the growing demand for personalized medicine and targeted therapies in the treatment of thoracic diseases opens avenues for the development of specialized surgical devices and instrumentation. Moreover, partnerships and collaborations between medical device companies, research institutions, and healthcare providers can facilitate the development and commercialization of novel thoracic surgery devices.
Challenges:
Despite the promising growth prospects, the Thoracic Surgery Devices Market faces several challenges. One of the primary challenges is the high cost associated with advanced surgical technologies, which limits their accessibility, particularly in developing regions. Additionally, the complexity of thoracic surgical procedures and the learning curve associated with minimally invasive and robotic-assisted techniques pose challenges for healthcare providers in adopting these technologies. Moreover, regulatory hurdles and reimbursement issues can hinder the market entry of new devices and innovations, slowing down market growth. Furthermore, the shortage of skilled thoracic surgeons and specialized training programs may impede the widespread adoption of advanced surgical techniques.
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Thoracic Surgery Devices Market Companies
- Medtronic plc
- Cardio Medical GmbH
- Intuitive Surgical
- Richard Wolf GmbH
- Grena Ltd.
- Dextera Surgical Inc.
- Teleflex Inc.
- Medela Healthcare
- LivaNovaplc
- Sklar Surgical Instruments
Recent Developments
- In July 2022, announcing a strategic relationship with Kefar Sava, Israel-based CathWorks, a privately held business to revolutionize the diagnosis and treatment of coronary artery disease (CAD), Medtronic plc, a pioneer in healthcare technology, said it had signed the deal.
- In May 2022, the breakthrough devices used in sinus treatments to enhance post-operative outcomes and treat nasal polyps have been added to Medtronic plc’s entire ear, nose, and throat (ENT) portfolio with the completion of the company’s purchase of Intersect ENT, according to the announcement.
Segments Covered in the Report
By Product
- Clamps
- Forceps
- Graspers
- Staplers
- Scissors
- Spreaders
- Needle Holders
- Others
By Surgery Type
- Lobectomy
- Wedge Resection
- Pneumonectomy
- Others
By End-use
- Hospitals
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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