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. 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.

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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.

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.

B. Braun Melsungen AG

B. 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.

B. 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.

Thoracic Surgery Market: Segmentation

Based on type of surgery, the global thoracic surgery market can be divided into:

  • Lobectomy
  • Wedge Resection
  • Pneumonectomy
  • Pleurectomy
  • Others (Anatomical Segmental Resection)

In terms of application, the global thoracic surgery market can be segregated into:

  • Lung Cancer
  • Esophageal Cancer
  • Gastroesophageal reflux
  • Others.

Based on end-user, the global thoracic surgery market can be classified into:

  • Hospital
  • Ambulatory Surgical Centers
  • Others (Specialty Clinics)

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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