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Thoracic Surgery Devices Market Analysis, Industry Size, Share, Key Players And Forecast To 2033
Thoracic Surgery Devices Market
According to The Business Research Company's, the thoracic surgery devices market size has grown rapidly in recent years. It will grow from $8.07 billion in 2023 to $8.89 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to advancements in surgical techniques, aging population and prevalence of thoracic diseases, increasing surgical volume, healthcare infrastructure development, training and education initiatives.
The thoracic surgery devices market size is expected to see strong growth in the next few years. It will grow to $12.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to robotics and ai integration, patient-centric approaches, customized implant solutions, telemedicine and remote surgery, value-based healthcare models. Major trends in the forecast period include global collaboration in healthcare, technological innovations in medical devices, advancements in imaging technology, telemedicine and remote surgical support, rise in ambulatory surgical centers (ascs).
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Market Drivers and Trends:
The rising prevalence of thoracic diseases is expected to fuel the growth of the thoracic surgery device market going forward. Thoracic diseases encompass a wide range of medical conditions that affect the organs and structures within the thoracic cavity, which includes the chest area containing the heart, lungs, esophagus, trachea, diaphragm, and major blood vessels. Thoracic surgery devices are used to aid thoracic surgeons in performing procedures within the chest cavity, ensuring precision, efficacy, and safety. For instance, in 2023, according to the Australian Institute of Health and Welfare, an Australia-based government agency, chronic obstructive pulmonary disease (COPD) accounted for 3.6% of the total disease burden and constituted 50% of the total burden of disease attributable to respiratory conditions in 2023. Therefore, the rising prevalence of thoracic diseases is driving the growth of the thoracic diseases market.
Major companies operating in the thoracic surgery devices market are developing innovative products with advanced technologies, such as 3D-printed airway stents, for providing customized, precise, and durable support to compromised airways. The 3D-printed bioresorbable airway stent is a medical device developed using a digital 3D model and produced layer by layer with a DLP printer. For instance, in February 2021, ETH Zurich, a Switzerland-based university, introduced 3D-printed bioresorbable airway stents composed of bioresorbable airway stents tailored to patients (i.e., they gradually dissolve after implantation). The stents are manufactured using a 3D printing process known as digital light processing (DLP) and light-sensitive resins specially adapted for this purpose. These stents are constructed using bioresorbable materials and 3D-printed technology, designed to match a patient's specific airway anatomy and gradually dissolve over time within the body, thus providing customized support without the need for invasive removal procedures.
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Major Key Players of the Market:
Cardinal Health, Medtronic plc, Danaher Corporation, Becton, Dickinson and Company, Stryker Corporation, B. Braun Melsungen AG, Olympus Corporation, Intuitive Surgical, Getinge AB, Teleflex Inc., Cook Group Incorporated, Richard Wolf GmbH, Scanlan International, OmniGuide Holdings Inc., KLS Martin Group, Sklar Surgical Instruments, ATMOS MedizinTechnik GmbH & Co. KG, Medela Healthcare, Dextera Surgical Inc., Biolitec AG, Johnson & Johnson Private Limited, Cardio medical GmbH, Grena Ltd., LivaNova plc, Sinapi Biomedical
Thoracic Surgery Devices Market 2024 Key Insights:
• The thoracic surgery devices market is expected to grow to $12.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Surge In Thoracic Surgery Device Market Growth Amidst Escalating Prevalence Of Thoracic Diseases
• Pioneering 3D-Printed Technology in Thoracic Surgery Devices Market
• North America was the largest region in the thoracic surgery devices market in 2023
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