Gamma Probe Devices Market to Exhibit 10% CAGR through 2030; Supply Chain Disruptions Due to COVID-19 Pandemic Impeding Market Growth
Published : 22 Sep 2020 Industry: Healthcare
Growing prevalence of thyroid and breast cancer and increasing mortality rate are expected to propel the growth of the gamma probe devices market over the years ahead. According to the American Cancer Society, the most rapidly increasing cancer in the U.S. is thyroid cancer, and the most common cancer among American women is breast cancer after skin cancer. Increasing preference for minimally-invasive image-guided procedures and recent advancements in gamma probe devices with low-cost facility are also projected to favour market growth. Besides, continuous focus by manufacturers to produce technologically-advanced gamma probe devices is also expected to favour market expansion over the coming years.
Increasing investments in the gamma probe devices market by major players and rising emphasis on low-cost product development are major factors expected to boost market growth. The global gamma probe devices market was valued at US$ 67 Mn in 2019, and is expected to exhibit a CAGR of around 10% during the forecast period (2020–2030).
Key Takeaways from Gamma Probe Devices Market Study
- The trolley-mounted devices segment, by modality, held maximum value share in the global gamma probe devices market in 2019, owing to their growing preference in hospitals due to convenient localization during surgery.
- By application, the sentinel lymph node uptake segment holds a notable revenue share of around 57% in the global gamma probe devices market, owing to the primary use of sentinel lymph node mapping to locate small and non-palpable breast lesions.
- North America and Europe collectively hold around 70% of the market share, owing to rapid new product launches in these regions.
- In terms of end user, hospitals are expected to dominate the global gamma probe devices market during the forecast period.
- High patient population and increasing government support towards advancing healthcare in Asian countries are expected to propel the growth of the gamma probe devices market in the region.
- The COVID-19 outbreak has thrown most economies and sectors off track. Supply chain disruptions due to manpower shortage and movement restrictions are hampering the progress of the global gamma probe devices market.
“Increasing preference of gamma probe devices for minimally-invasive surgical procedures to counter rising breast and thyroid cancer cases provides a competitive advantage to market players in terms of innovation,” says a Fact.MR analyst.
Incresing Consolidation among Key Players and Technology Advancements
Increase in market consolidation activities among market players, including collaborations, partnerships, acquisitions, and mergers are the characteristic of the overall competition among global gamma probe devices market players. Manufacturers are also focusing on introducing advanced gamma probe devices to support clinicians in simplifying their diagnostic and surgical procedures. For instance, in March 2018, Hologic Inc. entered into a partnership with Philips to provide integrated imaging solutions for women's health.
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The research study on the gamma probe devices market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends, which have shaped the landscape of the gamma probe devices market over 2015–2019, and includes a detailed assessment of key parameters that are expected to exert influence over 2020–2030. Market statistics have been presented based on modality (handheld devices, benchtop devices, and trolley-mounted devices), application (thyroid uptake and sentinel lymph node uptake), and end user (hospitals, ambulatory surgical centres, and speciality clinics), across seven major regions.
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the medical devices industry lucidly in 50+ countries for over a decade. The healthcare team at Fact.MR assists clients in their business expansion as well as new ventures, through hawkeyed analysis and strategic recommendations.