Gamma Probe Devices Market

Gamma Probe Devices Market Outlook (2022 to 2032)

The global gamma probe devices market is set to reach US$ 88.2 million in 2022 and expand at a high-value CAGR of 9.4% to end up at US$ 216.6 million by 2032.

Europe leads the global gamma probe devices market and is expected to contribute more than 35% market share by the end of 2032.

Report Attributes	Details
Global Gamma Probe Devices Market Size (2021A)	US$ 80.3 Million
Estimated Market Value (2022E)	US$ 88.2 Million
Forecasted Market Value (2032F)	US$ 216.6 Million
Global Market Growth Rate (2022 to 2032)	9.4% CAGR
North America Market Share (2021)	~25.5%
Europe Market Growth Rate (2022 to 2032)	~8.9% CAGR
United States Market Growth Rate (2022 to 2032)	~7.5% CAGR
Market Share of Top 5 Companies	~21.4%
Key Companies Profiled	Hologic; Care Wise Medical Products (LabLogic Systems, Inc.); Devicor Medical Products Inc.; Intramedical Imaging; Crystal Photonics GmbH; Biodex Medical Systems, Inc.; Oncovision; Capintec Inc.

Sales Analysis of Global Gamma Probe Devices (2017 to 2021) vs. Market Projections (2022 to 2032)

The market for gamma probe devices has expanded due to the rising incidence of cancer worldwide. Healthcare professionals and regulatory agencies have been under pressure to increase radioisotope production for use in therapeutic nuclear medications as the death rate from cancer has increased. Owing to this, the market for gamma probe devices surged in the historic period at a CAGR of 8.8% (2017 to 2021).

The public's growing understanding of gamma radiation's advantages over other detection methods such as X-rays has boosted the target market's revenue growth. Additionally, rising patient acceptance rates and higher utilization by surgeons are propelling the global market for gamma probe systems.

Gamma probe devices support radio-guided surgery and diagnosis throughout the pre- and intra-operative phases. For surgeons, it might be challenging to find tissues inside the human body, such as lymph nodes and tumors. Therefore, the use of gamma probe devices could enable surgeons to choose a smaller incision to pinpoint the tissues of interest.

As per Fact.MR’s analysis, demand will increase during the forecast period due to top cancer centers using gamma probe devices more frequently. The market is slated to expand at a CAGR of 9.4% from 2022 to 2032.

• Short Term (2022 to 2025): An increase in the demand for early detection or treatment of diseases such as cancer will favorably affect the market for gamma probe devices during the short term.
• Medium Term (2025 to 2028): Rising adoption of minimally-invasive techniques will propel the target market in the medium-run forecast period.
• Long Term (2028 to 2032): Technological advancements and innovation in the target market by manufacturers will drive market expansion over the long-term forecast period.

Sales of gamma probe devices increased at a CAGR of 8.8% between 2017 and 2021, and according to a detailed study by Fact.MR, a market research and competitive intelligence provider, the market is predicted to expand rapidly at 9.4% CAGR through 2032.

Market share analysis of global gamma probe devices based on application and region. Under the application segment, the sentinel lymph node uptake segment dominates with 56.2% market share in 2022.

Why is the Need for Gamma Probe Devices Ever-Increasing?

“Rising Prevalence & High Incidence of Cancer across the World”

One of the main and most important drivers propelling the target market is the increase in cancer cases, particularly breast cancer. For instance, approximately 2.3 million new cases of breast cancer were seen worldwide in 2020, which propelled surgery rates. Products in the global market for gamma probe devices are employed both, in diagnostic and therapeutic applications. The market is anticipated to benefit from the growing use of mobile gamma probes for diagnostics as well surgical treatment.

Furthermore, due to their least invasive operating style, radio-guided procedures are becoming more popular, which will increase demand in the industry in the near future.

“Advancements & Innovation in Products by Manufacturers of Gamma Probe Devices”

Focus of leading and established players in the global gamma probe devices market on product advancements and innovations in a bid to attract more consumers is providing positive growth traction to the market. The introduction of click-on gamma probes and tethered gamma probes are a few significant steps by leading players that will drive market growth over the forecast period.

Furthermore, government initiatives to set up and use cutting-edge medical technologies at healthcare facilities such as hospitals will support improvements in healthcare infrastructure and increased medical spending. This will drive the demand for gamma probe products over the coming years.

What is Damaging Market Expansion to Some Extent?

‘Product Recalls & Stringent Government Regulations Hindering Market Growth’’

Strict government rules and the frequency of product recalls may limit a company's ability to expand. A company's financial situation, business, and operational outcomes are negatively impacted by a product recall.

For instance, the NeoProbe Bluetooth 14 mm reusable probe from Devicor Medical Products Inc. was recalled by Health Canada in April 2019 owing to inaccurate FCC ID, IC, and ANATEL numbers.

Country-wise Insights

What Makes Europe the Largest Market for Gamma Probe Devices?

Due to the region's rising breast cancer mortality rate, Europe is predicted to hold 41.5% global market share in terms of revenue by 2032.

As per Fact.MR’s analysis, around 2.7 million new cases of cancer (all forms except non-melanoma skin cancer) and 1.3 million fatalities occurred in Europe in 2020.

The Europe gamma probe device market is also being driven forward by the presence of well-established healthcare players, improvements in infrastructure, and rising regional healthcare spending.

Why is the U.S. a Highly Lucrative Market for Gamma Probe Device Suppliers?

The U.S. accounts for 90.9% share of the North American market for gamma probe devices. Major players in the U.S. are concentrating on enhancing throughput, flexibility, and productivity.

Rising R&D expenditure along with government financing for the use of medicinal isotopes has caused a sharp rise in demand for gamma probe equipment. Additionally, demand for the target product is being fueled by the presence of high-quality infrastructure and healthcare businesses that are well-resourced, as well as rising regional healthcare spending.

Category-wise Insights

Why is Sentinel Lymph Node Uptake So High?

With a greater SLN detection rate, more precise SLNB site identification, and fewer issues as a result of the employment of a gamma probe device, this application segment held the highest share of 56.5% in 2021.

The primary use of sentinel lymph node mapping to locate small and non-palpable breast lesions and breast cancer patients is another reason that is boosting the share of the segment.

Who is the Leading End User of Gamma Probe Devices?

Hospitals, ambulatory surgery facilities, and specialized clinics are just a few of the places where gamma probe equipment is used. Due to the growing demand for gamma probe devices in ICUs for breast and thyroid cancer operations, the hospitals segment leads the market with 52.8% value share.

Due to the growing preference for cancer treatment at clinics, the specialty clinics segment is also the one with the fastest-expanding market share in the gamma probe devices industry.

Competitive Landscape

Prominent gamma probe device system manufacturers are Hologic, Care Wise Medical Products (LabLogic Systems, Inc.), Devicor Medical Products Inc., Intramedical Imaging, Crystal Photonics GmbH, Biodex Medical Systems, Inc., Oncovision, and Capintec Inc.

Through new product launches, market acquisitions, and mergers, companies supplying gamma probe devices hope to increase the appeal of their offerings while consolidating their position on the market. Growing demand for the targeted product is enticing market leaders to expand their product ranges through the strategic acquisitions of smaller companies. To grow their commercial and industrial platforms as well as their international distribution networks, manufacturers are also focusing on acquiring new businesses.

• In January 2021, Medical device company Light point Medical acquired the CE Mark approval for its robotic gamma probe – SENSEI - for sentinel lymph node detection.
• In November 2021, Hologic, Inc. unveiled the NovaSure® V5 global endometrial ablation (GEA) device at the American Association of Gynecologic Laparoscopists (AAGL) 50th Global Congress.

Fact.MR has provided detailed information about the price points of key manufacturers of global gamma probe devices positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Gamma Probe Devices Industry Research

• By Modality :

  • Handheld Devices
  • Benchtop Devices
  • Trolley-mounted Devices

• By Application :

  • Thyroid Uptake
  • Sentinel Lymph Node Uptake
    • Breast Cancer
    • Melanoma
    • Colon Cancer
    • NSCLC
    • Renal Cancer
    • Others

• By End User :

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & ASEAN
  • Oceania
  • MEA