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.

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.

Key Market Drivers

1.     Increasing Cancer Prevalence: The surge in cancer cases, especially breast cancer and melanoma, has led to a higher demand for gamma probe devices. These devices are crucial in sentinel lymph node biopsies, a standard procedure for staging these cancers.

2.     Technological Advancements: Continuous innovations, such as the integration of artificial intelligence (AI) and the development of wireless and portable gamma probes, have enhanced the functionality and user-friendliness of these devices. For instance, SurgicEye GmbH introduced a gamma probe equipped with AI algorithms for automated tissue recognition and localization, optimizing surgical workflows.

3.     Shift Towards Minimally Invasive Surgeries: There is a growing preference for minimally invasive surgical techniques, which gamma probes facilitate by allowing precise localization of target tissues, thereby reducing the need for extensive incisions.

4.     Expanding Applications: Beyond oncology, gamma probes are increasingly used in parathyroid surgeries and other procedures requiring precise tissue localization, broadening their application scope.

Market Segmentation

• By Modality:
  • Handheld Devices: These are the most commonly used gamma probes due to their portability and ease of use.
  • Trolley-Mounted Devices: Preferred in hospital settings for their stability and advanced features.
• By Application:
  • Sentinel Lymph Node Uptake: This segment holds the largest market share, driven by the widespread use of gamma probes in sentinel lymph node biopsies for cancer staging.
  • Parathyroid Uptake: Gamma probes assist in the localization of parathyroid glands during surgeries, enhancing surgical outcomes.
• By End User:
  • Hospitals: The primary end-users, accounting for the majority of gamma probe device usage.
  • Ambulatory Surgical Centers (ASCs): These centers are increasingly adopting gamma probes due to the growing trend of outpatient surgeries.

Regional Insights

• North America: This region holds a significant market share, attributed to advanced healthcare infrastructure, high cancer prevalence, and the presence of key market players.
• Europe: Europe follows closely, with countries like Germany and the UK leading due to strong government support for cancer research and early diagnosis programs.
• Asia-Pacific: This region is expected to witness the fastest growth, driven by increasing healthcare investments, improving access to advanced surgical procedures, and rising awareness regarding cancer diagnostics.

Competitive Landscape

The gamma probe devices market is moderately consolidated, with key players focusing on strategic partnerships, mergers and acquisitions, and product innovations to strengthen their market position. Notable developments include: Medtronic plc launched an innovative gamma probe device with enhanced sensitivity and real-time imaging capabilities in November 2023.

• Siemens Healthineers AG introduced a new version of its gamma probe device featuring advanced imaging algorithms to improve tumor localization accuracy.
• Care Wise Medical Products Corporation received FDA clearance for its high-resolution gamma probe device, expanding its product portfolio.

Challenges and Opportunities

While the gamma probe devices market is poised for growth, it faces certain challenges:

• High Cost: The significant investment required for purchasing and maintaining gamma probe equipment can be a barrier, particularly for smaller healthcare facilities. Limited Awareness in Developing Regions: Inadequate awareness and availability of gamma probe technology in developing countries restrict market growth in these areas.

However, these challenges present opportunities for market players to:

• Develop Cost-Effective Solutions: Innovations aimed at reducing the cost of gamma probe devices can make them more accessible to a broader range of healthcare facilities.
• Expand into Emerging Markets: By increasing awareness and establishing distribution networks in developing regions, companies can tap into new customer bases.

Future Outlook

The gamma probe devices market is expected to continue its upward trajectory, driven by technological advancements, increasing cancer prevalence, and the growing demand for precision in surgical procedures. The integration of AI and the development of portable, user-friendly devices will further enhance the adoption of gamma probes in various medical applications.

In conclusion, the gamma probe devices market presents significant growth opportunities for stakeholders, provided they navigate the existing challenges and leverage technological innovations to meet the evolving needs of the healthcare industry.

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