Market Size of Global Gamma Probe Device Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Gamma Probe Device Market Analysis
The gamma probe device market is expected to register a CAGR of 7.5% during the forecast period (2022-2027).
During the early pandemic, the factors such as supply chain disruptions, lockdown restrictions, suspension of non-urgent scheduled visits and hospitalizations, and stringent social distancing norms in the first quarter of 2020 due to which the demand for gamma probe devices was impacted. According to the study titled "Parathyroid surgery during the COVID-19 pandemic: Time to think about the 'New Normal' published in the Elsevier Clinics in August 2020, All elective procedures at the hospital has postponed, with the exception of those considered urgent or medical emergencies. the number of parathyroid operations during the pandemic. Moreover, gamma probes are used for sentinel lymph node detection in early breast cancer. According to the study published in the European Journal Of Breast Health, titled 'Impact of COVID-19 On Breast Cancer Management: A Radiological Perspective from A Tertiary Centre' in February 2021, the coronavirus pandemic has had a significant impact on breast cancer diagnosis and treatment. Due to the aforementioned factors, the market declined during the COVID-10 pandemic, but it is anticipated that it will pick up during the forecast period.
Moreover, the increasing incidences of breast cancer cases are also one of the major factors that are driving the overall market growth. For instance, according to the World Health Organization update in March 2021, breast cancer affected 2.3 million women globally in 2020, with 685,000 fatalities. Breast cancer had been diagnosed in 7.8 million women in the previous five years as of the end of 2020, making it the most common cancer in the world. Moreover, according to Globocan 2020, the new cases reported under breast cancer were 2,261,419 worldwide, and the number of deaths were 684,996 worldwide, with 11.7% and 6.9% shares among all the kinds of cancer, respectively. In order to detect non-palpable and small breast lesions, gamma probes are also used in radioactive seed localization (RSL). As a result, the increasing prevalence of breast cancer is predicted to increase demand for gamma probe devices, which will ultimately accelerate market growth.
Gamma probe device market participants and producers are concentrating on creating new products that incorporate cutting-edge gamma probe technologies into their product offerings. For instance, in January 2022, Lightpoint Medical, a medical device company developing miniaturized surgical tools for advanced intra-operative cancer detection, has received CE Mark approval for SENSEI, the first robotic gamma probe to be commercially available to European hospital systems. Therefore, it is anticipated that the market will grow more quickly over the projected period as a result of market participants actively participating in the launches of technologically advanced products.
Furthermore, radio-guided surgeries which involved gamma detection probe helps in minimizing the invasiveness of several diagnostic and therapeutic procedure with maximum benefits for cancer patients. However, the high cost of gamma probe devices may hamper the market.
