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 sales of 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).
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Key Segments of Gamma Probe Devices Market
Fact.MR’s study on the gamma probe devices market offers information divided into four important segments – modality, application, end-user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
- Handheld Devices
- Benchtop Devices
- Trolley-mounted Devices
- Thyroid Uptake
- Sentinel Lymph Node Uptake
- Breast Cancer
- Colon Cancer
- Renal Cancer
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Gamma Probe Devices Market: Key Players
The gamma probe devices market is moderately consolidated in nature. Several players are operating in this market landscape, out of which, leading companies are Hologic, LabLogic Group Holdings, and Danaher Corporation. These companies have strong product portfolios, product developments, and innovative business strategies. Other players in the market are Devicor Medical Products, Inc. Intramedical Imaging, Crystal Photonics GmbH, BIODEX, Oncovision, and Capintec Inc.
These key market players have focused on various business strategies such as strategic alliances with other medical device companies for product sales and distribution, and collaboration with healthcare institutes for research & development of advanced technologies.
Key Trends of Gamma Probe Devices Market
- 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.