Fluorescence-guided Surgery Systems Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 16.56 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| 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?
Fluorescence-guided Surgery Systems Market Analysis
The global fluorescence-guided surgery market is currently valued at USD 67.75 million. It is expected to reach USD 167.45 million by the end of the forecast period, registering a CAGR of 16.56%.
COVID-19 significantly impacted the fluorescence-guided surgery systems market due to the reduction in fluorescence-guided therapies due to limited resources and the vulnerability of cancer patients to COVID-19. According to a study published in Frontiers in Surgery in July 2021, cancer patients are more sensitive and vulnerable to COVID-19 infection than the general population due to the immunosuppressive effects of the disease and oncological treatments, such as chemotherapy, radiation, and surgery. COVID-19 is more severe among patients with underlying malignancies, with a death rate of 20 - 40%. This resulted in the limited adoption of fluorescence-guided therapies among the patient population. Thus, the studied market was severely impacted during the pandemic. However, the market is expected to regain its growth in the coming years, as all restrictions have been lifted. There are growing opportunities for key market players in the fluorescence-guided systems industry.
Major factors driving the growth of the market include the increasing number of surgical procedures for target diseases, the surge in demand for fluorescence-guided surgery systems, and the growth in the number of strategic developments by prominent players in the market. For instance, per an article published in the National Library of Medicine in October 2021, doctors perform over 500,000 open heart surgeries worldwide every year. Thus, the increasing number of cardiac surgeries is expected to drive the market in the future. Additionally, a study published in Methods and Application in Fluorescence in August 2021 research interests in fluorescence-guided surgery continues to grow over various key aspects, such as fluorescent probe development and surgical system development, as well as its potential clinical applications, due to the advantages of fluorescence-guided surgeries, such as higher contrast and sensitivity, less subjective use, and ease of instrument operation compared to traditional clinical imaging techniques.
Furthermore, research grants by companies for developing fluorescence-guided surgery systems are further expected to drive market growth. For instance, in April 2021, OnLume Surgical, a Wisconsin-based medical device company involved in creating innovative imaging technologies to be used during surgery, completed its Series A fundraising to support the commercial launch of its novel fluorescence image-guided surgery system.
Moreover, increasing mergers and acquisitions will drive the growth of the fluorescence-guided surgery systems market, resulting in the commercial availability of a wide range of devices and synergizing market strategies. For instance, in February 2021, Olympus Corporation acquired Quest Photonic Devices B.V. to strengthen its surgical endoscopy capabilities. Quest offers innovative technologies for multi-spectral imaging and imaging systems for medical applications, ranging from fluorescence imaging to photodynamic therapy. Thus, these aforementioned factors will collectively contribute to the growth of the market.
However, stringent regulatory approval may restrain market growth over the forecast period.
Fluorescence-guided Surgery Systems Market Trends
This section covers the major market trends shaping the Fluorescence-guided Surgery Systems Market according to our research experts:
Cancer Surgeries Segment is Expected to Hold a Significant Share Over the Forecast Period
The growth of the cancer surgeries segment is driven by an increase in the prevalence of cancer cases and a surge in the geriatric population worldwide. The rise in demand for surgeries, specifically cancer, is likely to propel the segment's growth. As per the International Agency for Research on Cancer's 2022 updates, the number of cancer cases in 2020 was around 1.97 million, which is expected to reach 2.58 million by 2040. Such a high burden of cancer cases will increase the number of surgical procedures, thereby spurring the adoption of fluorescence-guided surgery systems. In January 2022, the journal, American Cancer Society, estimated that approximately 934,870 new cancer cases would be reported in the United States in 2022; thus, rising cancer cases are rapidly driving the market studied.
Additionally, as per updates in January 2021, published by researchers at the University of New South Wales (UNSW) Sydney, the number of cancer patients requiring surgery each year between 2018 and 2040 is anticipated to increase from 9.1 million to 13.8 million, an increase of 52%, or 4.7 million cases. According to their findings, the highest relative increase would occur in 34 low-income nations by 2040, with the number of cases requiring surgery expected to more than double (314,355 cases to 650,164). Such a huge rise in cancer surgeries will bolster the adoption of fluorescence-guided surgery systems across hospital settings, driving the segment's growth.
In addition, according to the study published in Frontiers in Neurology in June 2021, fluorescence-guided surgery (FGS) allows surgeons to see tumor tissue more clearly in the operating room, allowing for the most precise and safe removal of malignant brain tumors. Such studies will further lead to the growing adoption of these systems in tumor removal, driving the segment's growth. In April 2022, the Imperial College awarded Tate Group a grant to work on fluorescent probes for the visualization of tumors during cancer surgery. In October 2021, Delray Medical Center published a breakthrough study focusing on 5ALA (fluorescent-guided surgery) for glioblastomas with the team at Mount Sinai Hospital.
Thus, developments such as these are expected to boost segment growth in the near future.
North America Holds a Major Share and Expected to do Same during the Forecast Period
The major factors driving the growth in this region include a rise in the prevalence of cancer and cardiovascular diseases, a sophisticated healthcare system, the strong foothold of key market players, and higher investments in research and development activities.
For instance, in January 2021, according to the Cancer Journal of Clinicians Cancer Statistics, the United States witnessed 1,898,160 new cancer cases and 608,570 cancer deaths. The growing burden of cancers in the United States will lead to an increase in surgical procedures to avoid fatalities. This is likely to augment the adoption of fluorescence-guided surgery systems across healthcare settings in this region, in turn driving the market growth in North America.
Moreover, rising grants for developing novel fluorescence-guided surgery systems will further augment the development of novel systems and increase the commercial availability of these systems within the region, thereby leading to increased acceptance of surgical procedures. For instance, in April 2021, the National Cancer Institute (NCI) of the National Institutes of Health (NIH) awarded a USD 2 million grant to OnLume Inc., an early-stage medical imaging company with unique technology for improving surgical precision, to advance the development of its proprietary device for fluorescence-guided surgery (FGS). OnLume has created a revolutionary FGS imaging technique that allows surgeons to illuminate crucial anatomy in real time during surgery to improve precision, which can lead to better patient outcomes, lower morbidity, and lower costs.
Therefore, owing to the above-mentioned factors, the market for fluorescence-guided surgery systems is expected to grow in North America.
Fluorescence-guided Surgery Systems Industry Overview
The market for fluorescence-guided surgery systems is moderately competitive. The market is expected to be driven by the rise in initiatives from the key market players, which include the launch of new products, a rise in fundraising to launch novel products, an increase in grants to develop novel systems and a rise in mergers and acquisitions. Some of the key market players in this market include Stryker Corporation, Hamamatsu Photonics K.K., Olympus Corporation (Quest Medical Imaging), Medtronic PLC, and OnLume Surgical, among others.
Fluorescence-guided Surgery Systems Market Leaders
Stryker Corporation
Hamamatsu Photonics K.K.
Olympus Corporation (Quest Medical Imaging)
Medtronic PLC
Karl Storz
*Disclaimer: Major Players sorted in no particular order
Fluorescence-guided Surgery Systems Market News
- In September 2022, Olympus Corporation introduced VISERA ELITE III, its most recent surgical visualization platform. Along with supporting fluorescence-guided surgery, VISERA ELITE III provides a variety of imaging capabilities that are supported by a single system, enabling less invasive procedures, including laparoscopic cholecystectomy and laparoscopic colectomy.
- In April 2022, Imperial College awarded Tate Group a grant to work on fluorescent probes for the visualization of tumors during cancer surgery.
Fluorescence-guided Surgery Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Surgical Procedures for Target Diseases
4.2.2 Rise in Demand for Fluorescence-guided Surgery Systems
4.3 Market Restraints
4.3.1 Stringent Regulatory Approval
4.3.2 Side Effects Associated with Fluoroscopy and Lack of Skilled Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 SPY System
5.1.2 PDE System
5.1.3 VS3 Iridium System
5.1.4 Other Types
5.2 By Surgery
5.2.1 Open Surgery
5.2.2 Laparoscopy/Endoscopy
5.3 By Application
5.3.1 Cancer Surgeries
5.3.2 Cardiovascular Surgeries
5.3.3 Other Applications
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East & Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East & Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Stryker Corporation
6.1.2 Hamamatsu Photonics K.K.
6.1.3 Olympus Corporation (Quest Medical Imaging)
6.1.4 Medtronic PLC
6.1.5 OnLume Inc.
6.1.6 Getinge (Fluoptics)
6.1.7 Curadel LLC
6.1.8 PerkinElmer
6.1.9 Karl Storz
6.1.10 Irillic Pvt Ltd
6.1.11 Shimadzu Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fluorescence-guided Surgery Systems Industry Segmentation
As per the scope of this report, fluorescence-guided surgery (FGS) is an imaging technology that allows the surgeon to see structures and types of tissue that may not be apparent under white light during a surgical procedure. The fluorescence-guided surgery systems market is segmented by type (SPY system, PDE system, VS3 iridium system, and other types), surgery (open and laparoscopy/endoscopy), application (cancer surgeries, cardiovascular surgeries, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 different countries across major regions. The report offers values in USD million for the above segments.
| By Type | |
| SPY System | |
| PDE System | |
| VS3 Iridium System | |
| Other Types |
| By Surgery | |
| Open Surgery | |
| Laparoscopy/Endoscopy |
| By Application | |
| Cancer Surgeries | |
| Cardiovascular Surgeries | |
| Other Applications |
| Geography | ||||||||
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Fluorescence-guided Surgery Systems Market Research FAQs
What is the current Fluorescence-guided Surgery Systems Market size?
The Fluorescence-guided Surgery Systems Market is projected to register a CAGR of 16.56% during the forecast period (2023-2028).
Who are the key players in Fluorescence-guided Surgery Systems Market?
Stryker Corporation, Hamamatsu Photonics K.K., Olympus Corporation (Quest Medical Imaging), Medtronic PLC and Karl Storz are the major companies operating in the Fluorescence-guided Surgery Systems Market.
Which is the fastest growing region in Fluorescence-guided Surgery Systems Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Fluorescence-guided Surgery Systems Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Fluorescence-guided Surgery Systems Market.
Fluorescence-guided Surgery Systems Industry Report
Statistics for the 2023 Fluorescence-guided Surgery Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fluorescence-guided Surgery Systems analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
