Gamma Probe Devices Market is expected to exhibit a CAGR of close to 9.5% over the forecast period by 2031

As per Future Market Insights’ (FMIs’) latest revised industry analysis, the global Gamma Probe Devices Market was valued at over US$ 72.4 Mn in 2020, and is expected to exhibit a CAGR of close to 9.5% over the forecast period (2021-2031).

Gamma probe devices aid surgeons in identifying radio-labeled tissue prior to surgery for radio guided analysis, diagnosis, and operations. Surgeons frequently struggle to discover tissues within the human body, such as malignancies, parathyroid glands, and lymph nodes. As a result, appropriate use of a gamma probe device allows the medical expert to make a smaller incision even while locating the tissues of interest.

The rising number of thyroid and breast cancer disease patients and increasing preference for non-invasive procedures, owing to lesser hospital stay and cost effective solution also will drive the gamma probe devices market.

Most minimally invasive surgical procedures require gamma probe devices. Innovation in gamma probe devices and better patients outcomes in minimally invasive surgical procedures using gamma probe devices are also expected to boost the market growth.

The increasing preference for image guided procedures and recent advancements in gamma probe devices with low cost facility are also projected to favor the market growth over the forecast period.

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Gamma probe devices are increasingly being used in sentinel lymph node mapping in breast cancer and parathyroid surgery. As per WHO, 2.3 million women were diagnosed with cancer of breast while 685 thousand deaths happened due to the same reason in 2020.

As per Cancer research organization of the U.K, breast cancer is the fourth most common cause of cancer death in the UK, accounting about seven percent of all cancer deaths. Diseases such as breast cancer can be preventable if patients are diagnosed at an early stage.

However, till now, only few key players such as Hologic Inc., Danaher, BIODEX, and Southern Scientific Ltd. are actively involved in manufacturing of gamma probe devices, which will create huge opportunities for other small as well as big manufacturers to enter the gamma probe devices market.

Key Takeaways from Market Study

The trolley mounted device segment accounted for the highest share of approx. 1% in 2021 owing to a rise in demand from hospitals because of convenience factor, i.e. easy operability and less cost.
The use of a gamma probe device resulted in a higher SLN detection rate, more accurate SLNB site identification (axillary or extra-axillary sites), and fewer problems which leads to account for largest share for more than 56% in the application segment.
The hospitals segment dominates the gamma probe devices market with over 52.8% value share in 2021, owing to the increasing need for gamma probe devices in critical care units for breast and thyroid cancer procedures.
Europe accounts for the highest share for approximately 43.5% of the global gamma probe devices market share in 2021, due to the increasing breast cancer mortality rate in this region.

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“Increasing prevalence of breast cancer and surging awareness among the people about the benefits of gamma radiation in various treatment will boost the market over the forecast period” says an analyst at FMI.

Who is winning?

The market for gamma probe devices is relatively consolidated. In this industry, there are several participants, with Hologic, LabLogic Group Holdings, and Danaher Corporation being the most prominent. These companies have strong product portfolios, product innovation, and business strategies that are cutting-edge.

These major market players have pursued a wide range of business approaches, including strategic partnerships with other medical device companies for product marketing and services, as well as collaboration with healthcare institutions for advanced technology research and development.

In August 2020, Hologic announced a collaboration with RadNet towards the development of artificial intelligence tools in breast health.

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In December 2019, Mammotome, a subdivision of Danahera Diagnostics, unveiled a new brand identity with an updated look and feel. Mammotome also began distribution of the TruCore TM II automatic core biopsy instrument in various regions.

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Gamma Probe Devices Market is expected to exhibit a CAGR of close to 9.5% over the forecast period by 2031

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