The latest study by Fact.MR, a market research and competitive intelligence provider, reveals that the global gamma probe devices market is estimated at US$ 88.2 million in 2022 and is expected to surge ahead at a CAGR of 9.4% during the forecast years of 2022-2032.
Recent developments in the healthcare sector have led to the development of several non-invasive methods for disease diagnosis or treatment. For instance, a radionuclide can be injected into the interstitial space using a gamma probe device, which is one of the non-invasive medical devices that is mostly utilised for diagnostic and treatment options. The utilisation of gamma probe devices, one of the most adaptable and promising non-invasive techniques for cancer diagnosis and therapy, will rise in the near future.
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Robotic surgery has become more popular as a result of the growing emphasis on finding a balance between treatment and side effects, which calls for accurate target definition and control (during an operation). To facilitate radio-guided robotic surgery, drop-In gamma probes have recently been introduced. These enable the detector to match the degrees of freedom of the robotic instruments and makes it easier for operating surgeons to exercise autonomous control. Such advancements are creating a highly lucrative growth opportunity for gamma probe device manufacturers.
Key Takeaways from Market Study
- The global market for gamma probe devices is projected to expand at an impressive CAGR of 4% and reach US$ 216.6 million by 2032.
- The market exhibited growth at 8% CAGR from 2017 to 2021.
- Under application, sentinel lymph node uptake gamma probe devices dominate the market and are valued at US$ 49.5 million in 2022.
- Europe leads the global market with 5% market share in 2021.
- Sales of gamma probe devices are expected to increase at CAGRs of 9% and 11.3%, respectively, in Europe and East Asia.
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“Increasing incidence of cancer across the world fuelling need for gamma probe devices,” says a Fact.MR analyst.
Market Development
The gamma probe devices market is expected to develop primarily as a result of rising cancer incidence across the world. Breast cancer is the second-most frequent type of cancer among women worldwide, as per Fact.MR’s analysis. The large number of cancer cases being treated with nuclear medicine is projected to increase demand for gamma probe devices.
Such rising numbers of cancer patients and biopsy procedures across the world is creating a huge opportunity for manufacturers to expand their production capacity. Prominent manufacturers are attempting to launch upgraded versions of gamma probe devices with higher efficacy and accuracy rates in an effort to establish a strong foothold in the industry.
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As per Fact.MR’s analysis, demand will increase during the forecast period due to top cancer centers using gamma probe devices more frequently. The market is slated to expand at a CAGR of 9.4% from 2022 to 2032.
- Short Term (2022-2025): An increase in the demand for early detection or treatment of diseases such as cancer will favorably affect the market for gamma probe devices during the short term.
- Medium Term (2025-2028): Rising adoption of minimally-invasive techniques will propel the target market in the medium-run forecast period.
- Long Term (2028-2032): Technological advancements and innovation in the target market by manufacturers will drive market expansion over the long-term forecast period.
Sales of gamma probe devices increased at a CAGR of 8.8% between 2017 and 2021, and according to a detailed study by Fact.MR, a market research and competitive intelligence provider, the market is predicted to expand rapidly at 9.4% CAGR through 2032.
Fact.MR, in its new offering, presents an unbiased analysis of the global gamma probe devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of modality (handheld devices, benchtop devices, trolley-mounted devices), application (thyroid uptake, sentinel lymph node uptake), and end user (hospitals, ambulatory surgical centres), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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