PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437511
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437511
Fluorescence Guided Surgery Systems Market size was valued at USD 95.89 Million in 2023, expanding at a CAGR of 15.5% from 2024 to 2032.
Fluorescence Guided Surgery (FGS) Systems are advanced medical technologies that use fluorescent imaging agents to enhance the visualization of specific tissues or structures during surgical procedures. These systems help surgeons identify and distinguish between normal and abnormal tissues, aiding in more precise and targeted surgical interventions. The fluorescence signals emitted by the imaging agents can be captured and displayed in real-time, providing valuable visual guidance during the surgery.
Fluorescence Guided Surgery Systems Market- Market Dynamics
Rising number of surgeries to propel market demand
Fluorescence guided surgical systems are likely to be used more often as a result of the growing number of operations performed to treat target illnesses such cancer and cardiovascular disorders, which is anticipated to drive market growth. For instance, according to a 2021 National Library of Medicine article, more than 500,000 open heart procedures are performed annually by medical professionals worldwide. Therefore, it is anticipated that the market would be driven in the future by the rising number of cardiac procedures.
Fluorescence Guided Surgery Systems Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.5% over the forecast period (2024-2032)
Based on type segmentation, the SPY Systems category dominates the market
Based on the surgery segmentation, the Open Surgery segment held the largest market share in 2023
Based on application segmentation, Cancer Surgeries are expected to capture a substantial market share over the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Fluorescence Guided Surgery Systems Market is segmented based on Type, Surgery, Application, and Region.
The market is divided into four categories based on type: PDE Systems, SPY Systems, VS3 Iridium Systems and Others. The SPY Systems category dominates the market because cardiac conditions such as coronary artery disease are becoming more common.
The market is divided into two categories based on the surgery: Open Surgery and Laparoscopy/Endoscopy. The Open Surgery segment held the largest market share in 2023 and is expected to continue the same pattern during the forecast period. Oncology, neurology, cardiology, and gastrointestinal surgery are among the open procedures. In recent years, the market for fluorescence-guided surgery has grown dramatically due to the growing need for accurate and less invasive procedures. The open surgery market is still important, particularly for procedures that are not suitable for minimally invasive techniques. Various fluorescent compounds are used in FGS to highlight certain tissues or structural elements. Indocyanine green (ICG) is a commonly used chemical that fluoresces when exposed to near-infrared light.
The market is divided into three categories based on application: Cardiovascular Surgeries, Cancer Surgeries and Others. Cancer Surgeries are expected to capture a substantial market share over the forecast period. The growing frequency of the disease is expected to result in more cancer operations, which will increase demand for systems that employ fluorescence to guide surgery in cancer therapy. The precision of cancer surgeries can be increased by fluorescence-guided surgery, which might lead to better patient outcomes.
Fluorescence Guided Surgery Systems Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to lead the Fluorescence Guided Surgery Systems market during the forecast period. The presence of reliable manufacturers and a sizable patient base are anticipated to fuel market growth in this area. North America is expected to witness considerable expansion in the fluorescence-guided surgery system market due to the region's high awareness and need for cutting-edge surgical treatments, along with a high incidence of chronic illnesses. Key drivers propelling the fluorescence guided surgery systems market include rapidly growing healthcare spending, advancing healthcare infrastructure, an aging population, and an increase in the frequency of lifestyle disorders.
The key players operating in the market are PerkinElmer, Inc., Getinge AB (Fluoptics), Stryker Corporation, Hamamatsu Photonics K.K., Olympus Corporation (Quest Medical Imaging), Medtronic PLC, OnLume Inc., Curadel LLC, Karl Storz SE & Co. KG (Karl Storz Imaging Inc.), Irillic Pvt. Ltd, Shimadzu Corporation. To obtain access to new markets, market players are continuously pursuing a variety of strategic initiatives, including the creation of new products, funding and investments, mergers and acquisitions, and other strategic partnerships.
In July 2023, a strategic collaboration was reached between Unify Medical, Inc. and the Mayo Clinic to assess and develop medical devices utilizing Unify's fluorescence-guided visualization technology.
GLOBAL FLUORESCENCE GUIDED SURGERY SYSTEMS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
PerkinElmer, Inc.
Getinge AB (Fluoptics)
Stryker Corporation
Hamamatsu Photonics K.K.
Olympus Corporation (Quest Medical Imaging)
Medtronic PLC
OnLume Inc.
Curadel LLC
Karl Storz SE & Co. KG (Karl Storz Imaging Inc.)
Irillic Pvt. Ltd
Shimadzu Corporation