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  • Published On : Oct 2022
  • Code : CMI5286
  • Industry : Medical Devices
  • Pages : 169
  • Formats :

The global fluorescence guided surgery systems market was valued at US$ 67.8 Mn in 2021 and is forecast to reach a value of US$ 199.0 Mn by 2028 at a CAGR of 16.6%between 2022 and 2028. The fluorescence guided surgery systems market is experiencing strong growth due to the increasing prevalence of chronic disease across the globe and rise in usage of advanced imaging techniques. Moreover, increasing number of surgical procedures for target diseases is expected to boost growth of the market. However, factors such as stringent regulatory approval, side effects associated with fluoroscopy, and lack of skilled professionals expected to hamper growth of the global fluorescence guided surgery systems market.

Global Fluorescence Guided Surgery Systems Market: Regional Insights

Based on geography, the global fluorescence guided surgery systems market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rise in the prevalence of cancer and cardiovascular diseases in this region. For instance, fluorescence guided surgery has recently been introduced into cancer surgery and could potentially change the future of oncological procedures. According to the American Cancer Society (ACS), there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States in 2022. This in turn is expected to aid in the growth of the global fluorescence guided surgery systems market.

Asia Pacific is also expected to witness robust growth in the global fluorescence guided surgery systems market due to the growing burden of cancers and increase in the number of surgical procedures in this region. For instance, India’s cancer cases could increase by 12% in the next five years, with 1.5 million people projected to suffer from the non-communicable disease by 2025, up from 1.39 million in 2020, according to data based on current trends from the cancer report by Indian Council of Medical Research (ICMR).

Figure 1. Global Fluorescence Guided Surgery Systems Market Share (%), by Region, 2022

Fluorescence Guided Surgery Systems  | Coherent Market Insights 

Global Fluorescence Guided Surgery Systems Market Drivers:

Increasing prevalence of chronic disease, such as cardiac diseases and cancer, around the world is expected to augment growth of the global fluorescence guided surgery systems market over the forecast period. Fluorescence guided surgery (FGS) can be used to define the tumor location and margins during the procedure. According to the World Health Organization (WHO), cancer is a leading cause of death across the globe, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. The most common cancers are breast, lung, prostate, and colon and rectum cancers. This in turn is expected to propel the market growth.

Increase in usage of advanced imaging techniques is expected to boost the growth of the global fluorescence guided surgery systems market over the forecast period. For instance, FGS is an imaging technique that helps surgeon to visualise different structures and types of tissue during a surgical procedure that may not be as visible under white light conditions. 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.

Global Fluorescence Guided Surgery Systems Market Opportunities:

Rise in demand for fluorescence guided surgery systems is expected to offer lucrative growth opportunities for players in the fluorescence guided surgery systems market. For instance, FGS surgery has provided highly satisfactory results for oncology and reconstructive surgery. FGS can potentially change the future of reconstructive and oncological procedures. Thus, there is an increase in demand for fluorescence guided surgery systems around the world, driving the growth of the fluorescence guided surgery systems market.

Rise in investments in research and development activities is expected to provide significant growth opportunities for players in the global fluorescence guided surgery systems market. For instance, in April 2021, OnLume Inc. (a medical imaging company) received a US$ 2 million grant from the National Cancer Institute (NCI) to advance the development of its proprietary device for FGS. OnLume’s FGS technique helps improve precision, which can lead to better patient outcomes, lower costs, and lower morbidity.

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Fluorescence Guided Surgery Systems Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 67.8 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 16.6% 2028 Value Projection: US$ 199.0 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Type: SPY System, PDE System, VS3 Iridium System, and Other Types
  • By Surgery: Open Surgery and Laparoscopy/Endoscopy
  • By Application: Cancer Surgeries, Cardiovascular Surgeries, and Other Applications
  • By Geography: North America, Europe, Asia-Pacific, Middle East and Africa, and South America
Companies covered:

Irillic Pvt. Ltd., Karl Storz, PerkinElmer, Curadel LLC, Gentige (Fluoptics), OnLume Inc., Medtronic PLC, Hamamatsu Photonics KK, Stryker Corporation, Shimadzu Corporation, and Olympus Corporation (Quest Medical Imaging), among others

Growth Drivers:
  • Increasing prevalence of chronic disease
  • Increase in usage of advanced imaging techniques
Restraints & Challenges:
  • Side effects associated with fluoroscopy
  • Lack of skilled professionals

Global Fluorescence Guided Surgery Systems Market Trends:

FGS is an imaging technique that helps surgeon to visualise different structures and types of tissues during a surgical procedure that may not be visible under white light conditions. Further advances and developments in fluorescence guided surgery systems are expected to eventually replace older methods of detecting structures and types of tissues during surgical procedures. This in turn is expected to propel growth of the market, and this trend is expected to continue during the forecast period.

Compared to conventional medical imaging techniques such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT), FGS can provide real-time imaging during surgery, and it is much cheaper and much easier to operate. Therefore, the use of fluorescence guided surgery (FGS) systems has increased worldwide, and this trend is expected to continue during the forecast period, driving the growth of the market.

Global Fluorescence Guided Surgery Systems Market Restraints:

Side effects associated with fluoroscopy are expected to hamper the growth of the fluorescence guided surgery systems market. For instance, fluoroscopy carries the same risks as other X-ray procedures due to radiation exposure. Risks from exposure to ionizing radiation may include radiation-induced injuries to the skin and underlying tissues (burns), which occur shortly after the exposure, and. radiation-induced cancers, which may occur sometime later in life.

Lack of skilled professionals (to handle and operate fluorescence imaging system) is expected to hinder growth of the global fluorescence guided surgery systems market. For instance, rapid technological changes or advances in the healthcare field have increased the demand for skilled professionals. Moreover, effective implementation and understanding innovative technologies in fluorescence imaging is crucial while performing the surgery. Thus, there is need for skilled professionals to handle and operate fluorescence imaging system.

Figure 2. Global Fluorescence Guided Surgery Systems Market Share (%), by Type, 2022

 Fluorescence Guided Surgery Systems  | Coherent Market Insights

Global Fluorescence Guided Surgery Systems Market Segmentation:

The fluorescence guided surgery systems market report is segmented into Type, Surgery, Application, and Geography.

Based on Type, the market is segmented into SPY System, PDE System, VS3 Iridium System, and Other Types. Of which, SPY System Segment is expected to dominate the fluorescence guided surgery systems market over the forecast period and this is attributed to the increase in prevalence of cardiovascular diseases, such as coronary artery disease. SPY imaging system is designed assess the coronary vasculature during coronary artery bypass grafting to confirm the position of the graft and the location of target vessels.

PDE System Segment is also expected to witness significant growth in the near future and this is owing to the rise in demand for fluorescence imaging systems. The major advantage of PDE lies in its size and portability, which enables surgeons to hold the camera unit and easily obtain fluorescence images from various angles during a surgery.

Based on Surgery, the market is segmented into Open Surgery and Laparoscopy/Endoscopy. Out of which, Open Surgery Segment is expected to dominate the market during the forecast period and this is attributed to the increasing number of surgical procedures for target diseases. FGS is an imaging technique that allows the surgeon to visualize different structures and types of tissue during a surgery that may not be as visible under white light conditions.

Based on Application, the global fluorescence guided surgery systems market is segmented into Cancer Surgeries, Cardiovascular Surgeries, and Other Applications. Of which, Cancer Surgeries Segment is expected to dominate the market during the forecast period and this is attributed to the increase in prevalence of cancer across the globe. Cancer is among the leading causes of death worldwide.

Cardiovascular Surgeries Segment is also expected to witness significant growth in the near future and this is owing to the increase in prevalence of cardiovascular diseases (CVDs) around the world. Cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.

Global Fluorescence Guided Surgery Systems Market: Key Developments

In August 2022, Medtronic completed the acquisition of Affera Inc. This acquisition expanded company's cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field, and radiofrequency ablation solution.

In November 2020, Hamamatsu Photonics succeeded in creating a technology that upgrades the spatial resolution of two-photon excitation fluorescence microscopy. It is ideal for high-precision observations of deep regions in biological samples. This technology will become an indispensable tool for understanding brain functions.

Global Fluorescence Guided Surgery Systems Market: Key Companies Insights

The global fluorescence guided surgery systems market is highly competitive. This is attributed to the rise in demand for fluorescence guided surgery systems, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global fluorescence guided surgery systems market are Irillic Pvt. Ltd., Karl Storz, PerkinElmer, Curadel LLC, Gentige (Fluoptics), OnLume Inc., Medtronic PLC, Hamamatsu Photonics KK, Stryker Corporation, Shimadzu Corporation, and Olympus Corporation (Quest Medical Imaging), among others.

*Definition: fluorescence guided surgery (FGS) is a medical technique used to generate real-time fluorescence image of the surgical region and guide the surgical procedure. Compared to traditional medical imaging techniques, such as CT and MRI, FGS is very cheap and very easy to operate, and system can provide real-time imaging during a surgery.

Fluorescence guided surgery (FGS) system is an imaging technique that allows the surgeon to visualize different structures and types of tissue during a surgical procedure that may not be as visible under white light conditions. It is a promising technology that could change the future of reconstructive and oncological procedures and potentially improve patients' outcomes. FGS is used to generate real-time fluorescence image of a surgical region and guide a surgery. Thus, FGS has been currently used for multiple surgical situations.

Market Dynamics:

Rise in demand for fluorescence guided surgery systems, increasing prevalence of cancer, rise in usage of advanced imaging techniques, increasing number of surgical procedures for target diseases, and increase in research and development are major factors expected to augment the growth of the global fluorescence guided surgery systems market.

In April 2022, Imperial College awarded Tate Group a grant for the development of fluorescent probes for the visualization of tumors during cancer surgery. This collaboration is enabling the development of cutting-edge real-time breast cancer imaging technology which is hoped to ultimately be used to increase the accuracy in surgical removal of breast tumors, and potentially other cancers too.

Moreover, in November 2020, OnLume Inc. has been awarded a substantial grant from the United States National Institutes of Health (NIH)’s National Cancer Institute (NCI) to advance development of its proprietary device for Fluorescence-Guided Surgery (FGS).

Key features of the study:

  • This report provides in-depth analysis of the global fluorescence guided surgery systems market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global fluorescence guided surgery systems market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include Karl Storz, PerkinElmer, Curadel LLC, OnLume Inc., Medtronic PLC, Hamamatsu Photonics KK, Stryker Corporation, Shimadzu Corporation, Gentige (Fluoptics), Irillic Pvt. Ltd., and Olympus Corporation (Quest Medical Imaging), among others.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global fluorescence guided surgery systems market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global fluorescence guided surgery systems market.

Detailed Segmentation:

  • Global Fluorescence Guided Surgery Systems Market, By Type:
    • SPY System
    • PDE System
    • VS3 Iridium System
    • Other Types
  • Global Fluorescence Guided Surgery Systems Market, By Surgery:
    • Open Surgery
    • Laparoscopy/Endoscopy
  • Global Fluorescence Guided Surgery Systems Market, By Application:
    • Cancer Surgeries
    • Cardiovascular Surgeries
    • Other Applications
  • Global Fluorescence Guided Surgery Systems Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • South America
  • Company Profiles:
    • Irillic Pvt. Ltd.
    • Karl Storz
    • PerkinElmer
    • Curadel LLC
    • Gentige (Fluoptics)
    • OnLume Inc.
    • Medtronic PLC
    • Hamamatsu Photonics KK
    • Stryker Corporation
    • Shimadzu Corporation
    • Olympus Corporation (Quest Medical Imaging)

Frequently Asked Questions

The global fluorescence guided surgery systems market size is estimated to be valued at US$ 79.0 Million in 2022 and is expected to exhibit a CAGR of 16.6% between 2022 and 2028.
Increasing prevalence of chronic disease and increase in usage of advanced imaging techniques is fueling the growth of the market.
SPY System segment is the leading type segment in the market.
Side effects associated with fluoroscopy and lack of skilled professionals are major factors restraining growth of the market.
Major players operating in the market are Irillic Pvt. Ltd., Karl Storz, PerkinElmer, Curadel LLC, Gentige (Fluoptics), OnLume Inc., Medtronic PLC, Hamamatsu Photonics KK, Stryker Corporation, Shimadzu Corporation, and Olympus Corporation (Quest Medical Imaging), among others.

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