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Fluorescence Guided Surgery Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fluorescence Guided Surgery Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • November 2022
  • 175 pages
  • ID: 6325615
  • Format: PDF
  • Mordor Intelligence LLP


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The global fluorescence-guided surgery is estimated to be USD 67.75 million in 2021. It is expected to reach USD 167.91 million by 2027, registering a CAGR of 16.56% during the forecast period.

COVID-19 has significantly impacted the fluorescence-guided surgery system due to the reduction in several fluorescence-guided therapies during the pandemic owing to limited resources and the vulnerability of cancer patients to COVID-19. For instance, according to the study published in Frontiers in Surgery, titled "Editorial: Surgery and COVID-19: Which Strategies to Apply in Oncologic Patients"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 oncologic treatments such as chemotherapy, radiation, and surgery. COVID-19 disease is more severe in patients with underlying malignancies, with a death rate of 20 - 40 percent. This has resulted in the limited adoption of fluorescence-guided therapies among the patient population. Furthermore, according to the same source, despite the limited resources, the healthcare emergency provided an opportunity to implement new technologies such as indocyanine green fluorescence-guided sentinel lymph node biopsy and cryoablation of tumor lumps and oncologic therapies like neoadjuvant endocrine therapy in clinical practice to improve the patient’s management flow. Thus, this represents significant opportunities for key market players operating in the fluorescence-guided systems industry, which may boost the growth of the market in the near future.

Further, the major factors driving the market’s growth include the increasing number of surgical procedures for the target diseases; the surge in demand for fluorescence-guided surgery systems; and the growth in the number of strategic developments by the prominent players within the market.

For instance, the study published in Methods and Application in Fluorescence, titled "Fluorescence Guided Surgery"in August 2021, stated that the research interest 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 advantages of fluorescence-guided surgery such as higher contrast and sensitivity, less subjective use, and ease of instrument operation compared to traditional clinical imaging techniques. As a result, the increased demand for fluorescence-guided surgery systems will lead to greater acceptance of these systems, driving the market growth. In addition, fundraising initiatives by the companies for the development of 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 for use during surgery, completed its Series A fundraising to support the commercial launch of its novel fluorescence image-guided surgery system.

Moreover, growing mergers and acquisitions will further drive the fluorescence-guided surgery system market growth, resulting in the commercial availability of a wide range of devices and synergizing the 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.

Key Market Trends

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 disease and rise in the incidence of various cancer conditions, and a surge in the geriatric population worldwide. The rise in demand for surgeries specifically for cancers is likely to propel the segment’s growth. As per International Agency for Research on Cancer, 2022 updates, reported that the number of cancer cases in 2020 was around 1.97 million, and this number is expected to reach 2.58 million by 2040. Such a high burden of cancer cases will lead to an increase in the number of surgical procedures, thereby spurring the adoption of fluorescence-guided surgery systems. In January 2022, the American Cancer Society journal estimated that approximately 934,870 new cancer cases will be reported in the United States in 2022; thus, rising cancer cases are rapidly driving the market studied.

In January 2021, according to a new modeling study titled "Global demand for cancer surgery set to surge"published by researchers at the University of New South Wales (UNSW) Sydney, the number of cancer patients requiring surgery each year from 2018 to 2040 is anticipated to increase from 9.1 million to 13.8 million, an increase of 52 percent, 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, or 107 percent). 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, titled "Fluorescence-Guided Surgery: A Review on Timing and Use in Brain Tumor Surgery"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, in turn, driving segment growth. In April 2022, 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. In October 2020, OnLumeInc. has been awarded a substantial grant from the U.S. National Institutes of Health (NIH)’s National Cancer Institute (NCI) to advance the development of its proprietary device for Fluorescence-Guided Surgery (FGS). This system may help reduce the risk of breast cancer-related morbidities, lymphedema, and tissue necrosis. 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 in 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 therefore lead to an increase in the number of surgical procedures to avoid fatalities, thereby augmenting 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 the development of 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.

Competitive Landscape

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, among others. 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.

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