Fluorescence-guided Surgery Systems Market Size (2024 - 2029)

Fluorescence Guided Surgery Systems Market Analysis

The Fluorescence-guided Surgery Systems Market size is estimated at USD 106.89 million in 2024, and is expected to reach USD 227.06 million by 2029, growing at a CAGR of 16.26% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the fluorescence-guided surgery systems market due to the reduction in fluorescence-guided surgeries due to limited resources and the vulnerability of cancer patients to COVID-19. For instance, according to an article published by the Journal of Patient Safety in Surgery in June 2022, a study was conducted in Germany, which showed that the overall number of surgery patients fell by 11.7% and 22.7%, respectively, for primary and secondary procedures during the pandemic. In addition, the same source stated that approximately 376,000 digestive operations and 24% of cancer surgery cases were canceled in Germany during the pandemic. Thus, the studied market was severely impacted during the pandemic. However, the market is expected to regain its growth in the coming years, as the pandemic has currently subsided.

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

The rising number of surgeries for target diseases such as cancer and cardiovascular diseases is expected to boost the market growth as it is expected to boost the usage of fluorescence-guided surgery systems. For instance, per an article published in the National Library of Medicine in October 2021, doctors perform over 500,000 open heart surgeries worldwide every year. Thus, the increasing number of cardiac surgeries is expected to drive the market in the future. Additionally, a study published in Methods and Application in Fluorescence in August 2021 stated that research interests in fluorescence-guided surgery continue to grow over various key aspects, such as fluorescent probe development and surgical system development, as well as its potential clinical applications, due to the advantages of fluorescence-guided surgeries, such as higher contrast and sensitivity, less subjective use, and ease of instrument operation compared to traditional clinical imaging techniques.

Furthermore, research grants by companies for developing fluorescence-guided surgery systems are further expected to drive market growth. For instance, in April 2021, OnLume Surgical reported the completion of its Series A funding to assist its plans for commercial launch. OnLume raised over USD 7 Million in this financing, adding to a USD 2 Million Phase II SBIR grant from the National Cancer Institute (NCI) of the National Institutes of Health (NIH). The completion of the Series A financing, plus the Phase II grant from the National Cancer Institute (NCI), provides the resources for the launch of the company's fluorescence-guided surgery system.

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

Thus, the above-mentioned factors, such as the rising number of surgeries for target diseases and increasing developments by major market players, are expected to boost market growth. However, stringent regulatory approvals and side effects associated with fluorescent dyes, and a lack of skilled professionals may restrain market growth over the forecast period.

Fluorescence Guided Surgery Systems Industry Segmentation

As per the scope of the report, fluorescence-guided surgery (FGS) is an imaging technology that allows the surgeon to see structures and types of tissue that may not be apparent under white light during a surgical procedure. The Fluorescence-Guided Surgery Systems Market is Segmented by Type (SPY System, PDE System, VS3 Iridium System, and Other Types), Surgery (Open and Laparoscopy/Endoscopy), Application (Cancer Surgeries, Cardiovascular Surgeries, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 different countries across major regions. The report offers values in USD million for the above segments.