The global fluorescence guided surgery systems market size was valued at USD 92.73 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 15.97% from 2024 to 2030. The increasing regulatory approvals and grants for the product, rising healthcare expenditure, and increasing number of surgical procedures for the targeted disease are expected to boost the global fluorescence-guided surgery systems market.
The development of increasingly sophisticated fluorescence probes that are highly specific to cancerous cells or other target tissues is the outcome of research and development operations. These probes give surgeons improved instruments for visualizing the surgical site during the procedure. A growing database of clinical data demonstrates that fluorescence-guided surgery has effectively enhanced patient outcomes. This evidence encourages the adoption of these systems by healthcare institutions. For instance, in April 2022, the Imperial Confidence in Concept (ICiC) grant was given to facilitate the production of fluorescence probes to visualize tumors during cancer surgery. Fluorescence guided surgery devices are becoming more readily accessible for clinical usage as more of these instruments receive regulatory approval in various jurisdictions.
Based on the type, the fluorescence-guided surgery systems market is segmented into SPY systems, PDE systems, VS3 Iridium systems, and others. The SPY system segment held the largest market share in 2023 due to the growing incidence of heart disorders, including coronary artery disease. By offering real-time tissue perfusion monitoring and specific biological targets during surgery, fluorescence-guided surgery (FGS) systems, such as the SPY System, are used to improve surgical results. The patient is given fluorescent dyes or contrast materials, which are later visible on specialist imaging equipment in these systems. This technology allows surgeons to perform operations with fewer challenges and better patient outcomes.
Based on surgery, the fluorescence-guided surgery systems market is segmented into open surgery and laparoscopy/endoscopy. The open surgery segment held the largest share in 2023. The open surgeries include oncology, neurosurgery, cardiovascular, and gastrointestinal surgery. The rising need for minimally invasive and precise operations has significantly increased the market for fluorescence-guided surgery in recent years. The open surgery segment continues to be significant, especially for treatments for which minimally invasive methods are unsuited. In FGS, several fluorescent chemicals are employed to highlight particular tissues or structural components. One of the frequently used substances that fluoresce when exposed to near-infrared light is indocyanine green (ICG).
Based on application, the fluorescence-guided surgery systems market is segmented into cancer surgeries, cardiovascular surgeries, and others. The cancer surgeries segment held the largest share in 2023. Increased cancer surgeries are anticipated as a result of the increased incidence of the disease, which is projected to raise demand for systems that use fluorescence to guide surgery in cancer treatment. Fluorescence-guided surgery can enhance the accuracy of cancer operations, potentially improving patient outcomes. According to a March 2022 article in the Chinese Medical Journal, China reported an increase in the number of cancer cases. Approximately 4.8 million cases of new cancer were identified in China in 2022, with lung cancer being the most prevalent type.
North America dominated the market in 2023. A large patient population and the existence of reputable manufacturers are expected to propel market expansion in this region. Due to the high incidence of chronic diseases as well as the high awareness and demand for cutting-edge surgical treatments in the region, North America is predicted to experience significant growth in the fluorescence-guided surgery system market. Rapidly developing healthcare expenditure, improving healthcare infrastructure, rising geriatric population, and increasing prevalence of lifestyle diseases are among the key factors driving the fluorescence-guided surgery systems market.
Key players operating in the market are Olympus Corporation, Stryker, Medtronic, KARL STORZ, Hamamatsu Photonics K.K., Shimadzu Corporation, LI-COR, Inc., PerkinElmer Inc., SurgiMab. The market participants are working towards new types of development, M&A activities, and other strategic alliances to gain new market avenues. In July 2023, Unify Medical, Inc. and the Mayo Clinic entered a strategic agreement to evaluate and create medical devices using Unify's fluorescence-guided visualization technology.
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