Sega has announced that Master System games are coming to Virtual Console in Japan in February. Europe and US will probably get it later this year. This means that also Game Gear games may surface on VC since the hardware is very similar to the Master System.
Master System is known as Mark III in Japan it it was a big success in Europe, but not in US. The NES was the system over there.
The first two Master System games to hit VC in Japan next month is Fist of the North Star and Fantasy Zone. (Source: Gamespot.com)
I hope we see Master System/Game Gear games in other regions soon to. Since there are some great games I want to play again.