(PharmaNewsWire.Com, March 12, 2020 ) The growth of the fiducial markers market is mainly attributed to factors such as the growing incidence of cancer, rising awareness on radiotherapy, and funding for cancer as well as fiducial marker research. In addition, the modernization of healthcare infrastructure and rising penetration of healthcare insurance in developing countries is expected to further fuel the growth of the market soon. Increasing investments, funds, and grants by public-private organizations for cancer research, technological advancements in the market, and the rising cancer burden globally will fuel market growth over the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 4.5% during the forecast period, the Global Fiducial Markers Market is estimated to reach $123 million by 2025.
Based on modality, the market is classified into CT/CBCT, MRI, ultrasound, and radiotherapy. CBCT is preferred for prostate and lung cancer indications, as it effectively detects changes in the position of cancer tumors. Thus, the rising incidences of prostate & lung cancer and the widespread use of CBCT in most developed countries for cancer diagnosis and treatment are the key factors driving the segment growth.
Based on cancer type, the market is broadly segmented into prostate cancer, lung cancer, breast cancer, gastric cancer, and others. Among these, the prostate cancer segment is anticipated to register significant growth over the forecast period due to the rising incidences of prostate cancer globally and the high cure rate associated with radiotherapy. For instance, according to a study published in the Journal of Medical Imaging and Radiation Oncology, the use of EBRT in men suffering from prostate cancer showed a cure rate of ~95.5% for intermediate-risk prostate cancer.
Based on the end user, the fiducial markers market is segmented into hospitals & outpatient facilities, independent radiotherapy centers, and cancer research centers. FM placement around tumors is generally a noncritical procedure, typically performed in outpatient settings seven days before radiotherapy, while the majority of imaging and radiotherapy procedures are traditionally carried out in hospital settings. This has ensured a sustained demand for the services of such facilities. Thus, hospitals & outpatient facilities commanded the largest share of the market in 2018.
The growth of the global market for Fiducial Markers is primarily influenced by the following factors:
• Growing Incidence of Cancer • Improving Reimbursement Scenario • Rising Awareness on Radiotherapy • Rising Investments and Funding for Cancer Research
An analysis of the market developments between 2016 and 2019 shows that product launches, acquisitions, expansions, collaborations, partnerships, and agreements were the most widely adopted growth strategies in the market.
Geographically, the Fiducial Markers market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to hold the largest share of the regional market for fiducial markers in 2019. This is attributed to the expansion of the target patient population, favorable reimbursement scenario, greater accessibility to radiotherapy procedures, and the presence of major players in this region.
Leading market players and strategies adopted: -
The prominent players in the Fiducial Markers market include CIVCO Radiotherapy (US), IZI Medical Products (US), Boston Scientific Corporation (US), Naslund Medical AB (Sweden), and IBA (Belgium). Other players are Best Medical International, Inc. (US), Nanovi A/S (Denmark), Carbon Medical Technologies (US), Eckert & Ziegler (Germany), Innovative Oncology Solutions (US), Medtronic (Ireland), and QFIX (US).
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