(PharmaNewsWire.Com, July 22, 2020 ) According to the new market research report "Fiducial Markers Market by Product (Metal Based Markers (Gold, Gold Combination) Polymer Markers), Cancer Type (Prostate, Lung, Breast), Modality (CT, CBCT, MRI, Ultrasound), End user (Hospitals, Outpatient Facilities) - Global Forecast to 2025" published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
The Fiducial Markers Market is projected to reach USD 123 million by 2025, at a CAGR of 4.5%.
Based on product, the fiducial markers market is classified into metal-based markers, polymer-based markers, and others. The metal-based markers segment is expected to register significant growth over the forecast period of 2019 to 2025. The adoption of radiotherapy has increased in recent years due to its advantages, such as high precision & radiation control, reduced risk of side-effects, and minimal exposure of healthy tissues to radiation. As metal-based FMs are widely preferred for tumor localization, the rising adoption of radiotherapy procedures is expected to support market growth.
On the basis of modality, the fiducial markers 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.
- In 2019, Stratpharma AG (Switzerland) expanded its agreement with CIVCO (US) to distribute CIVCO’s radiotherapy solutions globally
- In 2019, IZI Medical Products (US) acquired the RadioMed division of IBA (Belgium), which manufactures the VISICOIL implantable fiducial markers
- In 2018, Nanovi A/S (Denmark) secured USD 2.23 million from existing investors to expand its business and introduce BioXmark in the European market
Key Questions Addressed by the Report:
- What are the growth opportunities related to the adoption of fiducial markers across the globe in the future?
- Which product segment will register the highest adoption rate during the forecast period?
- Where will all the advancements in products take the industry in the mid- to long-term?
- Emerging countries have immense opportunities for the growth and adoption of metal and liquid fiducial markers. Will this scenario continue in the next five years?
The fiducial markers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and 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.
Major Key Players Mapped in Research Report:
The major players in the 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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