(PharmaNewsWire.Com, November 03, 2020 ) This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Market Size Estimation;
Market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, cancer type, modality, end user, and region).
According MarketsandMarkets Research - The Fiducial Markers Market is projected to USD 123 million by 2025 from USD 95 million in 2019, at a CAGR of 4.5% during the forecast period of 2019 to 2025.
The Key Factors Who will Drives the Market Growth?
- Growing Incidence of Cancer - Improving Reimbursement Scenario - Rising Awareness on Radiotherapy - Rising Investments and Funding for Cancer Research
Recent Developments:
- 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
The CT/CBCT modality segment is projected to hold the largest share of the market during the forecast period of 2019 to 2025
On the basis of modality, 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.
Prostate cancer segment to grow at the highest CAGR over the forecast period
Based on cancer type, 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.
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.
Leading Key Players in the Worldwide Industry:
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.
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