(PharmaNewsWire.Com, June 10, 2021 ) The research 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. The Fiducial Markers 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).
Expected Revenue Surge: 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.
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 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.
Based on 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.
The Asia Pacific is expected to register significant growth over the forecast period owing to the rising patient pool
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.
The major 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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