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(Health-NewsWire.Net, June 23, 2021 ) The 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″, is projected to reach USD 123 million by 2025 from USD 95 million in 2019, at a CAGR of 4.5% from 2019 to 2025.
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 in the near future.
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
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The metal-based FMs product segment to register significant growth over the forecast period
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.
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, 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.
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The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The fiducial markers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is expected to be the fastest-growing region owing to improvements in healthcare infrastructure and supportive government initiatives. In addition, the growing incidence of cancer and the rising acceptance of radiotherapy procedures are propelling market growth. However, a dearth of skilled and experienced oncologists in developing countries and the slow adoption of advanced technologies are restraining the growth of the market.
Key Market Players;
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 in the market are Best Medical International, Inc. (US), Nanovi A/S (Denmark), Carbon Medical Technologies (US), Eckert & Ziegler (Germany), Innovative Oncology Solutions (US), Medtronic (Ireland), QlRad Inc. (US), JJ-Medtech (Netherlands), and QFIX (US).
An analysis of market developments between 2016 and 2019 revealed that several growth strategies, such as product launches and enhancements, partnerships, and acquisitions, were adopted by market players to strengthen their portfolios and maintain a competitive position in the market. Partnerships and agreements were the most widely adopted growth strategies by market players.
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