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(Health-NewsWire.Net, January 11, 2022 ) 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.
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™, 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.
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 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.
Prostate cancer segment to grow at the highest CAGR over the forecast period
Based on cancer type, the Fiducial Markers 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.
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Hospitals & outpatient facilities were the key end users in the Fiducial Markers Market in 2018
On the basis of the end user, the 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 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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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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