Fiducial Markers Market Growth Rate and Strategic Outlook till 2027
The global fiducial markers market is expected to reach USD 127.3 Million by 2027, according to a new report by Reports and Data. Fiducial markers find usage in image-guided radiotherapy procedures, where the placement of the markers is by modalities such as computed tomography (CT) or ultrasound, among others, and may encompass the application of an endoscope. Fiducial markers assist in precisely locating a tumor, thereby allowing the radiologist or a team of radiologists to provide the maximum radiation dosage to the tumor while mitigating the dose radiation imparted to healthy tissue in the vicinity.
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The growing prevalence of cancer is a significant factor in driving the fiducial markers market growth. Cancer has a significant impact on global society, including the US. Detection of the disease at an early stage significantly increases the chances of survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of the disease. Identifying likely warning symptoms of the disease and taking rapid measures is necessary for early diagnosis. Greater awareness of probable symptoms of cancer amongst physicians, nurses, and other healthcare providers, in addition to the general public, would positively impact the survival rate and hence would be instrumental in increasing the market demand. The American Cancer Society proposes that in 2020, over 1.8 million individuals are likely to be diagnosed with cancer, of which various patients would require a blood transfusion, occasionally on a daily basis.
Additionally, a growing inclination towards fiducial markers in stereotactic radiosurgery is of significant importance in propelling the market growth. Stereotactic surgery is a form of minimally invasive surgical technique used to treat functional defects and small tumors of the brain. This minimally invasive surgery is meant especially for those patients having tumors and abnormalities that are hard to reach, subject to movement within the body, or located close to vital organs and anatomic regions.
Further key findings from the report suggest
- By type, metal-based markers contributed to the largest fiducial markers market size in 2019. Metal-based markers such as gold fiducial markers find widespread application owing to the offering of benefits like a high contrast level and better visualization.
- By modalities, ultrasound is likely to grow at a rate of 4.7% in the forecast period for the fiducial markers market, attributed to a lower level of toxicity associated with ionizing radiation, as well as cost-effectiveness as compared to other forms of modalities.
- By cancer type, lung cancer is likely to witness a growth rate of 4.8% in the forecast period for the fiducial markers market. It may occur due to various reasons, including smoking, genetic, and exposure to toxic gases. The American Cancer Society projects over 228,000 lung cancer cases, with the occurrence of the disease being higher in men than women. It is a significant cause of death in both US men and women dying due to cancer.
- The fiducial markers market in the Asia Pacific region is expected to grow at the fastest rate of 5.5% in the forecast period. The high growth of the APAC region is owing to the growing prevalence of target conditions, growth of the pharmaceutical industry, and a surge in R&D activities the diagnostic procedures, among others.
- In December 2019, IZI Medical Products, LLC, a leading fiducial markers market player, made an announcement about the acquisition of RadioMed, the producer of VISICOIL™, an implantable fiducial marker.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Boston Scientific Corporation, Naslund Medical AB, Carbon Medical Technologies, Stellar Medical, CIVCO Radiotherapy, Medtronic, Innovative Oncology Solutions, IZI Medical Products, Nanovi A/S, and Eckert & Ziegler, among others.
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Fiducial Markers Market Segmentation:
Type Outlook (Revenue, USD Million; 2017-2027)
- Metal-Based Markers
- Polymer-Based Markers
Modalities Outlook (Revenue, USD Million; 2017-2027)
- Computed Tomography/Computer-Based Computed Tomography
- Magnetic Resonance Imaging
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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