(PharmaNewsWire.Com, July 22, 2021 ) The growth of 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 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.
Geographically; 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 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).
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.
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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