(PharmaNewsWire.Com, December 02, 2021 ) MarketsandMarkets Research Report’s View on Revenue Impact?
The Fiducial Markers Market 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
Factors Responsible for Growth and Recent Developments?
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.
- 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 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).
CIVCO Radiotherapy (US) dominated the global fiducial markers market in 2019. Its strong product portfolio and high geographic penetration are the key factors contributing to the leading position of this company in the market. In order to maintain its dominant position, the company develops both metal-based as well as polymer-based fiducial markers, such as FusionCoil, PolyMark, FlexiCoil, Align, and PointCoil. The company is also focusing on increasing its presence in developing countries to leverage high-growth opportunities.
Geographical Analysis in Detailed?
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.
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.
Hospitals & outpatient facilities were the key end users in the fiducial markers market in 2018
On the basis of the end user, 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 fiducial marker market in 2018.
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