- Rising occurrence of cancer is one of the significant factors influencing the market growth.
- Market Size – USD 90.6 Million in 2019, Market Growth - CAGR of 4.3%, Market Trends – Increasing investment in cancer research
NEW YORK, Aug. 31, 2020 /PRNewswire/ -- 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.
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, as well as the general public, would positively impact cancer survival rate and hence would be instrumental in increasing the market demand. The American Cancer Society estimates 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.
As the global economies are experiencing the negative impact of the Covid-19 pandemic, organizations are suffering losses, among various other challenges. Still, firms in the pharmaceutical industry are crucial in combatting the pandemic and are registering positive growth in the backdrop of the contagious disease and the race for gaining treatment approval therapy. Patients presently taking cancer therapy or individuals with active cases may possess different risk profiles associated with contracting COVID-19 and peril of complications arising out of infection from the virus. Cancer patients may suffer from an impaired immune system based on type, treatment approach, age, and various other health-related factors, thereby creating a growing demand for fiducial markers.
By type, metal-based markers contributed to the largest fiducial markers market share in 2019. Metal-based markers such as gold fiducial markers find widespread application owing to benefits like a high contrast level and better visualization.
By modalities, ultrasound is likely to grow at a rate of 4.7% over the forecast period for fiducial markers market. This trend is attributed to a lower level of toxicity associated with ionizing radiation, as well as cost-effectiveness when compared to other forms of modalities.
By cancer type, lung cancer is likely to witness a growth rate of 4.8% over 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 American 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% over the forecast period. The high revenue growth in the APAC region is owing to the growing prevalence of target conditions, expansion of the pharmaceutical industry, and a surge in R&D activities the diagnostic procedures, among others.
Key participants include 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.
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.
Application Outlook (Revenue, USD Million; 2017-2027)
End-User Outlook (Revenue, USD Million; 2017-2027)
Academic & Research Centers
Regional Outlook (Revenue, USD Million; 2017-2027)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Rest of the Middle East and Africa
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